Fair value accounting is very close to becoming a reality for mortgage firms as the Financial Accounting Standards Board is now considering comment letters, the last step before adopting the proposed statement, “The Fair Value Option for Financial Assets and Financial Liabilities.” Countrywide supports the proposed rule as does the Mortgage Bankers Association. The guidance would “lead to greater transparency” for those who read and use financial statements, Countywide’s Anne McCallion, senior managing director of