GSE single security gets the green light

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By Alexander Saeedy
08 Mar 2019

A regulatory committee of the Securities Industry and Financial Markets Association (SIFMA) voted last week to allow a fungible single security known as the uniform mortgage backed security (UMBS) to be issued into to-be-announced (TBA) markets, where Fannie Mae and Freddie Mac deliver MBS to investors around the world.

As a trade organisation, SIFMA has a focus on agency MBS markets and maintains a collection of market standards and trading practices governing the TBA market. One of the final steps in the substantial reform of the TBA markets required SIFMA’s approval before the single security could be ...

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