The MSR remedy

Mortgages

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As this year's first annual reports begin to be filed later this month, an important new chapter for many US mortgage banks begins. Mortgage servicing rights (MSRs), which are generated when a firm sells mortgages and retains servicing of the loans or enters into a contract to service the mortgages of a third party, have always caused a tremendous headache for risk managers. But last year, the US Financial Accounting Standards Board (FASB) offered a palliative in the form of Financial

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