Kieran Quinn, chairman of the Mortgage Bankers Association, has commented on the decision by the Financial Accounting Standards Board (FASB) to delay by a year the implementation of a forthcoming proposal that would bring broad changes to securitization accounting.

The FAS 140 amendments call for banks and finance companies that now do not consolidate the issuing entities used in securitizations, or the QSPE, to consolidate some or all of those entities. The affected transactions may include mortgage, credit card, student and retail auto loans, according to a release from the MBA

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