Markets

Apr 1: BlackRock on US mortgage market

Curtis Arledge, chief investment officer of fixed income at BlackRock, discusses the most recent loan modification programme announced by the Obama Administration, aimed at targeting the negative equity problem. "One of the major aspects of the programme that we've been focused on is the interaction between the first-lien investor, which is primarily what we're doing, and the second-lien lender, which is frequently a bank." He adds: "I think it's going to be a real challenge for the non-agency mortgage market to move forward until all these issues really get resolved."