california equity home loan
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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Sacramento Residents Reducing Home-Equity Loan Use
(AP) SACRAMENTO Sacramento-area residents have reduced their use of home-equity loans at twice the rate of Californians as a whole in the early months of 2006, according to a new report. After area home-equity borrowing hit $7.6 billion in 2005, it fell by about 10 percent between January and April this year, according to DataQuick Information Systems, a La Jolla-based housing consultant. Statewide, borrowing fell by half that amount -- about 5.2 percent. The company examined property records in eight counties in the Sacramento area, with the most extreme borrowing decline taking place in Sutter County -- a drop of 41.7 percent from early 2005 to early 2006. Home values in the area are significantly lower than they were during the second half of 2005, and interest rates are up. Analysts say these factors could be to blame for the diminishing market for home-equity loans.