BBVA RMBS hit by downgrades on poor loans

By Tom Porter
07 Aug 2014

Spain’s BBVA has suffered a raft of downgrades to three RMBS transactions it originated in 2007, after Fitch Ratings found the volume of distressed loans in the portfolios was understated in the transaction’s regular reporting.

BBVA RMBS 1, BBVA RMBS 2 and BBVA RMBS 3 were all issued between February and March 2007, and totalled some €10.5bn.

The Spanish housing market was one of the worst casualties of the global decline in the wake of the global financial crisis, but Fitch said information ...

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