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Australia’s non-conforming delinquency levels are expected to remain high in the near term as sluggish property market conditions persist and non-conforming borrowers face a high level of mortgage stress compared to prime borrowers according to Moody’s Investors Service.
In Q3 2008, average RMBS non-conforming delinquencies greater than 90 days past due reached another new record high of 8.91 per cent in July.
Nonetheless, Moody’s recent rating review “shows that there is no immediate downward rating pressure given the current level of credit enhancement, which would allow most non-conforming RMBS to withstand more stressful losses than initially assumed”.
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