In light of the Bond Market Association's recent plea to the Treasury and IRS to further examine the somewhat nebulous regulations issued for financial asset securitization investment trusts (Fasits) in regard to CMBS and ABS, the general market consensus seems to be that the attractiveness of this no-longer-new structure is beginning to become less and less important in the structured finance world as time marches on.

"Now, non-Fasit structures are so much more favorable than what Fasits provide," said an ABS expert familiar with the structure. "A few years ago, when the Fasit was first created, everybody asked, How would our deal be structured if it was done as a Fasit? What are the advantages and disadvantages?' Now, people are not even thinking about it - it's not even an option."

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