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Title:TBA trading and liquidity in the agency MBS market PDF Logo
Authors:Vickery, James
Wright, Joshua
Issue Date:2010
Series/Report no.:Staff Report, Federal Reserve Bank of New York 468
Abstract:Most mortgages in the United States are securitized through the agency mortgage-backedsecurities (MBS) market. These securities are generally traded on a 'to-be-announced,' or TBA, basis. This trading convention significantly improves agency MBS liquidity, leading to lower borrowing costs for households. Evaluation of potential reforms to the U.S. housing finance system should take into account the effects of those reforms on the operation of the TBA market.
Subjects:Mortgage-backed securities
TBA trading
liquidity
adverse selection
JEL:G21
G12
G19
Document Type:Working Paper
Appears in Collections:Staff Reports, Federal Reserve Bank of New York

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