A disagreement between the Big Four accounting firms and the ABS community could mean that issuers have even more Regulation AB-related paperwork than they expected at the end of 1Q07 - when the deadline for most revamped 10-K filings for registered securitizations rolls around.

The overwhelming bulk of filings on the horizon relates to the assessments each entity deemed a participant in the servicing function must fill out and submit to their respective accountant for attestation under section 1122. In a recent development some say could hinder the ability to complete the reports by the approaching deadline, industry sources say the accounting firms are not seeing eye-to-eye with issuers as to whether unaffiliated third party servicers can be included under the umbrella of the servicing party's assessment and attestation reports.

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