trimmed staff at its alt-A/conventional mortgage affiliate

PDF Rules of the – 4.8 To invest the monies of the Association not immediately required for any of its objects in such manner as the Board of the Association sees fit. 4.9 To borrow or raise money by mortgage or otherwise and on such security and in such manner as the Board of the Association shall think fit, subject however, to the provision of Rule 18.4.

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An Alt, or Alt-A, mortgage is a type of mortgage loan in which the borrower’s credit score falls short of what mortgage lenders would consider as prime, but is not so low as to be considered subprime. Alt-A mortgages are defined in different ways by different lenders. The term is primarily used when lenders repackage.

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