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Volume 2014 - Number 44

November 21, 2014

Regulatory, Homeland Pressures Prompt RBS to Exit US Mortgage-Backed Securities Market

The Royal Bank of Scotland is shutting down its U.S. mortgage trading desk as it proceeds with a new plan to reposition its U.S. business. The announcement came after RBS reconsidered its initial plan disclosed five months ago to pare the mortgage trading unit by two-thirds over the next two years, cutting hundreds of jobs in the process. The plan also included an initial public offering of RBS’ Citizens Financial Group unit. The plan changed...

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This weekly covers the secondary mortgage market, including mortgage-backed securities and asset-backed securities.



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After the November elections, how long will it take for a new Congress and White House to pass GSE reform legislation?

I’m confident a bill will be passed the first year.


2 to 3 years. GSE reform is complicated.


Sadly it won’t happen in a Clinton or Trump first term.


Not in my lifetime.


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