PPIP blip

p30-cobb-jpg

On July 8, the US Treasury announced the launch of its Legacy Securities Program (LSP), an initiative to purchase non-agency residential mortgage-backed securities (RMBSs) and commercial mortgage-backed securities (CMBSs) that have seen trillions of dollars wiped off their par value. The scheme, together with the Legacy Loan Program (LLP), forms the Public-Private Investment Program (PPIP), a joint initiative with the Federal Reserve and Federal Deposit Insurance Corporation (FDIC) aimed at a