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Italian RMBS Index Report Q4 2009—Long-Term Arrears And Defaults Accelerate, While Prepayments Edge Downward Mar 10 Product Image

Italian RMBS Index Report Q4 2009—Long-Term Arrears And Defaults Accelerate, While Prepayments Edge Downward Mar 10

  • Published: March 2010
  • Region: Italy
  • Standard & Poors


  • Asti Finance S.r.l.
  • Capital Mortgage S.r.l.
  • Credico Finance 4 S.r.l.
  • Deutsche Postbank AG
  • Guercino Solutions S.r.l.
  • PB Domicilio 2007-1 Ltd.
  • MORE

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...

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 READ MORE >

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