...The Libor (click here) interest rate maturities can range from overnight to 12 months. Mortgage lenders normally look at the six-month and the one-year Libor for ARM loans....
10:27 PM Wednesday Sep 18, 2013
The Commission, the executive arm of the 28-nation European Union, on Wednesday unveiled the draft legislation that tightens oversight and introduces stiff fines for manipulations.
Under the proposal, national regulators and a coordinating European body are granted new powers to investigate possible rigging and can issue fines of up to 10 percent of a firm's revenue.
Regulators have accused traders and financial firms of manipulating LIBOR to gain financial advantages. The London interbank offered rate, or LIBOR, underpins trillions of dollars in contracts around the world, including mortgages, bonds and consumer loans.
