112th Congress Seated; Primary Dealer List Expected to Grow; Bearish Home Price Outlook; Preparing for CMBS Issuance; New Mortgagee Letter
ByPosted To: Pipeline Press
The new Congress takes over today, and as was mentioned yesterday, has a lot of fiscal clean up to do. Of course, this is the same with every year’s Congress, but we keep hoping for something new. One of the huge issues is the deficit, which in turn correlates to the size of the regular Treasury auctions. A ” primary dealer ” is a designation given by the Federal Reserve System to commercial banks or broker/dealers who meet specific criteria, including minimum capital requirements ($150 million) and participation in the Treasury auctions. Currently, there are 18 primary dealers in the U.S. government bond market , including Goldman Sachs, Jefferies, Barclays, HSBC, Morgan Stanley, and J.P. Morgan. It is a nice thing to have on your resume for a variety of reasons, and the lastest new addition…(read more)