U.K. Nonconforming RMBS Index Report Q2 2010?Reserves Top-Up While Interest Rates Stay Low Sep 10
Standard & Poors, September 2010
Abstract
Standard & Poor's Ratings Services expects negative rating actions to continue in the U.K. nonconforming residential mortgage-backed securities (RMBS) sector, but to a lesser extent than in 2009, along with some increased upgrade activity. This is partly due to continuing low interest rates benefiting borrowers through lower monthly payments, which, in our opinion, has led to fewer repossessions in recent quarters. We believe that recent house price increases have reduced quarterly losses, but we expect house price movements to remain uncertain in the near-term. In addition, we note that a high percentage of borrowers remain in severe arrears so future increases in interest rates may cause a further wave of repossessions. There have been positive signs in the economy too....
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Research Type: Commentary
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