Residential MBS

Highlights

• 17 Jun 2013
  • Credit Insight Newsletter highlights exposure of Spanish SME deals to refinanced loans
    The June edition of Credit Insight discusses the credit negative implications for Spanish SME securitisations of their high exposure to refinanced and restructured loans. We also discuss the credit positive implications for Spanish SMEs of the Spanish government’s push to cut public sector payment delays on accounts payable. In addition, we discuss the credit positive impact on European SME ABS transactions of enhancements to the amount and quality of data that a number of European Corporate Credit Registers (CCRs) store. Also, we discuss how credit card performance in the US, UK and Canada will remain stable through to end-2013, as the steady improvement in performance since the end of the recession tails off… Press Release l Full Report
• 17 May 2013
  • Resi Landscape: Capacity constraints for homebuilders a risk to construction and jobs
    The capacity constraints currently facing US homebuilders pose downside risk to construction and jobs but upside risk to prices, our newsletter says. Also discussed: falling LTVs will result in higher advancement rates if servicers re-evaluate delinquent subprime loans, unreimbursed losses on aged delinquent loans in FHA/VA transactions will increase overall losses, rising home prices and active servicing lower risk in RMBS pools... Full Report
• 15 May 2013
  • Credit Insight: May edition highlights positive impact of new FCA initiative
    AThe May edition of Credit Insight discusses the credit positive impact for UK RMBS and covered bonds of the UK’s Financial Conduct Authority’s (FCA) initiative to reduce interest-only mortgage borrower risk. The FCA’s initiative, which requires lenders to prompt borrowers with interest-only mortgages maturing before 2020 to check their repayment plans, will reduce default risk. We also discuss the mixed credit implications for Spanish SME transactions of the Spanish government’s new National Housing Plan for 2013-2016 and the credit negative impact for Spanish ABS of continued regulatory uncertainty in the Spanish electricity sector on the back of high tariff deficits... Full Report