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U.K. Nonconforming RMBS Index Report Q3 2009?Delinquencies And Repossessions Fall As Performance Shows First Signs Of Improvement Dec 09
Standard & Poors, Dec 2009
Abstract
The low interest rate environment-and therefore low monthly payments on many mortgages-continues to be favorable for borrower performance. We believe this has led to the reduction in our headline total delinquency figure and further increases in collection rates in U.K. nonconforming residential mortgage-backed securities (RMBS). In Q3 2009, Standard & Poor's Ratings Services' total delinquency index for U.K. nonconforming RMBS fell to 28.4% from 29.4% in Q2 2009. The 90+ day delinquency index (excluding repossessions) increased to 17.6% from 17.5%. Collection rates increased for the third quarter in a row. The rate for Q3 was 105.0%, compared with 101.2% in Q2 2009, and 92.8% in Q1. Our index for the stock of repossessions decreased to 2.0% from 2.5% in Q2....
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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