The Bond Market Association has asked the Treasury to make its buy-in rule more flexible so that dealers can better manage the risk of failed customer sell orders in the mortgage-backed security and Treasury markets, particularly when fails are widespread.The association said it believes the rule, "as currently written, can potentially inhibit a prompt clean-up of unsettled transactions in agency MBS and Treasury securities when failed transactions in a particular security have become endemic due to short supply." The bond market group said it has recommended that the rule "be suspended for certain specific securities in endemic fail situations since attempts to buy-in a failing counterparty under such conditions could exacerbate the problem." The association can be found on the Web at http://www.bondmarkets.com.
-
The RMBS notes benefit from geographic diversity and credit enhancement.
2h ago -
A Consumer Financial Protection Bureau "waives any alleged noncompliance" by the mortgage company while continuing to dole out redress to borrowers.
2h ago -
Refinance apps made up more than 40% of all mortgage applications last week, driving an uptick as consumers seek out cheaper mortgage payments.
4h ago -
The chairman and regulator of Fannie Mae and Freddie Mac pointed to Jermone Powell's recent testimony about renovations to the Federal Reserve's headquarters.
5h ago -
It's a rare theft of trade secrets complaint by the industry leader, which stayed out of the spate of litigation between competitors during the refinance boom.
5h ago -
Navy Federal Credit Union will not pay a $15 million fine or $80 million in restitution to service members who were illegally charged surprise overdraft fees when their accounts had sufficient funds.
7h ago