125 Second Mortgage Loan
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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Greater Bay Bancorp 2Q Profit Increases
Greater Bay Bancorp, a financial services holding company, said Friday its second-quarter profit rose 11 percent on increased net interest income, topping Wall Street's estimate.
Net income grew to $25.1 million, or 46 cents per share, from $22.7 million, or 38 cents per share, in the year-ago period.
On average, analysts polled by Thomson Financial predicted earnings of 42 cents per share.
Net interest income, or earnings from interest accounts like loans and deposits, climbed to $65.8 million compared with $65.4 million last year on a $125.7 million increase in the average loan portfolio balance.
Non interest income, or cash made from mortgage loan service fees and other fees and charges, grew 5 percent to $56.8 million from $54.2 million due to a $1 million rise in insurance brokerage commissions and fees and a $2.2 million increase in other income.