www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

   

SEC eyes disclosure in subprime probes

(Agencies)
Updated: 2008-02-10 16:27

 

 An auction sign is displayed in front of a home in Stockton, California February 2, 2008. The Securities and Exchange Commission is investigating how banks, credit rating firms and lenders valued and disclosed complex mortgage-backed securities that ultimately led to the subprime crisis, a top agency enforcer said on Saturday. [Agencies]

WASHINGTON  - The Securities and Exchange Commission is investigating how banks, credit rating firms and lenders valued and disclosed complex mortgage-backed securities that ultimately led to the subprime crisis, a top agency enforcer said on Saturday.

"The big question is, who knew what when, and what did they disclose to the marketplace?" said Cheryl Scarboro, an associate director in the SEC's enforcement division in charge of the subprime working group.

The SEC has opened about three dozen investigations into firms and individuals involved in the subprime mortgage market. The investor protection agency has not named any names. But Morgan Stanley and Merrill Lynch are some of the firms in the financial services industry that have disclosed that government investigators are seeking information about their subprime activities.

Scarboro said the cases can be broken down into three main areas: the securitization process, the origination process and the retail area. Insider trading, which is one of the SEC's highest priorities, is also a key area.

"Our investigations into potential misconduct is clearly a priority at the division," Scarboro said at a Practising Law Institute conference in Washington.

Banks, due diligence firms and credit rating agencies are being examined for their role in the securitization process, or how mortgages were sold, repackaged and bundled into special financial products.

The SEC is looking at the valuations and accounting treatments of mortgage-backed securities. It is looking at whether the securities were valued correctly in the first place, what was the level of risk and if that was adequately disclosed to shareholders.

METHODOLOGY, MODELS SCRUTINIZED

The methodology and models that companies used to value the complex financial products are being examined as well.

The agency also is looking at write-downs that financial firms have been forced to take and whether the assets should have been taken down and disclosed earlier.

In terms of the retail area, the agency is looking at whether brokers followed "suitability" requirements when they sold the mortgage-backed securities that then quickly soured.

Doria Bachenheimer, who is part of the SEC's subprime working group, said issues that could come up with lenders and investment banks are similar to those in many accounting fraud investigations.

The agency will look into whether people were motivated to mask the bad numbers because of some upcoming corporate event, Bachenheimer, an assistant regional director of enforcement in New York, said at the conference.

The subprime working group, which involves more than 100 lawyers, is coordinating with other divisions within the SEC. It is also talking regularly with other regulators including the Federal Reserve, Federal Deposit Insurance Corp, Office of the Comptroller of the Currency and Office of Thrift Supervision.

When asked if the SEC had enough resources to dig out any subprime abuse while policing other areas, the SEC's head of enforcement said she was always amazed by the work people do with what they've got.

"We do have to work very hard at bringing the right cases," SEC enforcement division chief Linda Chatman Thomsen said at the conference. "We work on the most 'impactful' cases ... . At the end of the day we have to be about deterrence."



Top World News  
Today's Top News  
Most Commented/Read Stories in 48 Hours
主站蜘蛛池模板: 成年人免费视频网站 | 日本aaa毛片 | 九九精品在线观看 | 一级做a爰片久久毛片潮喷 一级做a爰片久久毛片美女 | 日本久久不射 | 尹人成人| 万全影院亚洲影院理论片 | 97影院在线午夜 | 日韩精品一区二区三区 在线观看 | 91高清免费国产自产 | 九九精品视频在线观看九九 | 国产成在线观看免费视频成本人 | 亚洲欧美日韩国产精品26u | 国产肥老妇视频一 | 最新亚洲人成网站在线影院 | 免费日韩在线视频 | 欧美特级毛片aaaa | 一级aaaaaa毛片免费同男同女 | 国产亚洲欧美一区二区三区 | 国产精品视频九九九 | 九七在线视频 | 亚洲综合久久综合激情久久 | 亚洲综合一 | 亚洲欧洲国产视频 | 深夜国产成人福利在线观看女同 | 黄色网点 | 国产精品视频男人的天堂 | 日本在线视频观看 | 久久久久久精 | 久久精品久久久久 | 日本a级片免费观看 | 成人一级大片 | 国产成人午夜精品影院游乐网 | 免费在线观看a级毛片 | 国产在线视频一区 | 国产精品毛片久久久久久久 | 婷婷的久久五月综合先锋影音 | 国产精品成人网 | 日本免费不卡在线一区二区三区 | 91aaa免费免费国产在线观看 | 国产日韩视频在线观看 |