First Alliance Corp., Irvine, Calif., has announced an approximately $4.5 million writedown in the value of its securitization residual interests for the second quarter.Prepayments of the company's adjustable-rate loans increased about 20% in the second quarter, First Alliance said. However, the delinquency and loan-loss experience of mortgages in First Alliance's servicing portfolio "continues to be among the lowest in the subprime sector," the company said. In other company news, First Alliance announced the appointment of Richard Taylor as legal counsel and corporate secretary. He replaces Ed Summers, who has resigned to take a post with a manufacturing company.
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