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CAPITAL MARKETS

Structured finance market round-up: Rare good news for non-conforming

Buy-to-let mortgage originators in the UK market have often argued that these assets should be seen as prime assets rather than non-conforming.

The argument will have been given some weight in May when the junior notes of several First Flexible transactions (originated by Britannic Money, subsequently bought out by Paragon Mortgages) were put on Creditwatch Positive by Standard & Poor’s. This is in stark contrast to the bleak news emanating from much of the non-conforming mortgage market. Also in May, Farringdon Mortgages achieved the dubious distinction of being the only RMBS transaction in the sector ever to be downgraded.