Mortgage Back Securities

• Government National Mortgage Association – Ginnie Mae (15 or 30 year maturity types)
  • Ginnie Mae I
  • Ginnie Mae II

Allowable Attributes:

• fixed rate
• conventional
• multi or single family

Mandatory Criteria for the Direct Acceptance of Mortgage Backed Securities

• Must have an active price as carried by the Bloomberg Generic Pricing System
• Must be delivered with repo-tracking code of STRP in field 22F of Fed Wire message to Bank of New York and JP Morgan Chase. Please see Federal Reserve Bank Services website at http://www.frbservices.org/ for more information on repo-tracking

Limits 
The existing rule that states a clearing member firm may use agencies and letters of credit for the first $5 million of its core requirement plus 50% of the remainder also applies to the new acceptable agency debentures combined with mortgage backed securities.