Abstract: Delinquencies continued to rise in Q3 2008. 90+-day delinquencies are now at 1.16%, up from 0.96% last quarter, and total delinquencies have increased to 3.24% from 2.83%. These are the highest values seen in this index, and the upward trend shows no signs of abating. Repossessions have increased across almost all transactions. Northern Rock's repossessions have again been considerably higher than in the other trusts. If repossessions continue to rise, it could place some deals' performance under pressure from a cash flow perspective. The U.K. government announced a "Homeowner Mortgage Support Scheme" to help borrowers at risk of repossession. Northern Rock's Granite program hit a non-asset trigger event, meaning that this transaction now becomes a pass-through structure. The payment rate

Brief Excerpt: RESEARCH Ratings Definitions U.K. Prime RMBS Index Report Q3 2008aÇöUpward Trends For Delinquencies And Repossessions Show No Sign Of Easing Off Publication date: 15-Dec-2008 Surveillance Credit Analysts: Sean Hannigan, London (44)...

Report Type: Commentary
Sector: Asset-Backed Commercial Paper, Asset-Backed Securities, Collateralized Debt Obligations, Commercial MBS, Real Estate Companies, Residential MBS, Servicer Evaluations, Structured Finance
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 S&P Credit Research
S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.