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US Libor fallback language to be used by mortgage giant Freddie Mac

( November 15, 2019, 17:08 GMT | Official Statement) -- MLex Summary: Recommended US Libor fallback language will be used by Freddie Mac, a government-controlled mortgage giant, for all new adjustable rate mortgages. The recommended language was made today by the US Federal Reserve-sponsored Alternative Reference Rate Committee, which is overseeing the transition from scandal-plagued Libor to a market-based rate. Freddie Mac said it anticipates publishing updates in the first quarter of 2020 to its uniform adjustable rate mortgage notes and other related legal documents.Statement follows in full. ...

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