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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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Seattle Times: Only 9 areas in King County left for middle-income buyers
Restaurant manager Jason Cheung and his archaeologist wife, Amber Earley, were in for a shock last year. Longtime renters in North Seattle's Ravenna and Northgate neighborhoods, they found that having two good jobs wasn't enough to buy them a house in those areas.
In fact, with the King County median house price rising 16.3 percent last year, it seemed this middle-class couple's chances of owning a single-family house anywhere in Seattle were slipping away.
Throughout the county, buyers earning solidly middle-class wages have been increasingly unable to find what are traditionally thought of as middle-class houses because escalating prices mean the pool has been shrinking dramatically.
King County's median household income in 2003 was $57,857, which allowed buyers easy accessibility to 28 areas — seven within Seattle city limits — whose median home prices were $256,000 or less, a Seattle Times home-price analysis showed.
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