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Irwin Provides Additional Disclosure on Residuals.(Irwin Financial Corp. )(Brief Article)(Statistical Data Included)
Anticipating new regulations governing the securitization of residual interests in home equity loans, Irwin Financial Corp. here has provided investors with additional information regarding its residuals.
Irwin said it is preparing for full implementation at year-end 2002 of new federal banking regulations that, under certain circumstances, require special capital treatment of credit enhancing, interest-only strips (CEIOS).
Irwin said its ratio of CEIOS to Tier One capital as of March 1, 2002, would have been approximately 33% had the new rules been fully implemented at that time.
Under the residual regulations, CEIOS that exceed 25% of a bank's Tier One capital are to be deducted from Tier One capital for risk capital ratio calculations. Capital is then to be held on a dollar-for-dollar basis for all residual assets, net of deferred tax liabilities existing due to the creation of the residuals.
However, Irwin said ...
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Source: HighBeam Research, Irwin Provides Additional Disclosure on Residuals.(Irwin Financial...