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KeyCorp to Sell Champion Mortgage
Cleveland-based KeyCorp is looking to sell its Champion Mortgage subprime lending subsidiary, the large financial services company said Tuesday.KeyCorp plans to focus on consumer and business banking. KeyCorp's chief executive officer, Henry Meyer, said in a statement that Champion "no longer fits with our longer-term strategic priorities." The bank hired UBS Investment Bank to advise on a possible sale.The bank acquired Champion in 1997. Champion, headquartered in Parsippany, N.J., provides mortgage financing and home equity loans to consumers in 26 states. At the end of the second quarter, Champion's loan portfolio was approximately $2.5 billion.KeyCorp is one of the nation's largest bank-based financial services companies, with assets of approximately $95 billion. For more info, visit www.key.com.
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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.