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Italian RMBS Index Report Q1 2010—Defaults Slow Down After Peak Recorded In Q4 2009, Prepayments Continue To Edge Downward Jun 10
Standard & Poors, June 2010
Standard & Poor's Ratings Services' analysis of performance in Italian residential mortgage-backed securities (RMBS) shows that prepayments have continued to decrease during the first quarter of 2010. At 6.95%, prepayments are now at their lowest level for two and a half years. We believe the continuing fall in prepayments is a result of protracted low interest rates reducing the incentive for Italian homeowners to refinance floating-rate mortgages. We also believe that a further slight decrease from current levels is still possible. Our analysis also reveals that arrears seem to be stabilizing, after several quarters in which shorter-term arrears decreased while longer-term arrears and defaults increased. We have observed a dichotomy developing in the market, as short-term arrears remain structurally lower...
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