April 27, 2010
I watched your video on this proposal. I fully support your proposal. I believe the transparency that these regulations will bring, will create a stable and investor friendly market for ABS.
I also want to express my concerns that banks should be moving to a more conservative mark to market accounting of outstanding debt. If this is done in an orderly fashion, then we can avert another crisis when the consumer/investor/public discovers that banks are carrying worthless home equity and commercial loans on their books at full value, and REOs at some inflated value. I have grave concerns when this elephant in the room is recognized.
Thank you, on behalf of the American people, for being diligent. And, thank you for exposing Goldman Sachs. It needed to be done. Please keep up the good work.