With the decline of the fiscal budget deficit, diminishing the government's cash needs, the Bond Market Association has suggested a change in federal budget accounting rules. The association has suggested this change so buybacks priced at a premium or a discount could be amortized over the expected life of the security. This would give the Treasury an advantage to buy seasoned securities whose prices are cheap, thereby achieving maximum interest cost saving, according to Charles H. Parkhurst, vice chair of association's government and federal agency securities division and a managing director with Salomon Smith Barney. Next month, the association will be filing a detailed comment letter with the Treasury Department.
The National Association of Mortgage Brokers and IMX Exchange have decided to join together to further NAMB's Best Business Practices initiatives. To further industry professionalism and Best Business practices, all IMX Exchange mortgage brokers and new members must agree to the strict Code of Ethics Statement and Best Business Practices guidelines developed by the NAMB.