The mortgage industry is still struggling with how to value its mortgage servicing rights as it weans itself from the old mixed attribute accounting nightmare of FAS 133 and begins using the fair value rules of FAS 156, reported Tim Forrester, the deputy national audit planner for Deloitte & Touche. Despite the new fair value rules, accounting for MSR remains “squishy,” Forrester said during Institute for Intergovernmental Research’s 12th Annual MSR Conference in Chicago. MSR accounting has been called...