In a fairly obscure piece of mortgage related news, the EU’s European Securities and Markets Authority (ESMA) has proposed relaxing their current two-day liquidation period, at least when dealing with U.S. mortgage-backed securities (the U.S. has a one-day period). The change of one day may seem particularly obtuse to those not immersed in banking lore, but it has a significant impact on capital requirements, which ultimately means better liquidity for deals on both sides of the pond, which should result in a continuation of relatively loose lending — a boon for both buyers and sellers.