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U.K. Nonconforming RMBS Index Report Q4 2009?Total Delinquencies Continue To Fall As Interest Rates Remain Low May 10
Standard & Poors, May 2010
Abstract
In Q4 2009, Standard & Poor's Ratings Services' performance measures for U.K. nonconforming residential mortgage-backed securities (RMBS) showed mixed signals as the economy took its first tentative step out of recession. On the plus side, delinquencies fell from the previous quarter, although they will remain under pressure, in our view, in particular from the continued high rate of unemployment. Q4 2009 also saw the fourth consecutive quarterly fall in the stock of property repossessions, and average loss severities fell very slightly but remain high, in our opinion. The spread between three-month LIBOR and the Bank of England base rate (BBR) remains stable and, as a result, we believe that short-term unhedged basis risk has diminished somewhat. Other loan performance measures...
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 an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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