An Aon Corp. official speaking on behalf of a national brokerage group urged the Treasury Department last week to make use of the yet to be developed insurance component of the Troubled Asset Relief Program as a means of opening up tight U.S. credit markets.
“Such an approach would benefit taxpayers, financial institutions saddled with illiquid assets, and homeowners,” said D. Cameron Findlay, executive vice president and general counsel of Aon. Mr. Findlay testified on behalf of the Council of Insurance Agents and Brokers at an oversight hearing on the Emergency Economic Stabilization Act of 2008 held by the House Financial Services Committee.
The insurance program to back up distressed mortgage-based securities was added as the price for House Republicans to support the legislation. The Treasury Department is drafting regulations that will be used in connection with the program, but has not implemented the insurance component as yet.
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