Skip to: Content
Skip to: Site Navigation
Skip to: Search

September 8, 2008 5:08:45 AM CDT

Learn about Newser Points »

« Back to the grid | Next story »

Feds Outline New, Tougher Credit Rules

Posted Mar 13, 08 6:51 AM CDT in Business 

(Newser) – A panel led by Treasury Secretary Henry Paulson is seeking a major overhaul of rules affecting mortgage lenders and a credit market decimated by risky subprime loans and loose oversight, the Wall Street Journal reports. Among panel recommendations to be released today:

  • Strengthen mortgage lender and broker oversight
  • Establish licensing standards for mortgage brokers

  • Require credit-rating firms to differentiate between complex-structured products and conventional bonds
  • Require issuers of mortgage-backed securities to reveal "the level and scope of due diligence" and the underlying assets of the securities
  • Require disclosure of whether "issuers have shopped for ratings"
  • Urge global bank regulators to require banks hold sufficient capital to cover risky investments
  • Update standards for how banks manage liquidity

Sources Wall Street Journal, Bloomberg

0 comments | Print E-mail | Digg Seed this on Newsvine Add this link to Del.icio.us StumbleUpon
Treasury Secretary Henry Paulson listens to opening remarks from members of Congress on Capitol Hill in Washington, Wednesday, March 5, 2008, prior to giving his assessment of efforts to heal the American...   (AP Photo/J. Scott Applewhite)
Treasury Secretary Henry Paulson addresses the 2008 Government Relations Summit and Mutual Community Bank Conference at the Mandarin Oriental Hotel, March 11, 2008 in Washington DC.   (Getty Images)
Federal Reserve Chairman Ben Bernanke (R) listens to Treasury Secretary Henry Paulson (L) testify during a Senate Banking, Housing and Urban Affairs Committee hearing.   (Getty Images)
« Prev« Prev | Next »Next » Slideshow
Our editors also recommend:

Threads (1 of 4)

Tags

Federal Reserve  • subprime mortgages  • Dow Jones Industrial Average  • mortgage crisis  • Henry Paulson  • Fannie Mae  • mortgage backed securities  • NYMEX


Loading...

Premium Articles from HighBeam

Find more articles like this

Today's Most Popular


Other Business Stories

What is Newser?

2008 Codie Finalist

Newser gives you more news in less time. We search for the best and most important stories all over the web, read them for you, and deliver concise and sharp summaries—along with links to the full text. Newser provides a way to stay on top of an ever-expanding horizon of news and opinion—politics, sports, business, trends, technology, personalities, crimes, and controversies. Newser keeps you not just better informed, but, with our signature graphic interface and smart condensed format, more enjoyably informed.

Learn more »