Being a securitization attorney isn't as easy as it used to be. As backlash from the media due to the Enron Corp. debacle continues to cast a pall of undeserved distrust and skepticism over the securitization markets - and as regulators, in response, propose sweeping accounting changes - attorneys are now finding themselves with a multitude of of added burdens that weren't there a year ago.

For example, in addition to being a little more gunshy talking to the press than they used to be, structured finance lawyers are also finding themselves spending more and more time this year evaluating the potential ramifications of substantive accounting changes that may come down the pike, such as FASB's initiative to consolidate SPEs and proposed changes to how multiseller ABCP conduits are treated.

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