Spanish Supreme Court Ruling Could Reduce RMBS Excess Spread

A recent ruling from the Spanish Supreme Court that certain floor clauses—designed to set a minimum interest rate for the borrower—are legally unenforceable could lead to slightly reduced excess spread in some Spanish residential mortgage-backed securities, according to rating agencies Fitch Ratings and Standard & Poor's.

  • 25 Jul 2013

A recent ruling from the Spanish Supreme Court that certain floor clauses—designed to set a minimum interest rate for the borrower—are legally unenforceable could lead to slightly reduced excess spread in some Spanish residential mortgage-backed securities, according to rating agencies Fitch Ratings and Standard & Poor's.

The court ...

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