February 21, 1990
TO: BOARD OF GOVERNORS NO. 12-90
SEC RULES COMMITTEE NO. 13-90
RE: CERTIORARI DENIED IN BANK UNDERWRITING OF MORTGAGE-BACKED
SECURITIES CASE
__________________________________________________________
The U.S. Supreme Court has denied the petition for
certiorari of the Securities Industry Association in SIA v.
Clarke. The Institute had filed an amicus curiae brief in
support of the SIA's petition. (See Memorandum to Board of
Governors No. 5-90 and SEC Rules Committee No. 3-90, dated
January 12, 1990.) The Supreme Court's action lets stand the
decision of the U.S. Court of Appeals for the Second Circuit,
which upheld a decision of the Comptroller of the Currency
authorizing the sale of mortgage pass-through certificates by a
national bank.
Craig S. Tyle
Associate General Counsel