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Reserves tapped in U.K. subprime

Drawing on reserve funds has become more common among U.K. subprime RMBS transactions, with two deals siphoning cash just this month and others likely to follow.

Last week Fitch Ratings and Standard & Poor's took action against Rooftop Mortgages' Farringdon Mortgages 1 U.K subprime issue, following a tap made...

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