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China’s $1.7 trillion hangover

China’s $1.7 trillion hangover

Up to 40% of China’s $1.7 trillion LGFV loans are at high risk of default. What’s a panicking Beijing to do?

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Skip Navigation LinksHome :: RMBS: The true meaning of true sale

November 2007

RMBS: The true meaning of true sale

The high quality of its mortgage assets might not be enough to save Northern Rock’s Granite master trust.


As uncertainty as to the future of UK mortgage lender Northern Rock persists, investors in its Granite UK RMBS master trust are getting nervous. The assets backing the trust are of high quality but this is proving of little comfort to investors as they face the prospect of non-asset-related (or rather Northern Rock-itself-related) events hitting the trust. ...


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