| Title: | Italian Mortgage Rate Conversion Scheme: Potential Implications for RMBS Transactions |
| Price: | $550.00 |
| Publication Date: | Aug 20, 2008 |
| Report Type: | Special Report |
| Brief Excerpt: | ...Given the combination of low GDP growth in Italy, the rapid increase in Euribor and surging prices for basic goods, petrol and food, low-to-medium-income Italian borrowers with floating-rate mortgages have found it increasingly difficult to afford their mortgage payments. Under a new agreement enshrined in law, some Italian mortgage borrowers will, for a limited period, have the option of converting their floating-rate instalments into more affordable fixed instalments. Each bank and financial intermediary (including SPVs) may decide whether or not to participate in the scheme. Moody s has been analysing the impact the law may have on new and existing RMBS transactions backed by Italian mortgage loans. This impact will clearly depend on whether or not individual banks or SPVs decide to participate in the scheme. Additionally, it remains unclear how the scheme will be implemented from an operational point of view given the link that it will create between the SPVs and the lender.... |
| Word Count: | 2397 |
| Length: | 4 Pages |
| Format: | 
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