At last week's Financial Accounting Standards Board discussion on the consolidation project, board member John "Neel" Foster introduced a new perspective, called "View B," that could be another positive development for securitizations involving non-qualifying special purpose entities.

According to comments circulated by industry participants last week, the new perspective allows for consideration that certain SPEs have a risk diversification characteristic/purpose, involving several parties taking on different risks and obligations in a transaction. This interpretation, which presumably could be applied to CDOs and other securitizations, would further the view that, in certain classes of SPEs, no primary beneficiary can be identified.

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