NEW YORK, Dec 23- A U.S. appeals court on Tuesday threw out most of the claims in an investor lawsuit against Bank of New York Mellon Corp as trustee for subpar mortgage-backed securities involved in an $8.5 billion settlement by Bank of America Corp.. The 2nd U.S. Circuit Court of Appeals in New York said Bank of New York Mellon did not have to face claims stemming...» Read More
"The SEC must protect investors in asset-backed securities just as it does investors in any other security," SEC Chair Mary Jo White said during a public meeting, at which the five-member commission voted on the two rules.
"The SEC must protect investors in asset-backed securities just as it does investors in any other security," SEC Chair Mary Jo White said in a statement. The newly required information includes the credit quality and the collateral and cash flows related to each asset, said the SEC.
The China property market's lack of mortgage securities has allowed it to skirt one of the systemic causes of the U.S. property crash, until now.
Fannie Mae and Freddie Mac will form a joint venture for securitizing home loans that could end up replacing the two government-controlled mortgage finance giants.
Some of the world’s biggest banks are trying to extend the principles of securitization to the plain-vanilla world of trade finance – a market worth an estimated $10 trillion a year – as concern mounts that regulatory changes could constrain a key lubricant of the global economy. The Financial Times reports.