Mortgage market index shows RMBS arrears reaching new peak

In its Q313 Greek mortgage market index report, Fitch Ratings noted on Friday that the level of three-month plus arrears excluding defaults has reached a new high of 5.2 percent, despite showing some signs of stabilization earlier in the year.

Although the level of arrears across RMBS transactions has increased, they continue to outperform those reported for the whole Greek mortgage market.

The latest Bank of Greece data show the percentage of nonperforming housing loans at 24 percent as of June 2013 compared with only 9.2 percent in the Fitch equivalent index.