The US Treasury’s Public-Private Investment Programme (PPIP) purchased just $3.4 billion of mortgage-backed securities (MBSs) in its first quarter of operation, despite the fact that approved money managers had access to more than seven times that sum in public and private capital.
In its first quarterly report on the progress of the Legacy Securities Scheme – the federal programme to allow private sector investment managers to purchase non-agency residential mortgage-backed securities (RMBSs)
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