In a bit of good news for the subprime industry, Fitch Ratings said late yesterday that it has affirmed Barclays Capital Real Estate Inc.’s (dba HomEq Servicing) servicer ratings for both Alt-A and subprime primary and special servicing at ‘RPS1’ and ‘RSS1,’ respectively. On Nov. 1, 2006, the sale of HomEq by Wachovia Corporation to Barclays was completed. Headquartered in Sacramento, CA, with satellite offices located in Raleigh and Boone, NC. HomEq provides a full range of servicing functions for Barclays and a number of third party clients. As of Dec. 31, 2006, HomEq serviced a portfolio of more than 310,000 loans with an outstanding principal balance of $44.4 billion, representing a decrease of approximately 5 percent over the prior year based on loan volume. The portfolio is comprised of $44.1 billion subprime loans and $267 million of Alt-A loans.
