The FASB met last Wednesday to discuss FASB staff guidance (which was presented in a question and answer form) that responds to industry questions on whether activities of a servicer in CMBS transactions fall under the actions of a qualified special entity (QSPE).

There were eight questions presented by the staff. Industry participants were disappointed with some of the results, particularly on FASB's response relating to the servicer's use of the net present value calculations in CMBS.

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