Need for interest rate derivatives was recognised early and in 1999, guidelines were issued for two core products in the OTC segment: the Forward Rate Agreements (FRA) and the Interest Rate Swaps (IRS).
For some time, we have called upon lenders, investors, and servicers to aggressively pursue sustainable loss mitigation activities. For example, last year the Federal Reserve and the other banking agencies issued supervisory guidance to encourage mortgage lenders and servicers to pursue prudent loan workouts.