Hosted on MSN

What was the LIBOR rate, and what happened to it?

LIBOR set interest rates for trillions of dollars in loans for over 30 years. Banks manipulated the rate because it relied on estimates rather than real transactions. A new system called SOFR replaced ...
Nasdaq

Goodbye, Libor; Hello, SOFR. What Does The New Interest Rate Benchmark Mean For You?

From here on out, your consumer or business loan rate will be set by a new standard. Replacing Libor, the obsolete benchmark for loan rates, is SOFR, the Secured Overnight Financing Rate. Its full-on ...
Accounting Today

FASB proposes to extend LIBOR to SOFR reference rate reform relief

The Financial Accounting Standards Board issued a proposed accounting standards update Wednesday that would give preparers more time to use its earlier reference rate reform relief guidance and expand ...
JD Supra

The Last Days of LIBOR

Our Financial Services & Products Group discusses the status of the financial industry’s transition away from LIBOR, including the final rule identifying replacement benchmarks that was recently ...
American Banker

Lenders anxiously await Fed’s proposed guidance on Libor transition

The Libor replacement benchmark that regulators and much of the financial industry has focused on may not be appropriate for every type of transaction, but lenders opting for an alternative to the ...
American Banker

As SOFR gains favor, other benchmark rates face uncertain future

With the lights almost out on the scandal-plagued Libor interest rate, a successor touted by regulators has quickly become the leading benchmark for business loans, outdueling two alternatives that ...
HousingWire

Catching up on the reverse mortgage index transition from LIBOR to SOFR

The reverse mortgage industry has been awaiting news regarding a rate index shift away from the London Interbank Offered Rate (LIBOR) for some time, with its stated preference for a replacement index ...
Seeking Alpha

Fannie Mae, Freddie Mac to transition LIBOR contracts to SOFR benchmark

Fannie Mae (OTCQB:FNMA) and Freddie Mac (OTCQB:FMCC) said Friday they will transition their legacy USD LIBOR loans and securities to the SOFR-indexed benchmark. The transition for both U.S. government ...
Forbes

Borrower Beware: The End Of LIBOR Can Be Expensive

For the last 35 years, banks have made floating rate loans based on an interest rate index called the London Interbank Offered Rate (LIBOR), which was determined using interest rate quotes from a ...
HousingWire

FHA publishes final rule on LIBOR rate index transition

The Federal Housing Administration (FHA) on Wednesday published the “Adjustable Rate Mortgages: Transitioning from LIBOR to Alternate Indices” final rule in the Federal Register, providing ...