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Structural difference in remedies in the event of default (the GMRA structures the remedies based on close-out and set-off rights by the buyers and sellers of securities; the MRA relies on termination and liquidation or replacement of securities and deemed liquidation or replacement).

Under the 2000 GMRA the presentation of a petition for the winding up of a party, or the appointment of a liquidator, triggers an automatic close out. Now, under the 2011 GMRA, the parties have to elect whether they want this event to lead to an automatic close out ? now termed an Automatic Early Termination.

The warehouse line is governed by a master repurchase agreement (MRA). Under the MRA, the mortgage lender, called the "repo seller," sells each mortgage loan it has originated to the warehouse lender, called the "repo buyer," with an obligation by the repo seller to repurchase the mortgage loan by a date certain.

Repurchase agreements are generally considered safe investments because the security in question functions as collateral, which is why most agreements involve U.S. Treasury bonds.

A repurchase agreement is a contractual arrangement between two parties, where one party agrees to sell securities to another party at a specified price with a commitment to buy the securities back at a later date for another (usually higher) specified price.

The party ?purchasing? in a repurchase agreement: This party is buying the security from the opposing party through lending cash. Eventually, this party resells the same security back to the opposing party at a future date at a specified price.

Like the GMRA and GMSLA, the ISDA Master Agreement comprises a pre-printed form of agreement and a negotiated schedule. However, unlike the GMRA and GMSLA, the ISDA Master Agreement is not product-specific.

GMRA is the acronym for the Global Master Repurchase Agreement. It is a model legal agreement designed for parties transacting repos and is published by the International Capital Market Association (ICMA), which is the body representing the cross-border bond and repo markets in Europe.