Bloomberg reports that a deadline to buy certain securities for fund managers has been extended to April 24. This new deadline will allow more time for public-private investment funds to buy legacy securities which are currently on the balance sheet.
When the program was first detailed last month, the Treasury said that for money managers to be selected to run one of about five public-private investment funds, firms had to prove an ability to raise $500 million in private capital, have a minimum of $10 billion in mortgage backed securities under management, a proven track record in these securities and headquarters in the United States.
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