The Financial Accounting Standards Board (FASB) officially released the highly anticipated SPE consolidation project exposure draft last week, sending rumbles through the ABS community.

As anticipated following FASB's June 5 meeting on the project, the situation, for the most part, is looking fairly manageable for the securitization markets - particularly, of course, for structures already employing FAS 140 QSPEs, which are exempt from the consolidation analysis.

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