The act, yet to be signed by Gov. Cuomo, aims to resolve the difficult problem of how to fairly compensate floating-rate investors in instruments for which the London interbank offered rate is no longer published.
A PIMCO-sponsored HELOC securitzation, as well as a mortgage-insurance linked transaction, are the latest examples of issuers getting a head start on switching to an expected replacement benchmark for Libor.
As government debt swells, the outer limits of what the U.S. can safely borrow are becoming less and less clear.
A new global quarterly survey from the IACPM shows dissipating worries over COVID-19, giving way to angst of how businesses will cope with inflation and an inevitable rising-rate environment in the long-term.
Lenders also increased jumbo product availability as well as rolling out new SOFR-indexed ARMs.
The statement comes after multiple small and midsize institutions earlier this year warned the agencies that the secured overnight financing rate was ill-suited to them.
With a dearth of inventory, September generated the largest price growth in the housing market since May 2014, according to CoreLogic.
Four tranches of AAA-rated notes in the $342.2 million JPMorgan Mortgage Trust 2020-8 may utilize a term-SOFR rate should the benchmark improve on the weighted-average coupon of the deal.
While using the 30-day SOFR as its index, Freddie Mac structured the deal so it could shift to a one-month term if and when that rate is approved.
A New York-state proposal to shift trillions of dollars in securities contracts from Libor- to SOFR-based benchmarks is gathering dust. That worries bankers and investors on on how to proceed with the next steps toward a replacement rate as Libor's post-2021 expiration grows nearer.
Low mortgage rates and strained supply drove the housing market price growth to a 26-month high in August, according to CoreLogic.
The restrictions on the pooling of loans with any interest term based on Libor will be effective for traditional mortgage-backed securities issued starting Jan. 21, 2021, and earlier for reverse-mortgage securitizations.
Bondholders could see principal losses if, due to the way the documents are worded, the rate is frozen at the last published amount.
The dot plot will be the star of the meeting, but the coronavirus and the elections will be part of the discussion, economists say.
This proposed Libor replacement is an imaginary, backward-looking benchmark dreamed up by the economists at the Fed with no discernible market.
Federal Reserve Chair Jerome Powell announced a new approach to monetary policy Thursday that takes a more relaxed stance on inflation and on its view of how low U.S. unemployment can go.
As the discredited Libor interest rate benchmark enters its last months, some banks are turning away from the repo-based alternative that regulators prefer. What could go wrong?
A survey conducted throughout the second quarter found knowledge gaps based on race and income.
Newly published conventions from an industry-led benchmark replacement study group could spark adoption of more built-in rate transition plans into loan documents.
The panel later this month will vote on the nomination of Judy Shelton, whose views on certain policy issues have met with skepticism from both Democrats and Republicans.
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