california equity home loan rate

Fitch Affirms GreenPoint Mortgage's Alt-A and HE/HELOC Resi ...

NEW YORK--(BUSINESS WIRE)--July 12, 2006--Fitch Ratings affirms GreenPoint Mortgage Funding Inc.'s (GPM) residential primary servicer ratings for Alt-A and home equity/home equity lines of credit (HE/HELOC) loans at 'RPS2'. The ratings are based on the company's experienced management team, established technology, and expanded training programs. The ratings also reflect the financial strength of GPM's parent, North Fork Bancorporation (North Fork), which is rated 'A-', Rating Watch Negative by Fitch.

Headquartered in Novato, California, GPM is a wholly owned subsidiary of North Fork Bank, a regional bank holding company. North Fork conducts commercial and retail banking from 358 branches throughout the New York metropolitan area, Connecticut and New Jersey and is headquartered in New York.

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Equity loans tumble in area

After tapping their home values for $22 billion in consumer spending during the recent housing boom, Sacramento-area residents have slowed their use of home-equity borrowing at twice the rate of Californians as a whole, according to a new report.

The use of home-equity loans or home-equity lines of credit for everything from buying new swimming pools to paying off credit cards fell by about 10 percent from January through April compared to the same period last year, reported DataQuick Information Systems, a La Jolla housing consultant.

The company's analysis included examining property records in Amador, El Dorado, Nevada, Placer, Sacramento, Sutter, Yolo and Yuba counties.

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