SEC Commissioner Lizarraga welcomes feedback on ABS proposal

"Investors that participated in the securitization bubble had been misled to believe that their assets were being selected by an independent third-party. But in reality, this was not the case and to add insult to injury, issuers were paying credit rating agencies hefty sums to fabricate seals of approval that misled investors into thinking that they were purchasing credit-worthy and investment grade assets. This is the textbook definition of a conflict of interest and the anti-thesis of market integrity"