New Issue: RHG Mortgage Securities Trust - Warehouse Series (GSF) 2004-1 Jun 11
Standard & Poors, June 2011
Abstract
The ratings assigned to the notes issued by RHG Mortgage Securities Pty Ltd. (RMS) as trustee of the Warehouse Series (GSF) 2004-1 reflect the following factors: The credit risk of the underlying collateral portfolio. The characteristics of the underlying collateral portfolio are explored in more detail under "Collateral"; The lenders' mortgage insurance (LMI) provided by QBE Lenders' Mortgage Insurance Ltd. (previously known as PMI Mortgage Insurance Ltd.), Genworth Financial Mortgage Insurance Pty Ltd. (Genworth), and Commonwealth of Australia covering approximately 48.8% of the portfolio. These loans are insured under a primary LMI policy at the time of origination. The LMI policies provide 100% cover on the outstanding principal balance, interest accrued over the recovery period, and reasonable realization costs; The...
Companies mentioned in this report are: RHG Mortgage Securities Trust - Warehouse Series (GSF) 2004-1
Action: New Rating
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Research Type: Full Analysis
RHG Mortgage Securities Trust - Warehouse Series (GSF) 2004-1
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