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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.
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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”.
Published: 27-11-08
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