| Fitch Rates $1.15B Soundview Home Loan Trust, Asset-Backed Ctfs ...
The 'AAA' rating on the senior certificates reflects the 19.65% total credit enhancement provided by the 3.40% class M-1, 3.10% class M-2, 1.85% class M-3, 1.65% class M-4, 1.50% class M-5, 1.45% class M-6, 1.40% class M-7, 1.10% class M-8, 0.85% class M-9, 1.00% class M-10 and 2.35% initial and target overcollateralization (OC). All certificates have the benefit of monthly excess cash flow to absorb losses. In addition, the ratings reflect the quality of the loans, the soundness of the legal and financial structures, and the capabilities of Countrywide Home Loans Servicing LP as servicer (rated 'RPS1' by Fitch) and Deutsche Bank Trust Company as Trustee. The certificates are supported by three collateral groups. Group I consists of mortgage loans with principal balances that conform to Fannie Mae and Freddie Mac guidelines.
Monarch Announces Launch of New Bank in OBX
KITTY HAWK, N.C. & CHESAPEAKE, Va. -- Monarch Bank is launching a new community bank dedicated to the residents and businesses on the Outer Banks of North Carolina. OBX Bank's first office will be located in Kitty Hawk and is scheduled to open in May 2007, pending final regulatory approval.
"We are very excited to open a sister bank in the Outer Banks market. There has not been a community bank started in this area that is truly focused on this great resort market," says president and CEO William F. Rountree. "OBX Bank will swing the pendulum back to the more traditional ways of banking embedded with the 'locals serving locals' philosophy."
W. Ray White, an Outer Banks native, Nags Head resident and Banking veteran with over 30+ years of experience, will serve as the chairman of the OBX Bank Board of Directors.
Position Yourself for Success in a Down Market
Buckle-up, this wild ride has only just begun. With hysteria rearing its ugly head, the market jumping up and down, and “Boom" lenders going bust, it is time to evaluate where you are, what you are doing, and what you can do to ensure you'll still be here in a year. First, see the long view of the market and your customer base. When your customers are hearing and seeing panic, they want to know that you see the big picture. That big picture might mean telling them it is not the best time for them to refinance. It may also mean taking the time to help position your customers to improve their long term financial situation. The challenge, of course, is the impact on short term business. Are you willing to give up short term business now if it is in the best interest of your customer? If your answer to that question is, “No" - then you may not be here in a year.
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