Developing Affordable Housing Ecosystems World Wide
By: David A. Smith
[Continued from yesterday's Part 1.]
Yesterday, using as our text a New York Times article exploring Congress’s so-far-halfhearted attempts to reform rating agency regulation, we laid out the simple three-part fix for their inherent conflict of interest and flawed business model:
You sure that’s all there is to it?
Rating agencies: the three part fix
1. [...]
By: David A. Smith
“Just wait ’til your father gets home, young man, and then you’ll really be in trouble!”
Mother, I’m trying to look intimidated by you
After hearing that threat, how often were you able to wriggle out of your deserved punishment?
That’s the current don’t-you-dare-smirk posture of Congress toward the Big Three rating agencies, who [...]
By: David A. Smith
If no one wants your pile of booty, perhaps you should try shaking things up At first blush, that appears to be the strategy behind the proposed remixing of Real Estate Mortgage Investment Conduits (REMICs), as presented in a recent Wall Street Journal article:
I’m gonna shake it up
Once upon a time, [...]
[Continued from the previous Part 2 and Part 1.]
So far, in exploring how failure to report leads to reporting failure, we’ve used this New York Times article about now-bankrupt New Century, its unlucky auditor, and its troubled but unmoving directors. By the end of 2006, when new CFO Tajvinder S. Bindra was quizzing his [...]
[Continued from yesterday's Part 1.]
In yesterday’s Part 1 on whether auditors in the subprime mess, in addition to the rating agencies, are culpable for bad information prepared by their clients the subprime loan originators, we looked at this New York Times article about unlucky auditor KMPG and its now-bankrupt client New Century:
At the [...]
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