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【出版时间及名称】：European RMBS & ABS-July&August 2010
【作者】：credit insights
【文件格式】：pdf
【页数】：39
【目录或简介】：
ARTICLES 3
Irish, UK Prime And Non-Conforming RMBS Credit Performance Update 3
RMBS: The degree of stability in UK RMBS performance may be stressed in 2011 due to the anticipated tightening of fiscal policies. Despite the low interest rate environment, Irish RMBS credit trends continue to deteriorate.
Negative Equity Will Have A Lasting Legacy On The Irish Mortgage Market 6
RMBS: In light of a 45% house price decline, over half the Irish securitised mortgages are expected to be in negative equity. We therefore expect arrears to be elevated over the long term.
Changes In Servicing Practices And Interest Rate Environment Contribute To The Stabilisation of UK Non-Conforming RMBS Performance 8
RMBS: Forbearance practices have led to an increase in delinquent borrowers making regular payments. However, the reporting of permanent loan modifications may lead to a suppression in delinquencies, which may not be sustained if interest rates rise.
UK Mortgage Lenders To Continue To Face Challenges During 2010 And Beyond 12
RMBS: UK mortgage lenders face uncertainty over the direction of house prices, interest rates and unemployment as well as tougher regulatory capital and liquidity requirements, We examine the causes and implications of these challenges and assess which lenders will be more or less likely to suffer over the next few quarters.
The Impact Of The General Elections On The Dutch Mortgage Market 14
RMBS: Half of the parties represented in the Dutch General Elections want to review the treatment of mortgage tax deductibility. We expect the changes to the mortgage interest deductibility to have a minimal effect on borrowers' affortdability.
Legal Update: Potential Rating Implications From Court Action For Full Recourse Structured Finance Instruments Issued By UK SPVs 18
SF Legal: We discuss the implications of the UK High Court’s decision as to whether an event of default has occurred in Eurosail-UK 2007-3BL PLC. This decision could affect other UK transactions with a materially similar structure.
Analysing The Legal Framework For German Pfandbrief 19
Covered Bonds: We provide a detailed assessment of the legal framework for German Pfandbrief. The laws and regulations of the specific covered bond legal frameworks are a key component of our rating process.
Spanish SME ABS: First Interest Deferral Likely In Q3 2010 21
ABS: We have analysed the performance of Spanish SME deals and identified eight transactions most likely to breach their interest deferral triggers within the next two years. Tripping these triggers will help the senior noteholders and occasion the stopping of interest for the junior noteholders.
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