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UK prime RMBS deteriorating, says Moody’s

The outlook for prime residential mortgage-backed securities in the UK is deteriorating, according to a report from Moody’s.

The ratings agency says the outlook for UK prime RMBS remains stable but has deteriorated since its last forecast in July.

It says it now expects UK economic growth to be considerably slower in 2012 and unemployment rates to be higher than it did five months ago.

Moody’s says its outlook for RMBS is negative for Greece, Ireland, Italy, Portugal and Spain, and stable for prime assets in the UK, the Netherlands, France and Germany.

It predicts house price falls next year in Greece, Ireland, Portugal, Spain and to a lesser extent France.

It says that prices will remain broadly flat next year in the UK, Italy, the Netherlands and Germany, but the number of property sales will remain low.

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