Saturday, 26 June 2010
All you need to know about FinReg
“nemo paradiseâ€:
Barry Ritholz:
Elsewhere:
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Congress labored, and brought forth an abortion Dept
“nemo paradiseâ€:
The people trying to keep a straight face while suppressing the urge to yodel are the lawyers, because they are going to be very, very busy for a long time to come.
No one can agree on what this bill actually says, since the one thing that is clear is that nothing is clear at all. This is hardly surprising, and very much in line with what most lawyers really expected.
Barry Ritholz:
If [FinReg had been law in] the year 2000, the only part of it that might have prevented, or at least slowed down the crisis, was the new minimum underwriting standards for mortgages. No more “No Doc, NINJA, or Liar loans.†That Lenders must verify income, credit history and job status certainly would have prevented the worst vintages of sub-prime and exotic mortgages from ever being written, or subsequently securitized.
Other than that, there is not a single element of the reform that would have prevented the last crisis.
Elsewhere:
The Wall Street Journal: What’s in the bill
Dylan Ratigan: Politicians Lie, Media Applauds, America Suffers
Barry Ritholz: Grading Financial Regulatory Reform (hint: C- )
Dylan Ratigan: Politicians Lie, Media Applauds, America Suffers
Barry Ritholz: Grading Financial Regulatory Reform (hint: C- )
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