Relevant:
- Revenge of the Nerds: QSPEs an Endangered Species
- Federal Banking Agencies Evaluating FASB's Accounting Proposals
- FASB Proposes Semi-MTM Requirement, American Banker Association Goes All "Mutual Assured Destruction"
- Letter to FASB: Don’t Change Mark-to-Market!
- Another Off-Balance Sheet Time Bomb: VIEs
2008-04-05 — denninger.net
It appears that the FASB has removed the concept of QSPEs, which is the enabling "piece" to make off-balance-sheet securitizations possible, from the FASB set of regulations, specifically, FAS 140.
This appears to have happened TODAY.
An interesting development while everyone else is focused on the FAS 157 "mark to market" backpedaling. Good riddance...
We assume (but aren't sure if) VIEs are included in this.
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