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Perhaps the most striking characteristics of today's agreement - which amends a draft first published in 2010 - is that banks will be allowed to include corporate bonds, some shares and high-quality residential mortgage backed securities in their permitted stocks of liquid assets.
BBC: Banks agree minimum liquidity rules
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The latest bounce in prices of risky mortgage debt comes amid strong rallies in stocks and corporate bonds, underpinned by investors' optimism that European governments and banks will work through their debt woes without destabilizing global financial markets.
WSJ: Toxic? Says Who? Taste
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Major mortgage originators like Bank of America and Citigroup are still sitting on substantial stocks of depressed homes, while regulators are upping the heat on those involved in the subprime mess during the glory years, limiting credit availability.
FORBES: Housing Recovery Firming, But Don't Expect A Return To Pre-Crisis Growth