Last Thursday, the American Securitization Forum submitted its commentary to Financial Standards Accounting Board regarding the consolidation project exposure draft. The deadline for submission is this Friday, Aug. 30

As expected, via the 29-page document, the ASF highlights the overly-broad and, in some places, ambiguous language of the draft, and argues that the new rules - should they closely resemble this proposal - would materially threaten the securitization markets, particularly CDOs, multi-seller ABCP conduits, and credit-linked notes.

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