Bankers welcome Aussie RMBS mini rescue
The Australian government last Friday embarked on a plan to buy A$4bn ($3.23bn) of new mortgage-backed bonds in a bail-out that mirrors the troubled asset relief programme being put forward in the US.
The plan differs from its US counterpart in many respects: it is small, it is targeted at a single asset class and it is reasonably simple. But it has the same motivation to prop up the countrys housing market indirectly, by injecting liquidity into funding markets.
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