ECBC “eight-to-eight” passes on WaMu decision

The ECBC’s “eight-to-eight” committee of the leading market-makers and issuers this (Friday) morning discussed market-making in Washington Mutual covered bonds in light of New York Attorney General Andrew Cuomo’s announcement yesterday that his office is suing First American Corp for allegedly colluding with WaMu to inflate mortgage appraisals, which had caused its spreads to widen sharply in early trading. However, the committee of leading market-makers and issuers said that the issue was outside of its remit and said that dealers should take up the issue with WaMu.