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Australia housing plunge, rate rises won’t hurt RMBS, Fitch says

Posted on 16 August 2012

Australia’s residential mortgage- backed securities market is unlikely to see a cut in ratings if home prices plunge, unemployment doubles and interest rates surge, according to a stress test conducted by Fitch Ratings.
Under a moderate scenario — in which home prices fall by 35 percent from current levels, the unemployment rate jumps to 11 percent and variable interest rates on mortgages climb to 12 percent from 6.9 percent — 97.2 percent of AAA-rated RMBS would remain unchanged, Fitch said in an e-mailed report………………………………………..Full Article: Source


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