M-LECMaster-Liquidity Enhancement Conduit
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Treasury acted only as a broker for M-LEC and contributed no funds to it.
financial policy seemed to be frozen as well, unable to quickly fund M-LEC, unable to begin trading mortgage assets again, with policymakers unwilling to roll back the financial engineering that had provided such cheap mortgage financing for almost 20 years.
M-LEC will issue new short-term credit instruments to finance its purchase of eligible assets from participating sellers.
A syndication process is currently underway to identify the liquidity backstops to include several additional financial institutions, in order to scale M-LEC to a size and funding structure deemed appropriate by the consortium.