Repossessions in UK subprime RMBS lowest since 2005

Repossessions in UK subprime residential mortgage-backed securities (RMBS) declined to 1.48% of the out-standing balance in February 2010, a level last recorded in August 2005, according to Moody’s Investors Service. Arrears in the month also fell to 19.2% from a peak of 21% in June 2009. Most series recorded falling arrears but those in transactions issued by Preferred and Money Partners rose. The redemption rate continued to fall. It was 9.4% this February, less than half the figure recorded in the same month in 2009 and a third of that seen in February 2008.