Items Tagged with 'Financial Services Authority'

ARTICLES

  • UK Homes in Prime Pools 15% Underwater

    15% of prime mortgages in the UK serving as collateral in residential mortgage backed securitization are currently in negative equity, or underwater, according to Fitch Ratings. The rating agency adds it expects this number to increase to 34%, meaning home prices in one of Europe's hotter boom markets will decline another 14% from today's value.
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  • UK to Regulate 'Sale and Rent Back' Schemes

    The UK Parliament is considering legislation to bring so-called 'sale and rent back' agreements within the scope of the Financial Services Authority (FSA) regulation. These deals occur when a firm approaches an underwater borrower and offers to purchase the distressed asset. In return the resident gets to rent the property for an extended period, with the option to repurchase in the future.
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  • Assured, FSA Lose AAA Ratings at Moody's

    And then there was one and none -- one, meaning only one remaining AAA-rated monoline bond guarantor; and none, meaning none of the guarantors that started 2008 rated AAA currently carry the rating at each major agency. Moody's Investors Service yanked its top ratings on both Assured Guaranty Ltd. and Dexia SA’s Financial Security Assurance Inc. on Friday, as a new criteria and industry outlook affected the core ratings at each firm.
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  • Moody's: Subprime Exposure of Financial Guarantors 'Well Contained' -- Maybe

    In a new report released today, Moody's Investors Service said that it expects rated financial guaranty insurance companies to be able to ride out the subprime mortgage storm. Citing credit enhancement levels exceeding currently projected losses, Moody's said the "risks presented by the direct insurance of subprime RMBS transactions will likely be well contained."
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