| | Revenue Procedures 2008-28 and 2008-47: IRS Guidance on REMICs and Investment Trusts Subject to Mortgage Loan Modifications
Market turmoil has created the debate as to whether mortgage lenders should foreclose on troubled debtors or modify the mortgage in some way to avoid foreclosure. The mortgage modifications typically take the form of forgiving past ...more
PricewaterhouseCoopers LLP -- Structured Finance Group (10/30/2008)
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| | FASB Issues an Exposure Draft of the FAS 133 Amendment
On June 6, 2008, the Financial Accounting Standards Board released the Exposure Draft "Accounting for Hedging Activities an amendment of FASB Statement No. 133" ("ED") for comment. Comments on the ED will be accepted until ...more
PricewaterhouseCoopers LLP -- Structured Finance Group (8/1/2008)
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| | Greater Flexibility for Issuers of Auction Rate Preferred Stock: IRS Notice 2008-55
The auction rate securities market has been facing an unprecedented rate of auction failures due to liquidity concerns that have frozen the trading of auction rate preferred stock. Thus far, the trend shows no signs of reversing, which is adversely affect ...more
PricewaterhouseCoopers LLP -- Structured Finance Group (7/16/2008)
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| | FASB Issues FAS 161-Disclosures about Derivative Instruments and Hedging Activities, an amendment of FASB Statement No. 133
On March 19, 2008, the Financial Accounting Standards Board (FASB or the
Board) released Statement of Financial Accounting Standards No. 161,
Disclosures about Derivative Instruments and Hedging Activities, an amendment of FASB Statement No. ...more
PricewaterhouseCoopers LLP -- Structured Finance Group (6/20/2008)
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| | OCC Mortgage Metrics Report - Analysis and Disclosure of National Bank Mortgage Loan Data
On June 11, 2008, at the American Securitization Forum annual conference, Comptroller of Currency ("OCC"), John C. Dugan unveiled the Mortgage Metrics Report to the public. The report captures key performance data on over 23 million ...more
PricewaterhouseCoopers LLP -- Structured Finance Group (6/18/2008)
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| | June 11, 2008 FASB Board Meeting on FAS 140 and FIN 46(R) Amendments
On June 11, 2008, the Financial Accounting Standards Board ("FASB" or "the Board") held a Board meeting regarding FASB Statement No. 140, Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities ...more
PricewaterhouseCoopers LLP -- Structured Finance Group (6/13/2008)
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| | FASB Education Sessions On FAS 140 And FIN 46R
The Financial Accounting Standards Board recently held educational sessions on Statement on Financial Accounting Standards No. 140 ("FAS 140") and FASB Interpretation No. 46R ("FIN 46R") in connection with their projects to amend both standards. ...more
PricewaterhouseCoopers LLP -- Structured Finance Group (5/30/2008)
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| | The Federal Reserve Liquidity Programs
On December 12, 2007, the Bank of Canada, the Bank of England, the European Central Bank, the Federal Reserve, and the Swiss National Bank announced several actions to address illiquidity in the short-term funding markets. ...more
PricewaterhouseCoopers LLP -- Structured Finance Group (5/7/2008)
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| | March 2008 SEC Letter Regarding MD&A Fair Value Disclosures
In response to current market conditions, the SEC issued a letter to CFOs ("the Letter") recommending incremental fair value information and disclosures in the MD&A beyond the specific disclosures required by Statement of Financial Accounting Standards ...more
PricewaterhouseCoopers LLP -- Structured Finance Group (4/29/2008)
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| | The 2007 Mortgage Relief Act
The government and the mortgage industry have taken steps to limit the negative effects of the subprime mortgage crisis on the financials markets and the economy as a whole. Many of these initiatives have focused on lenders being able to modify ...more
PricewaterhouseCoopers LLP -- Structured Finance Group (1/25/2008)
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| | Servicing Considerations for Securitized Sub-Prime Loans
The Office of the Chief Accountant ("OCA") of the Securities Exchange
Commission ("SEC") has issued a letter to the Committee on Corporate
Reporting and the Center for Audit Quality regarding the application of Financial Accounting ...more
PricewaterhouseCoopers LLP -- Structured Finance Group (1/9/2008)
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| | Rev. Proc. 2007-72: Potential Tax Relief for Modification of Securitized Mortgages
Recent market turmoil has led to suggestions on how to stem losses on
securitized mortgages. Some have proposed the locking of interest rates on variable rate mortgages at levels that the debtors can afford. One example is the American Securitization ...more
PricewaterhouseCoopers LLP -- Structured Finance Group (12/20/2007)
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| | Amendment of FASB Interpretation No. 39
The Financial Accounting Standards Board Staff Position on FIN 39 (FIN 39-1: Amendment of FASB Interpretation No. 39 clarifies that the fair value of receivables and payables recognized upon payment or receipt of cash collateral in connection with ...more
PricewaterhouseCoopers LLP -- Structured Finance Group (9/28/2007)
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| | FASB Decides Whether Certain Conversion Features in Foreign Currency Denominated Convertible Bonds Are Dual Indexed
The Financial Accounting Standards Board recently discussed whether conversion options embedded in convertible debt instruments (where the principal ...more
PricewaterhouseCoopers LLP -- Structured Finance Group (5/7/2007)
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| | Early Adoption of FAS 159, The Fair Value Option For Financial Assets and Financial Liabilities, May Require Action in the First Quarter of 2007
Entities are now permitted to measure many financial instruments and certain other assets and liabilities at fair value on an instrument-by-instrument basis ...more
PricewaterhouseCoopers LLP -- Structured Finance Group (4/26/2007)
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| | SFAS 133 Implementation Issue B40: Embedded Derivatives: Application of Paragraph 13(b) to Securitize Interests in Prepayable Financial Assets
The Financial Accounting Standards Board recently released Statement 133 Implementation Issue No. B40, "Embedded Derivatives: Application of ...more
PricewaterhouseCoopers LLP -- Structured Finance Group (1/26/2007)
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| | Amendment of FASB Interpretation No. 39
In December, the Financial Accounting Standards Board released a proposed FASB Staff Position, "Amendment of FASB Interpretation No. 39", ...more
PricewaterhouseCoopers LLP -- Structured Finance Group (1/25/2007)
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| | SFAS 155 Implementation Issue: FASB agrees to remove "look-through" concept of proposed DIG Issue B40
At the Financial Accounting Standards Board meeting on December 20, 2006, the FASB agreed by a narrow margin to remove criterion (b) and delay the ...more
PricewaterhouseCoopers LLP -- Structured Finance Group (1/2/2007)
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| | Fair Value Option Project Phase 1: FASB Continues Redeliberations
On January 25, 2006, the Financial Accounting Standards Board issued an Exposure Draft, The Fair Value Option for Financial Assets and Financial ...more
PricewaterhouseCoopers LLP -- Structured Finance Group (1/2/2007)
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| | Application of FIN 46R to Investment Companies: FASB Agrees to Make Scope Exception Permanent
At its meeting on November 1st, the Financial Accounting Standards Board decided to expose for a 30-day comment period a proposed FASB Staff Position ...more
PricewaterhouseCoopers LLP -- Structured Finance Group (11/14/2006)
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| | Proposed Amendment to SFAS 140: Potential Change in Applying the Isolation Evaluation Approved by Board
At its October 18th meeting, the Financial Accounting Standards Board agreed to a staff proposal that would alter the legal analysis
required to ...more
PricewaterhouseCoopers LLP -- Structured Finance Group (11/14/2006)
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| | Statement 133 Implementation Issue No. G26: Cash Flow Hedges: Hedging Interest Cash Flows on Variable-Rate Assets and Liabilities That Are Not Based on a Benchmark Interest Rate
On October 10, 2006, the Financial Accounting Standards Board posted a tentative conclusion in DIG Issue No. G26, Cash Flow Hedges: Hedging Interest ...more
PricewaterhouseCoopers LLP -- Structured Finance Group (11/10/2006)
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| | SFAS 155 Implementation Issue: FASB Agrees to Expose a Proposed Scope Exception for Certain Securitized Interests in Prepayable Financial Assets
At the Financial Accounting Standards Board meeting on October 25, 2006, the FASB approved a proposed narrow scope exception for certain beneficial interests ...more
PricewaterhouseCoopers LLP -- Structured Finance Group (11/1/2006)
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| | SFAS 140-Six Years Later: When Will a Final Amendment be Issued?
Many entities engage in transactions involving the transfer of financial assets, such as securitizations of receivables or loans, sales of loan ...more
PricewaterhouseCoopers LLP -- Structured Finance Group (10/31/2006)
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| | Please Welcome SFAS 157- The New Fair Value Measurement Standard and Hierarchy
Historically, there has been no single consistent framework within the accounting literature for applying fair value measurements and ...more
PricewaterhouseCoopers LLP -- Structured Finance Group (10/31/2006)
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| | Reg AB Is Here to Stay: What does this mean for servicers?
The Securities Exchange Commission issued final rules for the Asset Backed Securities industry on December 22, 20041 entitled ...more
PricewaterhouseCoopers LLP -- Structured Finance Group (10/31/2006)
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| | Proposed Amendment to SFAS 140: Board Chooses to Redeliberate Additional Issues
On June 7th, 2006, the Financial Accounting Standards Board decided to proceed with, and redeliberate certain issues related to, the SFAS 140 transfer ...more
PricewaterhouseCoopers LLP -- Structured Finance Group (8/18/2006)
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| | FASB Amends FAS 133 and Revises Three DIG Issues to Reflect the Impact of its New Standard on Share-Based Payments
In December 2004, the Financial Accounting Standards Board (FASB or the "Board")
issued Statement No. 123 (revised 2004), Share-Based Payment (FAS 123(R)). ...more
PricewaterhouseCoopers LLP -- Structured Finance Group (3/10/2005)
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| | Investors' Classification of Auction Rate Securities
Some investors have classified auction rate securities as cash equivalents on their
balance sheets because the interest rate on the securities is ...more
PricewaterhouseCoopers LLP -- Structured Finance Group (3/4/2005)
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| | Application of Accounting Principles To Loan Commitments
( SEC Staff Accounting Bulletin 105 )
On March 9, 2004, the Staff of the Securities and Exchange Commission (the "SEC Staff") issued Staff Accounting Bulletin No. 105, Application of Accounting Principles to Loan Commitments ("SAB 105"). SAB 105 provides ...more
PricewaterhouseCoopers LLP -- Structured Finance Group (2/4/2005)
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| | Internal Revenue Service Request for Information about Credit Default Swaps
In general, a credit default swap (a "CDS") is a derivative contract whereby one party buys credit protection from a counterparty ...more
PricewaterhouseCoopers LLP -- Structured Finance Group (11/2/2004)
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| | Summary of the Proposed Regulations Regarding the Taxation of Contingent Payment Swaps
On February 26, 2004, the Internal Revenue Service and Treasury Department issued proposed regulations regarding the timing and character of contingent payments on notional principal contracts (NPCs). ...more
PricewaterhouseCoopers LLP -- Structured Finance Group (6/23/2004)
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| | Capital Markets Accounting Developments Advisory (2004-05)
Beneficial interests in securitized financial assets ("BIs") may be a stand-alone
derivative. Alternatively, BIs may be in the form of a hybrid instrument containing
an embedded derivative. ...more
PricewaterhouseCoopers LLP -- Structured Finance Group (4/23/2004)
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| | PWC Capital Markets Accounting Developments Advisory (2004-01)
PricewaterhouseCoopers LLP -- Structured Finance Group (1/23/2004)
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| | PWC Capital Markets Accounting Developments Advisory (2004-02)
PricewaterhouseCoopers LLP -- Structured Finance Group (1/23/2004)
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| | FAS 140 Amendment ED (Issued on June 2003) Capital Markets Accounting Developments Advisory (2003-12)
PricewaterhouseCoopers LLP -- Structured Finance Group (8/25/2003)
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