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ISCOVER
Staff Reporter
RESIMAC’s residential mortgage backed securities were yesterday assigned ratings by Standard & Poor's Ratings Services.
The non-bank lender’s first two classes were given a triple A rating by the ratings agency.
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According to a report by Standard & Poor’s, the strong ratings reflect the credit risk of the underlying collateral portfolio as well as the support provided by the primary lenders’ mortgage insurance policies.
The LMI policies provide 100 per cent cover on the outstanding principal balance, interest accrued over the recovery period, and reasonable realisation costs.
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