Articles Tagged with ''U.S. Securities and Exchange Commission''

CFPB must not serve two masters

I’m often amazed at how simple lessons from childhood sneak back up in adulthood and cause you to slap your head in long-delayed understanding. I got so tired of hearing my mother tell me to layer my clothing before going outside in the winter. When I moved to the Northeast, the lesson made perfect sense. Other examples: always retain an attorney when you go into business; hire the very best people you can afford; when nature calls, make sure she doesn’t do so near an electric fence; don’t spit into the wind.
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The BofA-GSE settlement: Were we robbed, or not?

The year started with a big surprise — the Jan. 3 announcement that Bank of America [stock BAC][/stock] had reached an agreement with Fannie Mae and Freddie Mac on "substantially" all currently outstanding repurchase requests on loans sold by Countrywide to the government-sponsored enterprises.
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Reality check at the FDIC/Fed mortgage symposium

Earlier this week the FDIC and Federal Reserve System jointly sponsored a symposium on Mortgages and the Future of Housing Finance. One look at the agenda, and I knew I had to be there: two full days of panels devoted to what welcoming speaker Federal Reserve Chairman Ben Bernanke described as "policy-oriented research" from a host of PhD economists and a handful of lawyers.
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RIP yield spread premium — make way for mega bank mega profits

If you search the Internet, congressional testimony, academia or the media for insight into how lenders price residential mortgages you're likely to turn up a mountain of discussion of the yield spread premium paid to brokers by lenders. Maybe a little about the fact that mortgage rates reflect where mortgage securities trade in the bond market, but not much that explains loan pricing for retail customers. Nothing that explains what banks make if they originate the loan internally and don't pay a broker or correspondent to do it for them.
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We're All Rulemakers Now

Running a government must be like walking a tightrope, always balancing the need to dominate with the need to make constituents feel like they have the power. Fail at the first and you'll never have the power to get anything done. Fail at the second and you'll be out of power before you can get anything done. Either way, you fall off the rope.
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There Was a Surprise in the Dodd-Frank Act?

Last week, various corners of the mediamonde asserted that the Dodd-Frank Act's repeal of Rule 436(g), under the Securities Act of 1933, caught Nationally Recognized Statistical Rating Organizations (NRSROs) like Standard and Poor's, Moody's Investors Service and Fitch Ratings by surprise.
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A New Bureau...for Your Protection Only

A lot of people complain when a governmental body, made up of professional men and women who cannot possibly know about all of the industries that they are called upon to regulate, makes rules to govern businesses it doesn't understand.
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