Report title: Stichting Waarborgfonds Eigen Woningen
from Moody's Global Credit Research
14 page (6964 word) report published Nov 04, 2009

Price $300.00 available for immediate download
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...The Aaa issuer rating for Stichting Waarborgfonds Eigen Woningen (WEW) reflects WEW's strong links with and the oversight by the Dutch state, the sound principles underlying its procedures and a support system to make sure that WEW can still fulfil guarantee obligations. WEW was founded to promote homeownership in the Netherlands and to ensure that lower income households can borrow at advantageous rates to purchase and/or refurbish homes. If a borrower under the National Mortgage Guarantee (NHG) system of the Netherlands falls behind with its payments under a mortgage loan, WEW will step in as guarantor. WEW will pay the rescission value, i.e. the remaining loss on loans after a foreclosure period which cannot begin for more than seven months; and payments may not be required for another two months. WEW must be informed by the lending bank of any arrears within the first four months. Moody's views the combination of WEW's own-source capital reserves and its backstop agreements with the...

Report Type: Analysis
Issuer: Stichting Waarborgfonds Eigen Woningen
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