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Finantial Times:
Central banks float rescue ideas
La cosa tiene su lógica:
Central banks float rescue ideas
Los ingleses son los más entusiastas...Central banks on both sides of the Atlantic are actively engaged in discussions about the antiestéticasibility of mass purchases of mortgage-backed securities as a possible solution to the credit crisis.
Such a move would involve the use of public funds to shore up the market in a key financial instrument and restore confidence by ending the current vicious circle of forced sales, falling prices and weakening balance sheets.
Los poblemasThe Bank of England appears most enthusiastic to explore the idea. The Federal Reserve is open in principle to the possibility that intervention in the MBS market might be justified in certain scenarios, but only as a last resort. The European Central Bank appears least enthusiastic.
Any move to buy mortgage-backed securities would require government involvement because taxpayers would be assuming credit risk. There is no indication as yet that the US administration would favour such moves. In the eurozone it would require agreement from 15 separate governments.
La cosa tiene su lógica:
Se admiten apuestas. ¿Llegaremos a estas medidas extremas?If public authorities were to buy and hold sufficient mortgage-backed securities – rather than simply lend against them as they have until now – at prices well below face value but above current prices, they would set a floor in the MBS market.