| State workers relatively shielded Alternative construction sectors ...
While California construction workers have lost work because of the housing industry slump, the slack is being picked by work in the commercial, public and remodeling side of the construction industry, observers say. Nationwide, the job cuts that have occurred in the housing industry are significant. In the first quarter alone, the number of cuts almost matched those in all of 2006, an outplacement consultancy firm said Wednesday. Challenger, Gray & Christmas Inc. reported that job cuts in housing, including real estate, construction and mortgage lending, soared 346 percent to 21,245 in the first quarter, compared with 4,764 job cuts in the same quarter last year. In 2006, job cuts totaled 22,814; in 2005, the housing industry slashed only 13,656 jobs. In California, work in other building sectors is making up for some of the job losses.
Why Should You Get A Capped Mortgage?
Editor's Note: Adjustable rate mortgages have caused many problems lately. Subprime adjustable rate loans have been blamed for the problems in that segment of the financial industry. If you are considering an ARM, there are some things borrowers can do to help protect themselves from high interest rates. Here is an article: Many people who get variable rate mortgages find that they can mix the security of a fixed rate mortgage whilst still having variable rates by getting a capped mortgage plan. If you are looking for a variable rate mortgage then you should seriously consider putting a cap on the mortgage. Here is some useful advice about whether or not you should proceed with a capped mortgage: What is a capped mortgage? Capped mortgages are a type of variable rate mortgage.
Fitch Rates Wachovia Mortgage Loan Trust, LLC $292MM Series 2007-A
The 'AAA' ratings on the senior certificates reflect the 4.00% subordination provided by the 2.05% class B-1, the 0.65% class B-2, the 0.50% class B-3, the 0.30% privately offered class B-4, the 0.25% privately offered class B-5, and the 0.25% privately offered class B-6. The ratings on the class B-1, B-2, B-3, B-4, and B-5 certificates are based on their respective subordination. Class B-6 is not rated by Fitch. Fitch believes the amount of credit enhancement available will be sufficient to cover credit losses. The ratings also reflect the high quality of the underlying collateral, the integrity of the legal and financial structures, and the primary servicing capabilities of U.S. Bank, N.A. (rated 'AA-/F1+' by Fitch). The trust will contain 521 conventional, adjustable-rate mortgage loans secured by first liens on one- to four-family residential properties, with an aggregate principal balance of $292,751,718.
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