Treasury's Barr says securitization market needs reform

02/1/2010 | Wall Street Journal, The

Michael Barr, assistant secretary for financial institutions at the Treasury Department, said an overhaul of the consumer-loan-backed market is needed before investors get too used to it. "We cannot build securitization on old infrastructure," Barr said. "We need clear rules and transparency." He reiterated the importance of the securitization market to the broader economy but said "innovation must be governed by rules."

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