STD's - squaring two links 1) Only now SEC Oct 29 letter to Banks about potential Mortgage disclosure items 2) Richard Bowen's FCIC testimony

How will certain banks in a Federal Reserve district east of the Hudson react? To:
1) the SEC's letter reminding them of required financial disclosures as here
2) the former senior executive involved with mortgage underwriting at Citigroup, Mr Richard Bowen's testimony at the FCIC in April.

And what does it say about past required disclosures? Of certain CSE's in the SEC's parlance Consolidated Supervised Entities (there goes that "E" word again today).

When in 2003 certain State Attorneys' General pursued Ameriquest here, with earlier class actions against HSBC's Household International in 2001 and Citigroup in 2003. Later FOB's (friends of banks) at the OCC and OTS chimed in with pre-emption protection for others engaged in similarly southerly parts of mortgage origination - reported where? In American Banker of course. Subscribed to by? Your friends at the banks. Which leads me to the rhetorical question - did readers reflect that some or all of the mortgages they were fast securitizing passed muster? Did readers wonder how home values, could rocket up and keep going, could sustain the trajectory? Appears Citigroup's Mr Bowen was one of the few who reflected and spoke up.

Hmmmmmm.....STD's (Securitization Transmitted Damages) believed not limited to MBS, may infect ABS Asset backed securities markets, investors including money market mutual funds in ABS backed commercial paper and consumers - if recent blog posts are accurate; some consumer debt collectors and/or initial ABS securitizations may make their mortgage-related brethren look...slow. And remind us again of the primary regulator.

Ending the siesta on the taxpayers' dime - one easy to read blog at a time.
McFid