Pedestal Halts Development of TBA-MBS Platform; Closes NY Office
TRANSACTION SYSTEMS
WASHINGTON, D.C.--Online mortgage loan provider Pedestal terminated development of its long-planned multi-dealer electronic execution platform for TBA-MBS securities earlier this month, according to John Lewis, managing director of corporate communications for the firm.
Lewis says development was halted because the marketplace Pedestal was attempting to move into is already very crowded. "It’s a situation where you have other similar sites out there with heavy dealer support and control that are
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