Average Joe citizens don't really get the concept of Wall Street....and the Securities and Exchange Commission...and the big business at large.... But then you find out that you have been totally devastated by Wall Street games and you begin to wonder about your local leadership and how intertwined they are politically with all of these transactions...... It just makes you wonder.... [1]

SEC Proposes Rules to Require Issuer Review of Assets Underlying Asset-Backed Securities

FOR IMMEDIATE RELEASE
2010-192

• Proposed Rule Release No. 33-9150 [2]
• Submit Comments [3]

Washington, D.C., Oct. 13, 2010 — The Securities and Exchange Commission today issued a proposal to enhance disclosure to investors in the asset-backed securities market.

The SEC’s proposed rules require issuers of asset-backed securities (ABS) to perform a review of the assets underlying the securities and publicly disclose information relating to the review. The proposal also requires an issuer or underwriter of ABS to make publicly available the findings and conclusions of any third-party due diligence report.

“This marks the third Commission proposal to address the ABS issues that came to light during the financial crisis,” said SEC Chairman Mary L. Schapiro. “This proposal will require issuers to provide investors with better information about the loans backing the asset-backed securities.”