The performance of Greek Residential Mortgage-Backed Securities (RMBS) has continued to worsen over the past 12 months, according to rating agency Moody’s.
Defaults increased to 1.6% in February from 1.06% a year ago.
The weakening performance was attributed to more borrowers losing their jobs, Moody’s said.
Delinquencies (past due 90 days and over) rose to 4.25% in February from 2.77% in February 2012. The pool balance of Greece’s seven outstanding RMBS transactions was €2.7bn, down from €3.4bn, a 20% decrease.
Moody’s said the worst performer was Estia Mortgage Finance II where the default level rose to a new market high of 4.96% in February from 2.72% a year ago.
The 90-plus-day delinquencies levels of the transaction, which are the highest in the market, rose to 7.85% in February from 5.43%, while they held fairly stable in most other Greek RMBS deals.
