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Lender

Prime RMBS arrears up 12bps

3 minute read
The Adviser

Arrears on residential loans underlying Australian prime RMBS mortgages jumped 12 basis points to 1.70 per cent in November 2008 from 1.58 per cent in October 2008, Standard & Poor’s have revealed.

It appears, the ratings company said, that the latest RMBS arrears statistics have yet to show any real effect of the 2 per cent cut in the RBA official cash rate to the end of November 2008.

More than $842 million of all prime loans were in arrears greater than 90 days, Standard & Poor’s said. Of this figure, one third were classed as low doc loans.

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