Arrears on mortgage-basked securities down
Standard & Poor's Ratings Services says that the level of loans underlying New Zealand residential mortgage-backed securities (RMBS) that are in arrears by more than 30 days maintained its long-term downward trend in August, recording 1.89%.
Tuesday, December 11th 2007, 9:27AM
Standard & Poor's rating analyst Erin Kitson said that arrears on full doc loans eased to 1.46% in August from 1.64% in July. Low doc loan arrears levels dropped to 3.93% in August from 4.24% in July.
"The level of arrears on residential mortgage loans underlying New Zealand subprime RMBS is at its lowest level so far this year," Kitson said. "It eased to 13.61% in August."
Residential mortgage loans funded through RMBS represent close to $1 billion of the New Zealand residential mortgage market.
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