125 Cltv Loan Mortgage Second
Fitch Affirms 27 RMBS Classes from 3 Irwin Securitizations
The above affirmations reflect adequate relationships of credit enhancement (CE) to future loss expectations and affect approximately $492 million of certificates. CE is in the form of both subordination and overcollateralization (OC). The above classes have experienced small to moderate growth in CE since closing while cumulative losses as a percent of the original collateral balance range from approximately 0.34% (series 2005-B Group 2) to 1.85% (series 2005-A).
The transactions are seasoned from a range of 12 to 17 months. The pool factors (current principal balance as a percentage of original) range from approximately 52% (series 2005-B Group 2) to 75% (series 2005-1).
The mortgage loans were originated or acquired by Irwin Union Bank and Trust Company. The mortgage loans consists of adjustable-rate home equity lines of credit and fixed-rate, closed-end home equity loans with combined loan-to-value (CLTV) ratios up to 125%, and adjustable-rate first lien mortgage loans with initial interest-only periods, secured by first, second or more junior mortgages or deeds of trust on residential properties.
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Pros and cons of a 'no doc' mortgage refinance
DEAR BOB: There are a lot of average attorneys, but you are brilliant. But now I desperately need your valued opinion. I am retired (age 66) on Social Security disability with an 814 FICO score. My house is worth $950,000 and I owe $160,000 at $952 per month payment. I have an unused $75,000 home equity credit line. I am married so we can claim up to $500,000 tax-free profits if we sell. Property tax is very low. I don't want a senior citizen reverse mortgage because my mortgage is at 5.75 percent fixed interest and reverse mortgages have adjustable interest rates. Should I sell? Or should I refinance with a "no doc" mortgage although my monthly income is only $1,700? My wife can't work and is on six Xanax pills a day. What should we do? -- Thomas B.
DEAR THOMAS: Although you didn't directly ask, I presume your real question is what can we do to increase our monthly income?
Fortunately, you are in a great situation with that huge equity in your home.