UK RMBS vulnerable to Grenfell cladding fallout

By Tom Brown
08 Mar 2021

UK RMBS could see marginal losses from the government’s Grenfell inquiry pushing the cost of removing flammable cladding on up to 1.5m flat owners across the country, after DBRS Morningstar research revealed on Monday that repossessions could eat into securitized mortgage portfolios.

The UK government is balancing the rapid removal of combustible Grenfell-style cladding on tower blocks with protecting home owners and renters from additional financial costs following a review into the Grenfell fire which killed 72 people in 2017.

In last week’s budget, UK Chancellor Rishi Sunak announced the ...

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