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Latest Issue of First American LoanPerformance MarketPulse Report Features Wachovia Capital Markets Study

December 10, 2007

SAN FRANCISCO, -- First American LoanPerformance, a member of The First American Corporation (NYSE: FAF) family of companies and a leader in residential mortgage data and analytics for the mortgage industry and Wall Street, has released the latest issue of its MarketPulse report is available for download at http://www.loanperformance.com.

This latest report features a new whitepaper entitled, "Voluntary Prepayments in the ABX" by John McElravey, vice president, asset-backed securities (ABS) research for Wachovia Capital Markets, LLC. "The ABS market is focusing on the approaching resets of hybrid adjustable-rate mortgages (ARM) originated over the past two years. Many analysts are expecting subprime borrowers to have a difficult time refinancing in the current environment," said McElravey. "However, we do see some constructive developments in the market, including a better-than-expected prepayment picture, a 50 basis point rate cut by the Federal Reserve and the introduction of the Federal Housing Administration's FHASecure program. In the short run, though, the environment remains challenging for the subprime mortgage market," added McElravey.

The MarketPulse report also summarizes a selection of key mortgage performance statistics through June 2007, including geographic markets with the highest percentage of nonconforming loans and the highest incidence of serious delinquency and prepayment rates for prime and subprime loans.

MarketPulse is a complimentary quarterly report that presents analysis of, and insight into, delinquency and prepayment trends for the prime, subprime, home equity and mortgage-backed and asset-backed securities markets. Each issue also contains a "RiskView" section with valuable insights from thought leaders on the prime, subprime and securities mortgage marketplace. The summary data in each issue of MarketPulse is extracted from First American LoanPerformance's industry-leading mortgage servicing and securities databases. MarketPulse can be accessed by completing the electronic subscription form at http://www.loanperformance.com/marketpulse.

Source: First American LoanPerformance



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