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Italian RMBS Index Report Q3 2009—Performance Metrics Begin To Diverge While Cash Reserve Draws Increase Nov 09 Product Image

Italian RMBS Index Report Q3 2009—Performance Metrics Begin To Diverge While Cash Reserve Draws Increase Nov 09

  • Published: November 2009
  • Standard & Poors

FEATURED COMPANIES

  • Asti Finance S.r.l.
  • BPV Mortgages S.r.l.
  • CR FIRENZE MUTUI S.r.l.
  • Credico Finance 5 S.r.l.
  • F-E Mortgages S.r.l.
  • Intesa Sec. 3 S.r.l.
  • MORE

Abstract
Standard & Poor's Ratings Services' Q3 performance metrics for Italian residential mortgage-backed securities (RMBS) show the emergence of a dichotomy between a reduction of shorter term arrears, and longer term arrears and defaults remaining steady. In our opinion, improved affordability conditions (due the low interest rate environment), and adverse wage and unemployment dynamics, explain this performance split. Some transactions backed by riskier portfolios (as measured by leverage, underwriting standards, mortgage loan products, etc.) continue to underperform the rest of the Italian RMBS market. Overall, the current macroeconomic environment continues to be consistent with structurally lower short-term arrears and higher default levels, in our view. We believe that the challenging economic conditions pose more problems for riskier portfolios. This could lead...

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 READ MORE >

- BPV Mortgages S.r.l.
- Orio Finance No. 3 PLC
- Deutsche Postbank AG
- Heliconus S.r.l.
- Intra Mortgage Finance 1 S.r.l
- CR FIRENZE MUTUI S.r.l.
- Mercurio Mortgage Finance S.r.l.
- Mantegna Finance II S.r.l.
- Marche Mutui Societa per la Cartolarizzazione S.r.l.
- Vela Home S.r.l.
- F-E Mortgages S.r.l.
- Berica Residential MBS 1 S.r.l.
- Credico Finance 3 S.r.l.
- Apulia Mortgages Finance N. 3 S.r.l.
- Media Finance S.r.l
- Cordusio RMBS S.r.l.
- Credico Finance 4 S.r.l.
- Asti Finance S.r.l.
- Credico Finance 5 S.r.l.
- Berica 6 Residential MBS S.r.l.
- BCC Mortgages PLC
- Credico Finance 6 S.r.l.
- Cassa Centrale Finance S.r.l.
- Cordusio RMBS 2 S.r.l.
- BPM Securitisation 2 S.r.l.
- Marche Mutui 2 Societa per la Cartolarizzazione a r.l.
- Cordusio RMBS 3 - UBCasa 1 S.r.l.
- Credico Finance 7 S.r.l.
- Intesa Sec. 3 S.r.l.
- BP Mortgages S.r.l.
- Capital Mortgage S.r.l.
- PB Domicilio 2007-1 Ltd.
- Cassa Centrale Securitisation S.r.l.
- Eurohome (Italy) Mortgages S.r.l.
- BPL Mortgages S.r.l.
- Grecale ABS S.r.l.
- Guercino Solutions S.r.l.
- UniCredit SpA Obbligazioni Bancarie Garantite Programme
- Apulia Finance N. 2 S.r.l.
- Credico Finance 2 S.r.l.
- Sestante Finance S.r.l.
- Spoleto Mortgages S.r.l.
- Berica 5 Residential MBS S.r.l.
- Claris Finance 2005 S.r.l.
- Vela ABS S.r.l.
- Claris Finance 2006 S.r.l.
- Claris Finance 2007 S.r.l.
- Cordusio RMBS Securitisation S.r.l.
- Adriatico Finance RMBS S.r.l.

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