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New York Fed begins purchasing mortgage-backed securities

Alston & Bird LLP
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USA
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January 8 2009

The Federal Reserve Bank of New York announced this week that it began purchasing fixed-rate mortgage-backed securities guaranteed by Fannie Mae, Freddie Mac and Ginnie Mae

Agencies seek comment on proposed regulatory capital standards and consolidation of asset-backed commercial paper conduits

Alston & Bird LLP
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USA
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August 31 2009

On August 26, 2009, four federal banking and thrift regulatory agencies (the Board of Governors of the Federal Reserve, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation and the Office of Thrift Supervision) jointly released a Notice of Proposed Rulemaking regarding the accounting treatment of asset-backed commercial paper assets

FDIC to extend Temporary Liquidity Guarantee Program for collateralized debt

Alston & Bird LLP
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USA
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January 16 2009

Amidst discussion of the actions taken to assist Bank of America, the FDIC announced today its intention to extend its Temporary Liquidity Guarantee Program from a three-year maturity to a ten-year maturity for debt that is “supported by collateral if the issuance supports new consumer lending."

The Group of Thirty publishes report outlining a framework for financial stability

Alston & Bird LLP
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USA
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January 16 2009

Yesterday, the Group of Thirty (G30), a private, nonprofit, international body that aims for further understanding of international economic and financial issues, released a report entitled “Financial Reform: A Framework for Financial Stability."

The SEC to focus on issues concerning the subprime debt industry in 2008

Alston & Bird LLP
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USA
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March 3 2008

The Commissioners of the Securities and Exchange Commission (“SEC”) recently unveiled the issues that will be a priority for the agency during the upcoming year

Federal Reserve announces new policy actions

Alston & Bird LLP
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USA
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January 29 2009

Yesterday, the Federal Reserve announced that it “will employ all available tools to promote the resumption of sustainable economic growth and to preserve price stability."

Senate Budget Committee holds hearing on the federal response to the housing & financial crisis

Alston & Bird LLP
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USA
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January 29 2009

Yesterday, the Senate Budget Committee held a hearing to discuss the federal response to the housing and financial markets crisis and possible future options for government response

House Subcommittee holds hearing on regulation of life insurance securitization

Alston & Bird LLP
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USA
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September 25 2009

The House Financial Services Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises held a hearing yesterday entitled "Recent Innovations in Securitization" to discuss whether to establish stronger federal regulation with respect to life insurance securitization and life settlement plans generally

FDIC approves publication of interim final Covered Bond Policy Statement for mortgage loan covered bond transactions

Alston & Bird LLP
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USA
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April 15 2008

On April 15, 2008, the Board of Directors of the Federal Deposit Insurance Corporation (the “FDIC”) approved for publication in the Federal Register an interim final Covered Bond Policy Statement (the “Policy Statement”) with a request for comments

SEC files complaint charging fraud by 10 brokers in selling collateralized mortgage obligations

Alston & Bird LLP
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USA
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May 29 2009

Yesterday, the Securities and Exchange Commission announced the filing of a civil suit in which it alleges fraudulent activity by 10 brokers associated with a now-defunct California based investment firm

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