| Fitch Affirms 3 Classes from 2 GMAC Securitizations
The affirmations reflect adequate relationships of credit enhancement (CE) to future loss expectations and affect approximately $60.7 million of outstanding certificates. Credit enhancement for the 2000-HE2 series reflects the note insurance policy issued by MBIA Insurance Corporation, whose claims-paying ability is rated 'AAA' by Fitch. Credit enhancement for the 2001-HLTV1 series reflects the financial guaranty insurance policy issued by Ambac Assurance Corporation, whose claims-paying ability is also rated 'AAA' by Fitch. The collateral of the above transactions consists of fixed-rate closed-end home equity loans and adjustable-rate home equity revolving credit line loans creating a first or second lien on residential properties. As of the April 2007 distribution date, the 2000-HE2 and 2001-HLTV1 transactions are seasoned 82 months and 75 months, respectively, and the pool factors (current collateral balance as a percentage of original collateral balance) are approximately 10% and 7%, respectively.
BBB Urges to Know the Facts about Reverse Mortgages
Raleigh, NC, May 30, 2007 --(PR.com)-- Beverly Baskin, president and CEO of the Better Business Bureau of Eastern North Carolina, advises long-term homeowners with equity built from homeownership, that a reverse mortgage can be a good investment. Reverse mortgages allow homeowners to turn their home equity into spendable cash without having to make monthly interest or principal payments.Under a reverse mortgage, the lender sends the borrower money via a lump-sum payment, a line-of-credit, monthly check or a combination of all three. The homeowner is not required to pay back any of the loan advances or interest until the loan term is over. Generally, no repayment is due until the borrower no longer occupies the house.Before venturing into a reverse mortgage the BBB, along with the Federal Trade Commission, suggest that homeowners consider the following facts:Reverse mortgages are rising-debt loans.
Home Equity Loan-reverse Mortgage-is There One In Your Future
Reverse mortgages have gotten a lot of publicity lately and will probably get a lot of press in the future as baby boomers near retirement age. What are they? Who can use one? Is there a reverse mortgage in your future? WHAT ARE REVERSE MORTGAGES A reverse mortgage is a home equity loan or line of credit that is secured by the equity in your home. You do not repay as long as you live in the home. The reason it is called a reverse mortgage is because it is the opposite of a regular home equity loan where you reduce debt and build up equity. In a reverse mortgage you reduce equity and build up debt. That is where the money comes from. WHO CAN USE REVERSE MORTGAGES Basically anyone who is over age 62, owns and lives in their own home and has paid off at least 60% of the loan can apply for a reverse mortgage.
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