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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