Andrew Davidson & Co. developed a new prepayment model for sub-prime loans to replace its existing model, built using loans originated by GMAC-RFC from January 2000 through December 2004. Details of the new model for 30-year and 15-year fixed-rate home equity loans are available in Quantitative Perspectives, the company's periodic research publication. "We have determined that there are common features to prepayments across product types. This model utilizes the same framework as our prime mortgage models, taking into account turnover, rate/term refinancing, cash-out refinancing and credit cure."
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The trust employs a 24-month revolving period. There is an increased risk that collateral quality could deteriorate as the transaction evolves with new collateral.
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The banking giant has launched an online platform that links small-business owners and entrepreneurs in need of capital to community development financial institutions. The platform was developed in partnership with Community Reinvestment Fund USA.
March 27 -
Audited financials, proof of fidelity bonds and errors and omissions insurance must be provided on Ginnie Mae Central after May 13.
March 27 -
Aside from the cash flow stabilization, another credit positive to the deal, TAH Operations is property manager to the portfolio, and has strong processes and controls.
March 27 -
Four tranches of class A notes make up the capital structure, and they all benefit from 3.00% in total initial hard credit enhancement.
March 26 -
Seven of the loans, 27.7% of the pool balance, are secured by multiple properties or have a component of cross-collateralization, benefitting from greater cash flow stability.
March 26