An Aon Corp. official speaking on behalf of a national brokeragegroup urged the Treasury Department last week to make use of theyet to be developed insurance component of the Troubled AssetRelief Program as a means of opening up tight U.S. creditmarkets.
“Such an approach would benefit taxpayers, financialinstitutions saddled with illiquid assets, and homeowners,” said D.Cameron Findlay, executive vice president and general counsel ofAon. Mr. Findlay testified on behalf of the Council of InsuranceAgents and Brokers at an oversight hearing on the EmergencyEconomic Stabilization Act of 2008 held by the House FinancialServices Committee.
The insurance program to back up distressed mortgage-basedsecurities was added as the price for House Republicans to supportthe legislation. The Treasury Department is drafting regulationsthat will be used in connection with the program, but has notimplemented the insurance component as yet.
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