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MBA sounds warning on margin calls
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The Mortgage Bankers Association has requested help from the Financial Industry Regulatory Authority (FINRA) and the U.S. Securities and Exchange Commission (SEC) to call on broker-dealers to work with mortgage lenders to prevent a surge of margin calls which could crush liquidity for lenders.
“In short, the dramatic price volatility in the market for agency mortgage-backed securities (MBS) over the past week is leading to broker-dealer margin calls on mortgage lenders’ hedge positions that are unsustainable for many such lenders,” MBA President and CEO Bob Broeksmit stated in a letter to the agencies.
Read on for details of the situation.
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