AOFM needs to adapt to be useful
Australia’s government must rethink its support for residential mortgage-backed securitisation as real investors return to the asset class. Taxpayer money is still needed, but the state should remember its aim is to improve competition in the mortgage market.
Members Equity Bank priced a A$1bn RMBS issue last week at the tightest spread since the financial crisis without a hint of state money. The Australian Office of Financial Management had agreed to support the transaction but stepped aside in favour of real money accounts.
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