countrywide home equity loan
Washington Mutual Plans To Sell Mortgage-Servicing Rights
(WM) on Wednesday said it plans to sell its rights to service about $140 billion of mortgages, as the nation's largest savings and loan continues to revamp its home-loan unit amid weakening loan demand.
The Seattle company, the third-largest mortgage lender after Countrywide Financial Corp. (CFC) and Wells Fargo & Co. (WFC), said it will sell for an undisclosed amount its entire portfolio of government mortgage servicing and some of its fixed-rate servicing portfolio to San Francisco-based Wells Fargo. The portfolios to be sold represent about 1.3 million customers. Also, the mortgage-servicing rights are valued at $2.6 billion.
Chief Executive Kerry Killinger said in an interview the plan represents Washington Mutual's ongoing effort to move its home-loan business "away from the commoditized, 30-year, fixed-rate mortgages and into higher margin areas" such as option adjustable-rate mortgages, home-equity loans, subprime mortgages, and Alt-A mortgages - or loans whose risk falls between prime and subprime loans.
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Fitch Affirms 33 RMBS Classes from 2 Soundview Home Equity Loan ...
The mortgage pool consists primarily of closed-end, fixed-rate second lien mortgages, primarily on one- to four-family residential properties. The loans were originated by various originators, including Countrywide, Long Beach, New Century, Aames and Fremont. The loans that were originated by Countrywide are serviced by Countrywide (rated 'RPS1' by Fitch), while the other loans are serviced by GMAC (rated 'RPS1' on Rating Watch Evolving by Fitch).
As of the May 2006 distribution date, the series 2005-A and 2005-B transactions are seasoned 12 and 7 months, respectively, and have pool factors (current mortgage loan principal outstanding as a percentage of the initial pool) of approximately 58% and 72%, respectively.
The affirmations affect approximately $704.6 million of outstanding certificates.