TY - JOUR T1 - A Primer on Italian RMBS JF - The Journal of Structured Finance SP - 95 LP - 102 DO - 10.3905/jsf.2006.628548 VL - 12 IS - 1 AU - Luciano Chiarelli AU - Francesco Battazzi Y1 - 2006/04/30 UR - https://pm-research.com/content/12/1/95.abstract N2 - Since 1998, the real estate market in Italy, along with the rest of Europe, has grown substantially in terms of assets traded and loans granted. The market has been driven by low interest rates and new contractual terms in the mortgage markets, which in turn have increased the ability of European families to borrow large amounts for higher-priced properties. The remarkable growth of the Italian mortgage loan market and the introduction of the Italian securitization law have contributed to the development of the Italian RMBS market since its first public issuance in 1998. For Italian mortgage lenders, securitization has been a convenient source of funding, and RMBS have been a relatively easy and economical route into the international capital markets. Recently, the Italian RMBS sector has performed well in secondary trading, partly because of high collateral quality (low loan-to-value ratios and very low levels of delinquencies and defaults) and a very active Italian real estate market.TOPICS: MBS and residential mortgage loans, developed markets, exchanges/markets/clearinghouses ER -