BP Mortgages 2007-2 S.r.l

Rather reminiscent of a London bus .... wait ages for one, then they all appear at the same time !
So, after the initial RMBS transaction in Dec 2001 (BPV Mortgages), and a wait of over five years,
originator Banca Popolare di Verona e Novara has now issued twice in the space of 3mnths.

All 20,125 loans (to 20,081 obligors) are secured by first economic lien mortgages guaranteed by
residential properties, being originated from two 100% subsiduaries - Banca Popolare di Novara
and Credito Bergamasco. At closing, all loans are performing, with 97.75% of debtors paying
monthly and 98.99% paying through direct debit. The average loan size is Eur81,494 with average
seasoning of 2 1/2yrs. The current WA LTV is 52.74% (BP 2007-1, size Eur80,949, seasoning 3yrs,
LTV 51.84%).

The pool is very granular, with the top 10 debtors accounting for just 0.33% of the initial outstanding
portfolio, and the top 20 0.61%. Also, all loans have been granted to individuals with a current loan-to
-value not exceeding 80.00%. There are obviously regional concentrations, which is the norm from a
regionally-franchised bank. Some 82% of the portfolio is concentrated in the north of Italy, with
Lombardy representing 53.28% and Piedmont 21.18%. However, these regions do rank among the
wealthiest regions in Italy.


Compare/contrast: BP Mortgages 2007-1, Capital Mortgages 2007-1, Mecenate 2 S.r.l,