Report title: Ratings Stress Test: Impact of UK Housing Market Downturn Scenarios on UK Non-Conforming RMBS Ratings
from Fitch Research
17 page (33196 word) report published Mar 17, 2008

Price $275.00 available for immediate download
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... Over the past few months there has been an increased expectation of a slowdown in the UK housing market which may in turn feed through into a wider economic slowdown. Following several years of largely uninterrupted house price growth, most market data released in #H#### indicate that the long awaited cooling of the UK housing market is finally materialising. The majority of market commentators predict a flat to ##% decline in house prices during ####. In Fitch Ratings view, the recent trend of moderate negative monthly declines to house prices is likely to continue given ongoing funding difficulties for lenders and a slump in prospective buyers confidence. Challenging conditions in the mortgage market are expected to result in stretched affordability and payment shocks for many borrowers during ####, potentially pushing some borrowers into defaults or delinquencies the extent of which is difficult toforecast. To assess what kind of impact such a deterioration in asset performance could have on RMBS ratings, Fitch has stress tested the ratings under varying scenarios of declining house prices and increasing defaults on all outstanding Fitch rated UK non conforming RMBS transactions as on ## Dec ####. The study includes ### collateralised tranches in ### UK non conforming transactions,rated from #### #### vintages. The key findings oftheagency s stress tests show that:...

Report Type: Special Report
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