For mortgage-related ABS in January GMAC-RFC issued $1.9 billion in residential subprime mortgage securities through the company's RASC shelf (KS series); $800 million A-quality home-equity loan securitizations, including high loan-to-value (HLTV), off its RFMSII shelf (HS and HI series); and $392 million of program exception product off its RAMP shelf (RS series).
In the United States during 2001, GMAC-RFC issued $6.2 billion in residential subprime mortgage securities through the company's RASC shelf; $10.6 billion jumbo A-quality first mortgage loan securities off its RFMSI shelf; $2.4 billion A-quality home-equity loans securitizations, including HLTV, off its RFMSII shelf; and $2.2 billion ABS securities off its RAMP shelf.
The performance of the high-loan-to-value (
HLTV) subindex has not changed appreciably since year-end 2000.
Also in 1999, PMI worked with the Hong Kong Mortgage Corporation in Hong Kong to establish a high-loan-to-value (
HLTV) mortgage lending program.
Charge-offs in the 1996-1998 vintage
HLTV (high loan-to-value) pools resumed their upward climb as annualized charge-off rates reached 9 percent.
The market for high loan-to-value (
HLTV) and negative-equity mortgages has exploded during the last two years.