PPIP blip
Mortgage-backed securities purchases will begin in August under the US Treasury's Public-Private Investment Program. But analysts say holders of the paper may be unwilling to part with their toxic assets at any price. Peter Madigan reports
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
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