The world’s second-largest bond market moved a step closer to its much-anticipated overhaul on Thursday when Wall Street firms voted to support a single mortgage-backed bond for Fannie Mae and Freddie Mac. The vote by Wall Street’s largest trade group, the Securities Industry and Financial Markets Association, is the final hurdle for the proposed new security—which is expected to launch in June as part of a revamp to the $5 trillion market in bonds guaranteed by the mortgage-finance firms. Together, the two back roughly half...

Source: Wall Street Journal March 07, 2019 21:53 UTC