Is this the time to buy Spanish MBS?
The country has a small non-conforming sector populated by lenders such as GE Money Bank Mortgages and Unión de Créditos Imobiliaros – the latter having funded its business in the securitization market since 1994. Non-conforming and sub-prime mortgage lending in Europe has traditionally been the preserve of the UK market but is now emerging in other countries, such as the Netherlands. Spain is consistently top of the list of markets most likely to experience expansion in sub-prime lending, thanks to huge demand and a securitization-friendly funding environment.
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