The Fed’s exit from the mortgage market

The Fed’s exit from the mortgage market

On the heels of the Lehman Brothers bankruptcy in late 2008, the U.S. Treasury and Federal Reserve Board (the “Fed”) rolled out a number of unprecedented programs designed to inject liquidity into the financial system. The mortgage purchase program began in conjunction with the Troubled Asset Relief Program, or “TARP,” and both were designed to

Portugal’s debt downgrade signals larger struggle

Portugal’s debt downgrade signals larger struggle

The recent downgrade of Portugal’s sovereign credit by Fitch Ratings is symptomatic of issues in the broader region rather than an isolated event. In addition to Portugal, we have been watching the deteriorating fiscal position of several peripheral European countries. We’ve also observed that by participating in the EU, there are limitations on the ability