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100% LTV Added To Australian RMBS Market Mar 99
Standard & Poors, March 1999
A recent Australian residential mortgage-backed securities (RMBS) transaction, Series 1999-1 HLC Trust, is that country's first securitization of 100% loan-to-value (LTV) mortgages. The transaction is also the first Australian securitization of non-standard mortgage products rated by Standard & Poor's. "Currently, there is a lot more competition in the Australian mortgage industry, and a number of new product types, including 100% LTV loans, have been introduced," said Ted Burbage, director and head of Standard & Poor's Structured Finance Ratings Melbourne office. The HLC transaction may pave the way for additional non-standard mortgage securitizations-Standard & Poor's has received a few inquiries, particularly for loans to sub-prime borrowers, Mr. Burbage said. High LTV loans have been available in Australia for several years, and...
Companies mentioned in this report are: Australia (Commonwealth of) (Unsolicited Ratings)
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Australia (Commonwealth of) (Unsolicited Ratings)