At this point, it's clear as day how strongly the U.S. securitization industry opposes the amendments to FAS 140, as proposed by the Financial Accounting Standards Board (FASB).

Save the lone letter of praise from Sen. Carl Levin (D, Mich.) submitted June 30, the subsequent 49 submissions posted on the FASB Web site over the past few days urge caution at the very least, warn of "unintended consequences," and even beg the Board to seriously reconsider the value and costs involved in further changing the way structures are documented and accounted for by the several parties to common securitizations, which do not even remotely resemble the Enron-related shady dealings the Board is intent on preventing (other than sharing with Enron a few catch phrases). To see all 50 letters, click here. 

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