Collateral Schmerateral

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You could be forgiven for missing the news that the Fed is now accepting as collateral securities backed by credit card debt and auto loans. It doesn't look like a very good sign. It also makes me wonder:
What if the ratings on collateral the Fed has accepted slip below their minimum standard? Is there a covenant violation? Will the Fed liquidate? Force counterparties to buy them back?
I'm willing to bet the answer here is: "Nothing will happen."
Is the Fed doing anything at all to scrutinize the "quality" of the ratings? What if a AAA rating is based on insurance via an (insolvent?) monoline? Is the Fed even looking at this? Do they have the ability to even if they want to?
Again, I'm willing to bet the answer here is: "No, and no."
Dangerous times.
Fed Expands Auction, Accepts Wider Collateral [MarketWatch]

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