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Standard and Poor’s has revealed Mobius Financial Services’ mortgage book as one of the nation’s riskiest, reports the Australian Financial Review.
Figures compiled by the ratings agency show that nearly 22 per cent of RMBS issued by Mobius were running in arrears – well above the 12.8 per cent average for the sub-prime sector.
The company’s technical default rate – loans with payments more than three months overdue – was listed at 15.6 per cent in September, far exceeding that of their competitors which averaged 7.2 per cent.
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