Status page for SVB payment systems • Hacker News Board

Re: Status page for SVB payment systems

#21

Post by blindriver » Sun, Mar 12, 2023, 1:44 AM UTC

bequanna wrote: post #18

blindriver wrote: post #17

Earlier quoted context omitted.

> These are all in bonds paying 3% or less. Who is holding these? Fannie Mae and Freddie Mac. Most mortgage originators packaged up the mortgages and sold them immediately to the government.

They didn’t “sell them to the government”. However, the Fed was actually a large purchaser of MBS if that is what you’re referring to.

Okay it's technically not a part of the government, but it's a Government Sponsored Entity with public ownership. All mortgages bought by them have an implied guarantee by the US government.

So they did sell them to "a government-sponsored entity and the US government has an implied guarantee to pay any defaults."

Re: Status page for SVB payment systems

#22

Post by jetbalsa » Sun, Mar 12, 2023, 1:46 AM UTC

mattmarcus wrote: post #14

SteveNuts wrote: post #6

BAI2 now that's a term I haven't heard in a long time, thank goodness. I wonder if there files are read from an FTP server?

Yup, it is SFTP for both sending files (initiating payments) and receiving files (getting balances, confirmations, etc). This is how most programmatic money movement was happening under the hood at SVB (and many other banks for that matter).

I'm not surprised, I always wondered how that happened on the backed nowadays. I figured they had upgraded over the years and made it a little more streamlined. no wonder it still takes some time to move stuff around... I wonder how is the SFTP discovery / account process happen?

Re: Status page for SVB payment systems

#23

Post by gnicholas » Sun, Mar 12, 2023, 5:06 AM UTC

blindriver wrote: post #8

The head of finance at our company was in line all day this morning to transfer the company's money out of First Republic in South Bay. He said that the parking lot was filled with Ferraris and Porsches all illegally parked because there was no space left. Monday is going to be a very interesting day. If a buyer isn't found for SVB and possibly First Republic before the open on Monday, it might be a really bad day on…

Interesting, the branch on Sand Hill Road was empty when I walked by on Friday. Plenty of tellers, but no customers.