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RBA wants more info on residential mortgage-backed securities

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The Reserve Bank of Australia, or RBA, recently completed a review of reporting requirements currently in place in the RMBS market, and issuers will now need to provide more comprehensive and up-to-date information on the securities.

"We have sought to achieve some uniformity and greater depth in the information reported," said Guy Debelle, assistant governor for financial markets at the RBA, at an industry conference here.

Mr Debelle made the point that reporting standards often vary significantly across issuers, since there is currently no regulatory standard for RMBS reporting. Current standards call on issuers to provide data relating to the asset pools that back the securities and a list of mortgage issuers in the pool.


Mr Debelle said the new requirements will require issuers to provide a deeper level of "transaction-related" data on the loans underpinning the issue, including "anonymised loan-level data".

The new requirement will help the RBA to more precisely value the securities held on its balance sheet in terms of both price and risk, and encourage a reduced reliance on credit ratings agency in assessing the securities, Mr Debelle said.

The RBA will invite feedback from the market on the changes until the end of December. In a broader assessment of the RMBS market in Australian, Mr Debelle said conditions have improved, but there remains scope for further improvement.

"You shouldn't expect the market to return to pre-crisis levels," he added.

RMBS issuance in 2012 has recovered to the point that new issues are now reporting maturities, so the stock of outstanding debt has stopped falling. RMBS issuance so far in 2012 has totalled $10 billion, this remains well short of the peak in issuance of $25 billion in 2007.

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  • doyla66
    doyla66 Thursday, 25 October 2012

    Please remind me again. How can we find out if our own 2009 mortgage was tied up in RMBS?

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