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AussieMac: Far Too Soon To Give Up On The Australian RMBS Market And Back To The Future Is Not The Answer Apr 08
Standard & Poors, April 2008
Abstract
In Australia, a proposal was released last week for the establishment of a commonwealth government guaranteed agency, 'AussieMac', to buy 'AAA' rated, prime, Australian residential mortgage-backed securities (RMBS). It was argued that such an agency is needed because the market for Australian RMBS has ceased to function, resulting in the withdrawal of mortgage originators such as RAMS and Macquarie Bank, and a significant reduction in the capacity of other mortgage originators to carry on their business. The existence of Fannie Mae and Freddie Mac in the U.S., and the Canadian Mortgage and Housing Corporation, was put forward as a model for AussieMac and a further justification for its establishment. The proposal is predicated on the closure of the primary market...
Companies mentioned in this report are: Australia (Commonwealth of) (Unsolicited Ratings),Fannie Mae,Freddie Mac,St.George Bank Ltd.
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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