The rules… are “likely to resemble” an October draft that “extended a legal safe harbor to loans issued at prime interest rates to borrowers whose total debt-to-income ratio doesn’t exceed 43 percent.”
Fund backed by physical copper “effectively creates a corner on the market,” AFR’s Marcus Stanley tells The New Republic.
Industry leaders and their political allies are seeking broad changes in the guise of “technical fixes,” says AFR’s Lisa Donner.
Treasury, says AFR’s Marcus Stanley, has decided to exempt “a significant derivatives market from key Dodd-Frank reforms meant to protect the public from financial instability.”
“It was created… to protect families and the market from dangerous or explosive loans, the same way the Consumer Product Safety Commission protects against explosive toasters.”
“What alarms me most,” says MIT’s John Parsons, “is the narrow scope of the questions that the Staff posed, even had they bothered to do a thorough analysis of those questions.”
Additional investor safeguards should be considered, say two of the five SEC commissioners.
Facing wide criticism, Senate homeland security committee drops plan for a markup, promises to hold a hearing instead.
“Financial reformers have won a small battle in their fight with Wall Street over financial regulation,” Huffington Post reports.
St. Louis Post-Dispatch warns of a “truly awful piece of legislation” that could “sneak through the 112th Congress before it adjourns at year’s end,”