Business
Joye: Default tsunami coming in March – MacroBusiness
Good work from Chris Joye today: One significant concern relates to record unofficial arrears in illiquid and subordinated bonds comprising “securitised” portfolios of Australian home loans, SME loans and consumer loans that are packaged up and sold to invest…
One significant concern relates to record unofficial arrears in illiquid and subordinated bonds comprising securitised portfolios of Australian home loans, SME loans and consumer loans that are packaged up and sold to investors through residential mortgage-backed securities (RMBS) and asset-backed securities (ABS). We are particularly anxious about RMBS and ABS issued by non-bank lenders, which are not actively supervised by Australias tough banking regulator that mandates minimum lending standa…
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