The creditworthiness of some residential mortgage-backed securitisations is now a major cause for concern given recent increases in household debt and mortgage repossessions. In some cases, levels of delinquency on non-conforming residential mortgage portfolios has reached close to 25%. This year also saw the first downgrade of a UK RMBS tranche by Fitch, when it downgraded three tranches of Farringdon Mortgages No.1's portfolio in May.
Suzanne Albers, a director in Fitch Ratings' residential
The week on Risk.net, July 7-13, 2018Receive this by email