Laserfiche WebLink
Nay-22-02 15:02 From-ECHO BAY NINES <br />Note 18: Securitizations <br /> <br />Tho Company rou[iacly originaus, savririus and sells <br />atorcgage loaue aad, hum time to time, ocher fiaaaeial assets, <br />inducting student loans, auto receivables and securities, into <br />she DYCO[td81y market AB a Leau1L of this process, the Company <br />typically retains the servicing rights aad may retain other <br />brnehcial inurrsts from chc salts. Tbese securisizarioas ue <br />tssttally strtlc[ured without rewtttu m the Company aad <br />wicholu racricdons on the retained in[eresc. 779e mraiaed <br />interests do not contain sigltificanr aadit risks. the Company <br />rewstlized Cains from sale of financial assets in sewririza- <br />sons of 5623 m;l)ion in 2007, compared with 4298 taiLLion <br />is 2000. Additionally, d1e Company had rht following cash <br />flows with atGUCitiaarion trusts: <br />3037148995 <br />T-087 <br />P.Od/07 <br /> <br />Tn chc normal wore of uesung sccurirics for investors, <br />the Company may sponsor the special purpose endues <br />which hold, for [he benefit of tilt invrscors, the loses or <br />(casts [hst arc the source of payment m the invcsmrs. Thou <br />specal purpose enticits are wnsolidared unless they meet <br />she criccria for a gtlali[yiag sP~~ Pwpou ctniry in <br />ac¢ordattee with FASB Smscmcat No. 340 (FAS 140), <br />Accoanting for rbt Transfns and Servicing of Financiaf <br />Assets and Extotgtrlsbrnrnts of Liebilitits, or they have a <br />subs[anrial residual equity invcs[tncns by an unaffiliated <br />rntiry aad the Company does not retain a controlling <br />iatertet as a result of the Company's owntnhip of <br />[csidlml egliry. <br />(in r01fOn3) Mr. mAee naremNe. 91, <br />7n01 2000 <br />RCSIdemlDl Other Rttiderrnal Odxr <br />mortgage finandDl mongage finandal <br />7WM aSSH3 kf9m DSSatr <br />PrattMs from <br />new sauritisations 57&410 59,024 $4,397 54,540 <br />Servirin9 fees 6$ 42 $8 34 <br />Cass Rows on intCest-0n7y stripe 1M 712 175 tt2 <br />f. J <br />Note 19: Mortgage Banking Activities <br />Mottsa7;c banki7lC activities, included in the Coaununiry <br />Banking aad Wholesale 13saking operating acgttLrn[s, wm- <br />ptise residential aad wmmercial mortgage origimtions and <br />Dxrvicing. The following able pztsents the wmponenu of <br />mortgage bank;ag noninteresr income: <br />Un mNlwnr7 w~ae,.anHs De cember 9i. <br /> 2091 2009 1999 <br />Ori4nation and other dosing fees S 737 $ 350 5406 <br />servicing fees, net of amorti:ati9n <br />end impairment {260) 66$ 406 <br />Net gains on securities avtilayle for sale 134 - - <br />Ne[gains on sales of mortgage <br />SerYitin9 ri9tns - 159 193 <br />Ne[ galls on mortgage loan <br />originadon/wks activities 705 38 117 <br />AOamen ~$~ ~2 7A7 <br />Total m9rtgage yanking <br />r,onintam:t ir,rnme $1.671 6 Sl b] <br />The ftlowing table m,mmf ryzes the change is apitaltzcd <br />mortgage Iaea servieiryr rights: <br />(In mI1110r1f) year ended lgo{ er 37, <br /> 2001 2000 7999 <br />Balana,beginning of year SS,G09 $4,6$2 $3,290 <br />Orlglnadons 1,883 702 1,110 <br />PYrcTases 981 1,212 695 <br />Sales - (58) (772) <br />Atnortizatbn (97N 15547 1711] <br />Other (rKludes dwnges in mortgage <br />sendng rights deem MV7girtg) It 751 _~¢$) _g~ <br /> 7,385 $.809 4,652 <br />lRSi V8luatirm allnswance 1"124 .~,^, <br />8alanra, and ofy4ar 5647 $5,609 514652 <br />Thu msnaCcd scrvicinC Dortfolio totaled f514 billion ar <br />December 31, 2001, 5468 billion ac December 31, 2000 and <br />4308 billion ar December 31, 1999, which included loans <br />subserviced for others of 463 hil6on, 48S billion and S9 <br />billion, respecTitely. <br />FINANCIAL STATEMENTS 8] <br />