Moody’s reports on a stable September for prime RMBS

UK prime residential mortgagebacked securities remained stable in September, says Moody’s.

The 90-day-plus arrears trend was stable at 1.9% during the month. The repossessions trend increased slightly to 0.08% from 0.07% but cumulative losses were unchanged at 0.14%.

Moody’s has rated five new issuances in the prime market since September. These include a £17.2bn deal by Santander, a £1.5bn deal by Nationwide Building Society and a £3.2bn securitisation by Lloyds TSB Bank and Cheltenham & Gloucester.

In total, 129 prime RMBS transactions have been launched and rated by Moody’s since 1999. As of September, the total outstanding pool balance in the prime RMBS market was £348.6bn compared with £329.1bn a year ago – an increase of 5.9%.