Secondary Market Players Urge FASB to Rethink Proposed QSPE Exemptions
August 8, 2003
Fearing the worst, secondary mortgage market participants called for changes to the Financial Accounting Standard Board’s proposal to toughen standards for exempting certain “special purpose entities,” or SPEs, from new consolidated reporting rules. As the proposal’s comment period ended July 13, financial industry trade groups and Wall Street securitizers expressed fears that the proposed accounting change would harm many transactions in the capital markets, including