Non-conforming? No worries for RMBS investors, who are keen for deals.The rush of deals, which brokers reckon were all well supported by investors, is not really out of whack with previous years, with borrowers often looking to raise money early in the new year.Two of the three billion dollar sales were bonds backed by pools of non-conforming loans, rather than prime home loans.
The obvious contenders are Mortgage House, which has mandated Commonwealth Bank, National Australia Bank, SCB and Westpac to engage with investors about a possible RMBS sale, while Resimac is also said to be waiting in the wings. The bond deals have also defied concerns about rising interest rates’ potential to increase delinquencies; bond investors seem to think they are well protected from losses.
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