This week, SFA released a blog post highlighting the current status of transitioning from LIBOR to the Secured Overnight Financing Rate (SOFR). The blog notes that despite the COVID-19 pandemic, real progress has been made towards transitioning away from LIBOR including (1) accounting relief from the Financial Accounting Standards Board (FASB) and (2) the GSEs announcement of the first SOFR-based consumer loan product. Even with this progress though, the sheer size of LIBOR’s $240 trillion market means there is much more work ahead for the industry.

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