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CMSR |
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Furthermore, the CMSR has been impacted by both consolidation within the mortgage servicing market, reducing liquidity and resulting in fewer observable prices, along with the adoption of FAS 133 requiring HomeSide to measure and record the effectiveness of its hedging activities. The agreement provides that based on these assumptions, the carrying value of ANB's CMSR will be reduced by $13 million and the carrying value of ANB's subordinated trust assets and I/O will be reduced by a total amount of $201 million. 6% IO AND CMSR ROLLFORWARD ------------ Beginning balance $ 208,277 $ 245,551 $ 283,521 Retained IO on sales, net 18,663 3,701 32,769 Hedge impact (1,918) (201) (3,614) Write-down related to auto loans 0 0 (7,828) Interest income 20,346 14,030 15,902 Cash received (38,830) (44,365) (48,001) Additional reserves 0 (10,439) 0 Other, net 0 0 (873) ------------ ------------ ------------ Ending balance $ 206,538 $ 208,277 $ 271,876 ------------ ------------ ------------ Advanta Corp. |
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