While in the United States efforts to create more new-issue-rated RMBS are just starting to gain a little more momentum and the latest economic indicators at press time have not exactly been rosy, RMBS Down Under have been doing relatively well.

Australia “has been in some ways the least affected of the major RMBS markets, even to the extent where I’ve heard some Australians refer to the global financial crisis as the North Atlantic financial crisis,” Ian Linnell, Fitch’s global head of structured finance, told listeners in a recent conference call.

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