Reporting on audited financial statements among special-purpose trusts that issue asset-backed securities varies greatly, noted Deloitte & Touche LLP partner Marty Rosenblatt, speaking at Tuesday's American Securitization Forum gathering (see p. 3). In his analysis of 17 auto-loan ABS 10-Ks, Rosenblatt found almost no uniformity in reporting. Further, six trusts had no apparent auditor involvement at all. One trust - BMW Vehicle Owner Trust 2001-A - had no 10-K on file.

Because the Securities & Exchange Commission no longer issues no-action letters to ABS issuers outlining how to report financial statements, bodies overseeing the reporting of financials range from the administrator to the registrant to the servicer to the trustee.

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