Italian RMBS Index Report Q1 2013: Arrears Remain Broadly Flat, But House Prices Decline Further Jun 13
- Language: English
- Published: June 2013
- Region: Italy
Standard & Poor's Ratings Services' Q4 assessment of performance in Italian residential mortgage-backed securities (RMBS) shows that the trend that emerged in the previous quarter (a reduction of shorter term arrears, higher longer term arrears and increasing defaults), has continued into Q4. The current low interest rate environment and unemployment dynamics explain this dichotomy, in our view. Some transactions backed by riskier portfolios (as measured by leverage, underwriting standards, mortgage loan products, etc.) continue to underperform the rest of the 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 riskier portfolios continue to be more exposed to the current challenging economic conditions, which could...
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