Collateral Schmerateral

You could be forgiven for missing the news that the Fed is now accepting as collateral securities backed by credit card debt and auto loans. It doesn’t look like a very good sign. It also makes me wonder:

What if the ratings on collateral the Fed has accepted slip below their minimum standard? Is there a covenant violation? Will the Fed liquidate? Force counterparties to buy them back?

I’m willing to bet the answer here is: “Nothing will happen.”
…
Fuente Original

  2 May, 2008| Economy | @ 13:45

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