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- Panel says U.S. guaranteed as much as $4.3 trillion in assets
The Congressional Oversight Panel said asset guarantees, as much as $4.3 trillion worth, by the Federal Reserve, the Treasury and the Federal Deposit Insurance Corp. helped calm markets. Most of the funds -- at one point as much as $3.217 trillion -- went toward a guarantee program on money-market mutual funds. The panel said the Treasury has improved its tracking of the funds and noted that there are no major flaws with the program. Reuters
(11/6)
, The New York Times
(11/6)
     
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- Fannie Mae plans to tap more emergency capital
After posting an $18.9 billion loss in the third quarter, Fannie Mae is planning to once again tap emergency government funding. The $15 billion draw will bring Fannie Mae's total to $60 billion. "They're going to need that $200 billion in capital, if not more, when this thing's all said and done," said FBR Capital Markets analyst Paul Miller. Fannie Mae has suffered more than $100 billion in loses during the past two years. Bloomberg
(11/6)
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Fannie Mae to allow distressed homeowners to rent: Fannie Mae will permit distressed homeowners to rent their property for as long as a year, instead of paying the mortgage or facing foreclosure. The program, Deed for Lease, lets owners transfer ownership of their property to the agency, and the agency leases it back to them at market-determined rates. "If you keep more people in their homes, it's better for the community. It's better for the financial institutions that own those homes," said Jay Ryan, vice president of equity investments at Fannie Mae. "Hopefully, less foreclosure product on the market will help stabilize those communities." The Wall Street Journal
(11/6)
- More structured-finance deals without ratings expected
Highland Capital Management reportedly is preparing to issue a corporate collateralized loan obligation without a credit rating, and Credit Suisse is thought to have sold a residential mortgage-backed securities deal without a rating. It is expected that these types of nonrated structured-finance securities deals will become increasingly common. "I expect deals like this will become more prevalent as real money investors begin to restaff and use internal resources to do their analysis," said John Uhlein, founder and managing partner of Grenadier Capital. Structured Credit Investor (U.K.)
(11/4)
- Panel seeks updates on U.S.-guaranteed Citigroup assets
The Congressional Oversight Panel said the Treasury should provide regular updates on the large pool of Citigroup assets guaranteed by the government. "In light of these guarantees' extraordinary scale and their risk to taxpayers, the panel believes these programs should be subject to extraordinary transparency," the panel wrote. Bloomberg
(11/6)
- Treasury works to give GMAC more financing
The Treasury is debating how it will structure a deal to give GMAC Financial Services more taxpayer assistance. "We're going to get to the right conclusion as fast as we can," said Herbert Allison, who administers the Treasury's $700 billion bailout fund. "I don't know exactly what date that will be, if it will be the ninth [of November] or later in November." Reuters
(11/5)
 | Institutional Investors Predict the 2009 Market Close.
Read the NEW findings from TheMarkets.com's latest survey, launched to institutional investors in 22 countries. Findings also include a detailed look at investor sentiment as it differs across regions. Get your free copy of the report here. |
| Regulatory Roundup | | |
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- Schapiro says Congress should allow SEC to retain fees
Speaking at Harvard University, Mary Schapiro, chairman of the Securities and Exchange Commission, said long-term planning is difficult for the agency because of major swings in its annual budget. Schapiro urged Congress to allow the SEC to retain fees it collects so it can become a self-funded agency. "It is truly critical that, if the SEC is to become the kind of regulatory agency that the American people have a right to expect, we have sufficient, stable long-term funding," she said. Reuters
(11/5)
- SEC struggles with lack of consensus on global accounting rules
Julie Erhardt, deputy chief accountant at the Securities and Exchange Commission, said that while most industry participants can agree that a single, global accounting standard is desirable, there is little consensus on what it should be and how to get there. The SEC is examining proposals for transitioning U.S. companies to International Financial Reporting Standards, and officials have vowed to provide more clarity on the issue before next year. Reuters
(11/5)
| SIFMA News | | |
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The Asset Managers Forum Corporate Actions Committee sends letter to SEC
SIFMA's The Asset Managers Forum Corporate Actions Committee sent a letter to the Securities and Exchange Commission in support of the "Issue to Investor: Corporate Actions" initiative, led by The Depository Trust & Clearing Corp., the Society for Worldwide Interbank Financial Telecommunication and eXtensible Business Reporting Language. The committee stated that it supports this initiative because it addresses a common issue that all market participants face, the effective processing of corporate reporting, such as issuer-announced corporate actions. The letter, addressed to Meredith Cross, director of the SEC Division of Corporate Finance, discusses many issues that would be helped by standardizing issuer-announced corporate actions by requiring issuers to use the XBRL. Read the committee's letter to the SEC. Learn more about SIFMA's The Asset Managers Forum.
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Curious about what you might have missed out on at SIFMA's Annual Meeting 2009?
Some of the most prominent people in financial services addressed an audience of senior executives at SIFMA's Annual Meeting 2009. Mary Schapiro, chairman of the Securities and Exchange Commission, and Richard Ketchum, chairman and CEO of the Financial Industry Regulatory Authority, were only two of the speakers who addressed the crowd at the New York Marriott Marquis hotel, while Charlie Rose had conversations with Jamie Dimon, chairman and CEO of JPMorgan Chase, and Treasury Secretary Timothy Geithner. Additionally, special panels were convened to focus on three areas of the market that have attracted considerable attention: the changing landscape for financial advisers, municipal securities and market structure. See more of what you might have missed.
| Legislative Update | | |
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- House lawmakers discuss measure to limit systemic risk
Members of the House Financial Services Committee continue to battle over giving the government authority to wind down or split up major financial institutions to curb threats to the broader system. "This legislation would take the [Troubled Asset Relief Program] and make it an eternal TARP program," said Rep. Jeb Hensarling, R-Texas. Other lawmakers argued that the legislation would allow the government to more easily deal with issues. "This is about ensuring that our financial institutions are never again allowed to engage in the risky behavior that is so detrimental," said Rep. Luis Gutierrez, D-Ill. The Wall Street Journal
(11/5)
- Sen. Dodd set to renew push on financial regulatory reform
Senate banking committee Chairman Christopher Dodd, D-Conn., plans to introduce legislation on financial reform "within days." Dodd's proposal would be modeled on the regulatory reform proposal outlined by the Obama administration in June. Regulatory reform has taken a backseat to health care reform in the Senate in recent months. Reuters
(11/5)
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