January 31, 2013 / 4:21 PM / 5 years ago

TEXT-Fitch: stark differences among key global housing markets

Link to Fitch Ratings' Report: Fitch Voice: Structured FinanceJan 31 - Fitch Ratings says that the world's major residential mortgage
markets face starkly different outlooks for the coming year, driven
predominantly by contrasting macroeconomic fortunes. While markets in countries
such as Australia, Germany and the US promise a degree of house price stability
and mortgage affordability, the peripheral eurozone is at the opposite end of
the scale, with real risk of further deterioration.

In an article in Fitch Voice: Structured Finance, released today, Gregg
Kohansky, Head of EMEA RMBS, summarises the findings of a report, Fitch
Residential Mortgage Briefing, which compares the major mortgage markets across
the globe. The report takes into account the underlying macroeconomic trends and
uses this analysis to support its assumptions for individual factors affecting
the key drivers of mortgage and, ultimately, RMBS performance.

"Although we expect growth in the major core economies to remain sluggish this
year, we are positive about the increasing stability of their housing markets
but, in peripheral Europe, significant downside risks remain," says Kohansky.
"This dichotomy is also visible in mortgage performance and is reflected in our
rating outlooks between core EU and EU periphery markets."

Fitch Voice: Structured Finance provides a quarterly series of topical articles
on developments in the global structured finance sector. It has replaced the
previous quarterly US and EMEA Snapshot reports. Most of the reference material
previously provided in Snapshot is available separately at www.fitchratings.com.

Additional information is available at www.fitchratings.com.

Applicable Criteria and Related Research:
Fitch Residential Mortgage Briefing

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