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Inside Washington (02/28/2008)
* WASHINGTON (2/29/08)--The Office of the Comptroller of the Currency (OCC) Thursday outlined steps aiming to help investors who suffered losses from “super senior” tranches of collateralized debt obligations (CDOs) backed by subprime mortgages. The agency recommended stronger underwriting and less reliance on credit rankings of rating agencies. Packagers of CDOs should not retain large concentrations of the tranches on their balance sheets, said Comptroller John Dugan. Regulators also should raise risk profiles of the CDOs under Basel II capital rules, Dugan said. CDO tranches appealed to many investors when they held triple A ratings but were affected by problems in the subprime mortgage market ...


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