ECONOMY

Moody’s: Greek RMBS market continuing to weaken

The performance of the Greek residential mortgage-backed securities (RMBS) market continued to weaken during the three-month period up to August 2013, according to the latest indices published by Moody’s Investors Service.

The continuing deterioration in performance is driven by the weak economic environment and high unemployment levels in Greece.

In August 2013, the current outstanding pool balance of Greek RMBS transactions was 2.6 billion euros, compared with 2.9 billion euros in August 2012, a 10.7 percent year-over-year decrease as a result of planned amortization.