"Among the loans in our analysis, which constitute nearly 25% of all outstanding U.K. prime mortgages, approximately 270,000 borrowers are in negative equity," said Alastair Bigley, head of RMBS for U.K. and Ireland at Fitch.
There is a wide variation of exposure to negative equity between the master trust programs. Up to the end of April 2009, using the Nationwide Building Society (NBS) House Price Index, Fitch estimated that Northern Rock's master trust RMBS program Granite, which has highgest proportion of loans (by value) in negative equity at 32%.
However, Fitch said that this increase in isolation is unlikely to result in any negative rating action, since a 30% peak to trough house price decline is already factored into current Fitch RMBS ratings.
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Bill Pulte, regulator and conservator of entities that buy and securitize many mortgages, also reaffirmed he's 'not happy with" lenders' main score provider.
2h ago -
Eagle + West is Brookfield's premier luxury building at Greenpoint Landing.
3h ago -
BofA Securities, Australia and New Zealand Banking Group and Japan's SMBC Bank International are joint lead managers.
5h ago -
The Senate advanced the One Big Beautiful Bill Act through a procedural vote, opening the legislation for debate followed by Monday's vote-a-rama.
8h ago -
This transaction for 230 rental units follows a March $10 million affordable housing investment in Nevada Housing Division Mortgage Revenue Bonds.
June 27 -
The largest U.S. banks took less of a capital hit under the Federal Reserve's hypothetical stress scenario than they did last year, but averaging the two sets of results could impact next year's regulatory requirements.
June 27