“We never had subprime issues”: Australia’s Debelle
The credit quality of Australian retail mortgage-backed securities (RMBS) remained at the highest level throughout the financial crisis, said Guy Debelle, an assistant governor of the Reserve Bank of Australia, in a speech last Thursday.
Speaking to a financial industry forum in Sydney, Debelle noted that this was one of the key differences between Australian and US RMBS. "Even at its peak in February 2009, the Australian RMBS arrears rate, at less than 1%, was extremely low compared to
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