SEC Seeks Public Comment on Short Sale Disclosure

SEC Seeks Public Comment on Short Sale Disclosure

FOR IMMEDIATE RELEASE
2011-103

Washington, D.C., May 4, 2011 – The Securities and Exchange Commission today published on its website a request for public comment on the feasibility, benefits, and costs of two short selling disclosure regimes as a part of a study mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Section 417 of the Dodd-Frank Act directs the SEC’s Division of Risk, Strategy and Financial Innovation to study two short sale disclosure regimes. A transactions reporting regime would add short sale-related marks to the consolidated tape in a voluntary pilot program. A position reporting regime would entail real time reporting of investors’ short positions either to the public or to regulators only. The Commission is required to submit a report on the study to Congress by July 21, 2011.

To better inform the study, the request seeks public comment on both the existing uses of short selling in securities markets and the adequacy or inadequacy of the information regarding short sales available today. The request also seeks public comment on the likely effect of these possible future reporting regimes on the securities markets, including their feasibility, benefits, and costs.

The public comment period will remain open for 45 days following publication of the request in the Federal Register.

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Submit Comments Here…

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4closureFraud.org

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SEC Comment Request on Short Sale Reporting Study Required by Dodd-Frank Act Section

Comments
3 Responses to “SEC Seeks Public Comment on Short Sale Disclosure”
  1. Imanda Waldon says:

    Been fighting CitiMortgage since April 2005 for deceptive practices (unapplied payments, clouded title, lost note, etc.). Have paid over $43,000.00 in cash to CitiMortgage in 54 months for a $60,000.00 mortgage loan and of course, still owe the same amount. We finally decided to sell our home of 18 years just to get out of CitiMortgages clutches. I called and requested payoff….they stated $62,000.00…I put the house on the market at 85,000.00 (still under priced)…Citi calls me and informs me that they stated wrong payoff….Citi stated payoff is now $85,000.00…but stated they had a check waiting on us for $3,000.00 if we would Short Sale our home and drop the price to $73.000.00. They are still making another $13,000.00 off of us. We refused Short Sale and put our home on the market for fair value at $100,000.00. We only hope we will walk with enough to start over. It has been a long hard fight…….it is almost impossible to win against a bank. Some good news we think…….A letter was sent to us signed by a judge…..we didnot even know there was a hearing….Judgement of Summary Order was vacated, Lis Pendens was released and foreclosure vacated all in April 2011. The banks call the sale of your house a Short Sale because the homeowner is being Screwed legally by the banks again. And, it goes against your credit…….if you have any left at this point.

  2. l vent says:

    Short sales are a giant scam. Without the pretender lender showing they are owed any money how and the world would someone agree to that? Because these homeowners do not the truth. These homes are paid for free and clear because of the Ponzi Scheme.The pretender lenders need the homeowners signature to begin a new chain of title. These pretender lenders are scamming the American people and gaming the Amrican people yet again, into walking away penniless while these criminals are reaping the rewards of all of the money from the short sale and the Credit Default Swap insurance money from AIG which is 3-4 times the current market value of the home.. They are a giant ongoing criminal enterprise. Cash for keys, Deed in Lieu, Forebearance, loan mods, all schemes and scams the pretender lenders have used and are using to steal homes they do not own. Many unfortunately, do not know this .

  3. or, in the alternative, only to the Commission and the Financial Industry Regulatory Authority
    (“FINRA”)
    ?????????????????????????

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