U.K. Prime RMBS Index Report Q2 2010—Will Fiscal Tightening Destabilize Collateral Performance? Sep 10
Standard & Poors, September 2010
Abstract
Standard & Poor's Ratings Services' view of the U.K. prime residential mortgage-backed securities (RMBS) sector remains cautiously positive in the short-term. Various macroeconomic factors support this opinion. Economic conditions are generally improving, interest rates remain low and currently stable, and unemployment rates–while relatively high–are stable for now. However, upcoming fiscal–and eventually monetary–tightening could yet lead to a second wave of deterioration in collateral performance, in our opinion. There have been positive signs in the economy. Published in late July, the first estimate for U.K. economic activity in Q2 2010 showed quarter-on-quarter GDP growth of 1.1%, the strongest since 2006. House price indices have recovered from their lows of early 2009, most recently recording year-on-year growth of about 5%-7%. Additionally, unemployment...
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Research Type: Commentary
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