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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