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ISCOVER
Staff Reporter
Arrears on loans underlying Australian prime residential mortgage-backed securities (RMBS) increased by 3 basis points to 1.42 per cent in March 2013.
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According to a new report by Standard & Poor's Ratings Services, the total prime RMBS outstanding increased to approximately $111.3 billion.
But it wasn’t all bad news, with sub-prime RMBS arrears falling by 60 basis points to 7.43 per cent in March, with $1.9 billion in sub-prime RMBS outstanding as of 31 March 2013.
Low-doc loans now make up approximately 4 per cent of the total prime RMBS outstanding.
