Obama signs financial overhaul bill
From Boston.com: President Obama signed landmark legislation today that tightens Wall Street rules and establishes a new consumer financial protection bureau to help protect borrowers from abusive lending practices.
Coming nearly two years after the bank bailouts of 2008, it is the Democrats' centerpiece response, intended to prevent another credit and mortgage crisis like the one that caused the stock market meltdown and current economic recession.
"These reforms represent the strongest consumer financial protections in history," Obama said, just before he signed the bill. "There will be no more tax-funded bailouts. Period." ... full article and video:
Overhall bill may 'flash freeze' ABS market
From Bloomberg.com: ... The legislation... eliminates credit-rating companies' shield from lawsuits when underwriters include their assessments in documents used to sell debt..
The change, if combined with an existing Securities and Exchange Commission rule that restricts sales of asset-backed debt without ratings in offering documents, will put a "flash freeze" on the market, said Tom Deutsch, executive director of the American Securitization Forum. His concerns are shared by analysts at RBS Securities Inc... Full article: ......................
To view our full article Click here