Moody's: Russian mortgage law changes are positive for future deals, but introduces additional legal considerations

Frankfurt am Main, March 08, 2016 -- A Russian law that strengthens limited recourse concept and removes restrictions on repurchasing mortgages on securitised pools is credit positive, says Moody's Investors Service. Together with the ease of repurchase, the new legal framework also provides more flexibility for the arrangers of RMBS transactions to establish revolving RMBS structures because the law simplifies the replacement of securitised mortgages. The amended law also allows for RMBS multi-issuance programmes that utilise one single special-purpose vehicle (SPV).

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