Over the last five years, European RMBS has proved to be good as gold for investors, especially in the U.K. market where the most trading happens. Some investment bankers have heralded this era as an age of unprecedented prosperity, with one calling triple-A U.K. RMBS "bulletproof." But is the magic coming to an end?

While there is a general consensus that U.K. RMBS issuance will continue to draw investors in droves, some market pundits doubt whether growth will continue at the same pace or begin to plateau. In the U.K., speculation abounds about all things residential, and RMBS is no different. The recent sale of Foxton's, a leading London-based real estate agent, to a private equity firm grabbed headlines with declarations of a forthcoming housing slump.

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