PHOENIX, Ariz. - A market contending with massive volatility and continued headline risk has found a new monkey on its back. Or, rather, a gorilla. Discussions about the health of the CDO market during ABS West revolved around the new consolidation guidelines from the Financial Accounting Standards Board, the topic du jour, as one moderator noted.

The jury is out on what the recent FASB decision will mean for this asset class. By all accounts, its recently released opinion appears to have perplexed CDO market players more than it has framed issues.

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