It was an interesting week in securitization accounting, to say the least.

The Financial Accounting Standards Board released the proposed modifications to Financial Interpretation No. 46 - a relative non-event given the content, though anticipated nonetheless (see p. 3). Also, a sneak peak at the Emerging Issues Task Force 03-15, which addresses sale treatment of CDOs, passed through the market's hands (see p. 3). The topic will be discussed at the EITF meeting on Thursday.

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