Embryonic ‘Euro Mae’ to seek EU guaranteed MBS
The vision of a European equivalent of Fannie Mae
flickered into life this week as five major European mortgage
lenders including BBVA, Crédit Agricole and Northern Rock lent
their names to the public launch of the European Mortgage Finance
Agency (EMFA) project.
At the heart of the project is the aim of lowering mortgage
interest rates by improving the liquidity of the secondary mortgage
market in Europe.
Were such an agency to be created, it would have profound
effects on many areas of the European capital markets.
The covered bond, residential mortgage backed securities (RMBS),
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