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  • Mercury Network acquires Platinum Data Solutions

    In one of the first of its kind moves for the industry, Mercury Network, an appraisal management system, announced it acquired Platinum Data Solutions, a QC technology company. In light of the changes, HousingWire talked with Will Clemens, CEO of Mercury Network, and Phil Huff, CEO of Platinum Data, to see how the change fits perfectly into both of the companies.

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SEC adopts tighter securitization, ratings agency rules

Makes banks more transparent

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The U.S. Securities and Exchange Commission adopted tighter rules for asset-backed securities and credit rating agencies in order to better protect investors. The new rules finally tackle two issues at the core of the financial crisis after years of delays. Per Reuters UKHedgeworld:

Banks will need to give far more transparency about ABS products under the new rules, and have to publicly disclose a raft of information about the thousands of car, home or other loans that underlie such securities.

And credit rating agencies will be required to erect strict boundaries between sales staff and employees handing out ratings to the securities, as part of an effort to prevent firms from luring clients with the prospect of favorable ratings.

Source: Hedgeworld
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