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Daily Archives: January 10, 2011

SEC Report on Nationally Recognized Statistical Ratings Organizations

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Report on Nationally Recognized Statistical Ratings Organizations, January 2011

  • The U.S. Securities and Exchange Commission (“Commission”) is providing this report under Section 6 of the Credit Rating Agency Reform Act of 2006 (“Rating Agency Act”). Section 6 of the Rating Agency Act requires the Commission to submit an annual report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives that, with respect to the year to which the report relates:
    • Identifies applicants for registration as nationally recognized statistical rating organizations (“NRSROs”) under Section 15E of the Securities Exchange Act of 1934 (“Exchange Act”);
    • Specifies the number of and actions taken on such applications; and
    • Specifies the views of the Commission on the state of competition, transparency, and conflicts of interest among NRSROs.

    • "Comité des Sages" calls for a "New Renaissance" by bringing Europe's cultural heritage online

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    News release: “The report of the Comité des Sages (high-level reflection group) on Digitisation of Europe’s cultural heritage was delivered today to Neelie Kroes, European Commission Vice-President for the Digital Agenda, and Androulla Vassiliou, Commissioner responsible for Education and Culture. The report urges EU Member States to step up their efforts to put online the… Continue Reading

    Study: Flaws in Banking Governance

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    Flaws in Banking Governance, by Jean-Michel Sahut Geneva School of Business Administration – University of Applied Sciences; Sandrine Boulerne, CERMAT; IAE Tours; ESCEM. International Journal of Business, Vol. 15, No. 3, 2010 “The subprime crisis showed that governance mechanisms are still far from perfect in most organisations, and also highlighted the many flaws in bank… Continue Reading

    Euro area unemployment rate at 10.1%

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    News release: “The euro area1 (EA16) seasonally-adjusted2 unemployment rate3 was 10.1% in November 2010, unchanged compared with October4. It was 9.9% in November 2009. The EU271 unemployment rate was 9.6% in November 2010, unchanged compared with October4. It was 9.4% in November 2009. Eurostat estimates that 23.248 million men and women in the EU27, of… Continue Reading

    FHA Issues Guidance for Reverse Mortgage Borrowers and Lenders Dealing With Outstanding Property Tax and Insurance Debts

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    News release: “The Federal Housing Administration (FHA) today released guidance to homeowners and lenders that use the reverse mortgage or Home Equity Conversion Mortgage (HECM) program and are dealing with outstanding property taxes and unpaid hazard insurance premiums. FHA’s guidance is intended to assist elderly borrowers who have neglected to pay these expenses and may… Continue Reading

    Library of Congress taps LII for Expertise in Legislative Information

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    News release: “The US Library of Congress chose the Legal Information Institute at Cornell University (LII) to help develop new methods to preserve, analyze, organize, and present Congressional legislative information and materials digitally. The project is headed by LII Director Thomas R. Bruce. Dave Shetland, Sara Frug, and Wayne Weibel will make up the rest… Continue Reading

    Senate Report – Justice Undone: The Release of the Lockerbie Bomber

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    Justice Undone: The Release of the Lockerbie Bomber, December 2010 “This report was recently released by the United States Senate, and investigates the release of Abselbaset Ali Mohmed al-Megrahi, the Libyan national that was convicted of planting a bomb on Pan Am Flight 103. On December 21, 1988, this flight exploded over Lockerbie, Scotland killing… Continue Reading

    Federal Reserve Bank of New York: The Shape of the Recovery

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    The Shape of the Recovery, Joseph S. Tracy, Executive Vice President, Remarks at the Connecticut Business and Industry Association/MetroHartford Alliance Economic Summit and Outlook, 2011, Hartford, Connecticut “The combination of declining house prices and increasing delays in the foreclosure process will put upward pressure on default rates as well as losses on defaulted mortgages. CoreLogic… Continue Reading