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Special Report on

Financial Regulation Reform and Securitization

financial regulation reform and securitization special research report Photo by
Earlier this week, the Obama Administration released legislative language attached as Exhibit A to this Memo proposing changes to laws affecting asset-backed securities ("ABS").1 The proposed legislation is the Administration's follow-up to its June 17, 2009 release of recommendations for reform of our financial regulatory system (the "Proposal")2, which we described in our clients and friends memorandum summarizing the Proposal3 and our clients and friends memorandum summarizing the Proposal's impact on the securitization markets4. The key features of the proposed legislation include: A ...
John C. Bogle: Financial Reform: Will it Forestall a Future Crisis ...
The financial reform act that was signed into law this week -- while imperfect -- represents an important first step in attempting to preclude or mitigate future financial collapses. But increased regulation and oversight alone will be insufficient to prevent a recurrence of the recent financial crisis. The causes of the collapse are no secret. While it is often claimed that "victory has a thousand fathers, but defeat is an orphan," the defeat suffered by investors in our devastating financial crisis seems to have, figuratively speaking, a thousand fathers. The Federal Reserve kept interest rates too low for too long ... market research, surveys and trends
Book Review: Restoring Financial Stability - The Finance ...
(also known as the “NYU Stern Report”) takes a multifaceted perspective. The book features 18 papers, written by 33 New York University and NYU Stern faculty members. Taken together, the papers give a system-wide context for the meltdown and offer insights into the role played by market participants—banks, the shadow banking system, rating agencies, regulators, and government. Each paper also suggests reforms intended to minimize the possibility of similar future crises. Central to the case for reform is the emergence over the past 25 years of LCFIs (large, complex financial institutions), which by virtue of their size and ... market research, surveys and trends


Restoring Confidence in the Securitization Markets
Without well-functioning and efficient securitization markets, financial growth and .... Uneven regulation of American financial institutions, ...... Seventy- eight percent ($524 billion) of 2006 issuances were in real estate. (RMBS and ... industry trends, business articles and survey research
FACTBOX-Major U.S. financial regulation reform proposals | Reuters
(Reuters) - U.S. President Barack Obama will call on the financial industry to get behind regulatory reform in a speech in New York on Thursday. The Senate is moving closer to a vote on legislation, proposed by Democrats and backed by Obama, that would tighten the regulatory screws on banks and capital markets after the 2008-2009 financial crisis. Approval is considered likely but not absolutely certain. Here are snapshots of the major reform proposals: PREVENTING MORE BAILOUTS * Objective: Squash the idea that some financial firms are "too big to fail." Prevent future bailouts like AIG's ( AIG.N ). But also ... industry trends, business articles and survey research
The SEC Issues Reprieve For ABS Issuers
The Securities and Exchange Commission today said that it will issue a “no action” letter to allow issuers to omit credit ratings from registration statement filed under Regulation AB. It was reported earlier that asset-backed issues were being shelved because credit rating agencies were not allowing ratings to appear in registrations or prospectuses due to concerns over the liability of being considered an “expert” in sections 7 and 11 of the Securities Act after the Dodd-Frank bill was signed into law yesterday. “To remedy the current shut-down of the public ABS markets as a result of the repeal of Rule 436(g), we request that ... market trends, news research and surveys resources
No Wonder the Outlook for the Economy is "Unusually Uncertain" ... the Fed is ...
that the government’s actions “will reduce [companies'] incentive to be careful in the future.” In other words, he’s admitting that the government’s actions will encourage financial companies to make even riskier gambles in the future. Kansas City Fed President and veteran Fed official Thomas Hoenig said : Too big has failed…. The sequence of [the government's] actions, unfortunately, has added to market uncertainty. Investors are understandably watching to see which institutions will receive public money and survive as wards of the state… Any financial crisis leaves a stream ... market trends, news research and surveys resources


Financial Regulatory Reform: A New Foundation
the urgent need to act to reform our financial regulatory system and put our ..... A. Strengthen Supervision and Regulation of Securitization Markets ... technology research, surveys study and trend statistics
to act to reform our financial regulatory system and put our economy on track to a ... Enhanced regulation of securitization markets, including new ... technology research, surveys study and trend statistics
Post-Crisis Financial Regulatory Reform
The global financial crisis was an unprecedented event. In the aftermath of the crisis, experts have agreed that a number of regulatory failures combined to allow the crisis to proliferate and spread globally in ways that were previously thought unlikely. This Section of the E-Book discusses the reform efforts that have been made thus far in both the United States and the European Union to improve financial regulation in the major areas that contributed to the crisis. For a more in depth discussion of how each of these factors combined to produce the global financial crisis, see the E-Book Section entitled “What Gave ...
Will More Financial Regulation Prevent Another Crisis?
The one thing we know about the financial "reform" now moving toward what looks like eventual congressional approval is that it will be oversold, says economist Robert Litan of the Kauffman Foundation. We will be told that it will forever prevent a repetition of the recent financial crisis; that it will root out corruption on Wall Street; that it will eliminate "bailouts"; that it will protect consumers against greedy lenders. In the present anti-Wall Street mood, no one wants to be accused of coddling America's money merchants. What can we really expect? History counsels caution. Every financial reform, ...
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