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Sat 01 Jan 2010Mortgage defaults continue to increase
MORTGAGE DEFAULTS continued to increase in November. But the Government’s proposed extension to the moratorium on legal proceedings may undermine the ability of banks to source capital from mortgage-backed bond investors, according to the ratings agency Moody’s.
The incidence of mortgage-backed bonds where the underlying loans have been unpaid for more than 90 days increased 123 per cent in the year to November, data from Moody’s Investors Service showed. The proportion of outright defaults is also up 218 per cent over the period.
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