Structured finance market round-up: Rare good news for non-conforming

June 01, 2006

Buy-to-let mortgage originators in the UK market have often argued that these assets should be seen as prime assets rather than non-conforming.

The argument will have been given some weight in May when the junior notes of several First Flexible transactions (originated by Britannic Money, subsequently bought out by Paragon Mortgages) were put on Creditwatch Positive by Standard & Poor’s. This is in stark contrast to the bleak news emanating from much of the non-conforming mortgage market. Also in May, Farringdon Mortgages achieved the dubious distinction of being the only RMBS transaction in the sector ever to be downgraded.

To unlock this article

Topics

Capital Markets June 2006

Louise Bowman

Editor

Louise Bowman is Editor. She joined Euromoney in March 2006 and appointed deputy editor in 2014 and editor in 2020. Louise has worked for Euromoney in London and New York and also spent several years in Hong Kong writing for Asiamoney.