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U.K. Nonconforming RMBS Index Report Q3 2011: Borrowers Keep Their Heads Above Water As Performance Remains Stable Nov 11
Standard & Poors, Nov 2011
Abstract
Despite strong economic headwinds, the performance of U.K. nonconforming residential mortgage-backed securities (RMBS) that Standard & Poor's Ratings Services rates remained stable over the third quarter of 2011. Our delinquency index and repossessions remained flat and our prepayment index showed a small improvement. While we understand that mortgage forbearance activity continued, we do not believe that our Q3 performance indicators are understated. Interestingly, we have seen similar trends in our U.K. credit card trust data for unsecured consumer debt where arrears and charge-offs appear to be stable to improving, which appears to reflect our observation that so far, U.K. households are holding up remarkably well. That said, we shouldn't overstate the performance of nonconforming assets. It's worth noting that we...
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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