Well, didn’t the SEC’s proposed new rules for asset-backed securities comprised of mortgages, credit card receivables, auto loans and student loans stir up the buzz in the business and financial media on Thursday!?. The New York Times story was cited by the MBA NewsLink but the Wall Street Journal headline: “Rules Could Favor Fannie, Freddie”, got the story inside the story. It cited concerns by at least two commissioners that the added disclosures burdens, which will not be applicable to the GSEs, would “tilt the scale in favor of Fannie and Freddie.” Immediately, and with only today’s details to consider, I’d tend to agree with Tom Deutsch, executive director of the American Securitization Forum, when he said that “Such unintended consequences could create even greater reliance on a costly tax-payer backed system of mortgage credit extension that would not be subject to these rules.” As policy makers grapple with the absolutely real need to standardize and intelligently regulate the U.S. mortgage economy, they must avoid taking, or appearing to take, a punitive stance with the private mortgage marketplace. “Skin in the game,” is one thing, but the SEC proposal creates two standards, which in our view is nearly as risky as no standards at all.
April 9th, 2010 at 6:44 pm
[...] Fiddling with my blog post: Wall Street Journal: "SEC Rules Could Favor Fannie, Freddie"… titanlenderscorp.com/blog/?p=177 – view page – cached Mary Kladde is the founder and CEO of Titan Lenders Corp, a Denver, CO based domestic provider of outsourced mortgage fulfillment services. Ms. Tweets about this link Topsy.Data.Twitter.User['orlee'] = {“location”:”Denver CO”,”photo”:”http://a1.twimg.com/profile_images/94057656/Ruth_normal.jpg”,”name”:”Ruth Lee”,”url”:”http://twitter.com/orlee”,”nick”:”orlee”,”description”:”Mortgage lifer and meltdown survivor”,”influence”:”"}; orlee: “Fiddling with my blog post: Wall Street Journal: "SEC Rules Could Favor Fannie, Freddie" ( http://titanlenderscorp.com/blog/?p=177 ) ” 1 day ago view tweet retweet Filter tweets [...]
April 9th, 2010 at 6:54 pm
[...] Wall Street Journal: “SEC Rules Could Favor Fannie, Freddie” titanlenderscorp.com/blog/2010/04/08/wall-street-journal-sec-rules-could-favor-fannie-freddie – view page – cached Wall Street Journal: “SEC Rules Could Favor Fannie, Freddie” Tweets about this link Topsy.Data.Twitter.User['orlee'] = {“location”:”Denver CO”,”photo”:”http://a1.twimg.com/profile_images/94057656/Ruth_normal.jpg”,”name”:”Ruth Lee”,”url”:”http://twitter.com/orlee”,”nick”:”orlee”,”description”:”Mortgage lifer and meltdown survivor”,”influence”:”"}; orlee: “Published a new post: Wall Street Journal: "SEC Rules Could Favor Fannie, Freddie" ( http://bit.ly/bLrQB3 ) ” 1 day ago view tweet retweet Filter tweets [...]