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Inside Washington (10/07/2010)
* WASHINGTON (10/8/10)--The Securities and Exchange Commission is seeking comment on a proposal it released Wednesday that would require issuers of asset-backed securities (ABS) and credit ratings that rate ABS to provide investors with new disclosures about representations, warranties and enforcement mechanisms. The SEC’s proposed rules would require disclosures of repurchase history and repurchase history in prospectuses and ongoing reports, and require Nationally Recognized Statistical Rating Organizations to provide disclosures in any report accompanying a credit rating ... * WASHINGTON (10/8/10)--Sen. Richard Shelby (R-Ala.), lead party member on the Senate Banking Committee, said Wednesday there should be an investigation regarding improper foreclosure practices at several banks. Regulators should immediately review mortgage servicing and foreclosure activities of Ally Financial, JPMorgan Chase and Bank of America, he said. Regulators have failed yet again to properly supervise those entities, so the committee should commence a separate investigation, he said. House Speaker Nancy Pelosi (D-Calif.) and other state legislators urged Attorney General Eric Holder to investigate violations of law or regulations by financial institutions also. JPMorgan, Bank of America and Ally halted their foreclosure activities in several states after questions arose over their mortgage processing (News Now Oct. 7) ...


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