U.K. Prime RMBS Index Report Q2 2011—Performance Improves, But Slow Economic Growth Remains A Risk Sep 11

Abstract
Performance indicators for the U.K. prime residential mortgage-backed securities (RMBS) that Standard & Poor's Ratings Services rates improved marginally in the second quarter of 2011. These results are consistent with our base case expectations for a slow recovery. Economic growth remains under pressure, but we believe most prime U.K. RMBS transactions have capacity to absorb limited collateral performance deterioration. Several risks to U.K. RMBS performance are arising from the slow pace of growth in the economy. According to the latest Office for National Statistics (ONS) report, the labor market weakened in the second quarter, with an additional 25,000 unemployed and no increase in the number of employed. The unemployment rate is at 7.9%, and we expect it to rise to...

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Research Type: Commentary
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