Freddie is Making the Switch to The Secured Overnight Financing Rate (SOFR) Dec 18 2020, 8:55AM
Freddie Mac is touting its readiness
to transition from using the
London Interbank Offered Rate or LIBOR to the Secured
Overnight Financing Rate (SOFR) as a mortgage reference index. The end date for
LIBOR may be extended (yet again) from the end of 2021 to mid-2023, but Freddie
Mac says it remains committed to prepare for a final transition as soon as
possible.
SOFR, which was specifically
developed to replace LIBOR, is a broad measure of the cost of borrowing cash
overnight collateralized by Treasury securities. Because, unlike LIBOR, it is
Freddie Mac Clears Path for New Index Rate Company Begins Purchasing SOFR-indexed Products and Launches SOFR-indexed Offerings
December 17, 2020 12:01 ET | Source: Freddie Mac Freddie Mac McLean, Virginia, UNITED STATES
MCLEAN, Va., Dec. 17, 2020 (GLOBE NEWSWIRE) Freddie Mac (OTCQB: FMCC) today highlighted the key milestones it achieved in 2020 as part of its transition from LIBOR (formally the London Interbank Offered Rate) to the Secured Overnight Financing Rate (SOFR). Freddie Mac made significant progress across the enterprise in support of this important effort for the industry. Among its most recent achievements, in November, the company for the first time began purchasing and securitizing single-family adjustable-rate mortgage (ARM) loans tied to SOFR.
good evening. norway and the rest of the world woke up this morning to the stunning news that what we already knew to be a horrible tragedy in that largely peaceful country had turned far, far worse. the toll of dead from yesterday s twin attacks in and around oslo has climbed to at least 92. most of the dead, teenagers who were systematically executed in a 90-minute-long massacre at an island summer camp. the shooting attack and fatal bombing of oslo s government center are now thought to be an act of domestic terrorism. we also learned today it took police almost 40 minutes to reach the island camp as an apparent single gunman waged his withering attack. with more on the attack and the suspect now in custody, here s nbc news correspondent martin fletcher from oslo. reporter: norway is in mourning today, trying to understand. photos of the youth camp taken just before the shooting, as norway s prime minister said a paradise island that turned into hell. desperate survivors