Monday, the Financial Stability Board released an update on where all its work to curb shadow banking stands, reform with a “track” setting new securitization standards (assessed in detail for clients in prior FedFin reports) still on the rails towards completion later this year. However, the head of this effort, the U.K.’s Lord Turner, last week also made it even more clear that he thinks financial markets would do nicely without securitization – a policy with far-reaching impact in the U.S. for the QRM, future of GSEs and an array of strategic regulatory decisions now before Treasury and the FRB (where Lord Turner is held in very high regard).

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