Welcome to MBA.

• On Monday, April 30, 2007 MBA and its industry coalition partners submitted a response to the request of the Internal Revenue Service and the Treasury Department (Notice 2007-17) regarding possible amendments to the REMIC regulations for modifications of commercial mortgage loans. Click here to review response.
  
• Q Status. MBA, along with other CMBS Industry representatives, have been working with the Big 4 accounting firms on the treatment of REMIC and Qualified Special Purpose Entities (QSPEs) under Financial Accounting Standards 140 (FAS 140). The issues stem from concerns expressed by the accounting firms on the current activities performed by servicers in CMBS transactions and the corresponding limitations required by REMIC and QSPEs.
  
• MBA Participates in FASB Resource Group. The Financial Accounting Standards Board (FASB) has created a Resource Group to review the issues.
  
• MBA Submits Comment Letters to Three FASB Exposure Drafts. FASB is engaged in three projects to amend the guidance in Statement No. 140, Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities (FAS 140), which will impact the accounting for loan securitizations and transfers, as well as the initial accounting for retained beneficial interests, including mortgage servicing rights. The issues being addressed in these projects include, but are not limited to, revising the accounting for: (1) swaps of loans for agency-guaranteed mortgage-backed securities; (2) transfers of financial assets involving transferor support commitments either directly to beneficial interest holders of a qualifying SPE (QSPE) or in connection with the beneficial interests issued by the QSPE; and (3) beneficial interests (e.g. subordinated interests, retained servicing rights, etc.) retained upon the securitization of a loan. To learn more about MBA's comments, contact MBA staff, Alison Utermohlen at autermohlen@mortgagebankers.org.
  
• Regulation AB. Visit the MBA Resource Web Page.

• The Capital Consortium News Release (06.19.06): Statement on FASB Servicer Discretion Review
  
• Financial Accounting Standards Board (FASB) - Project Updates and Technical Plan Web Page
  
• Click to view an update on the FASB project, Qualifying Special-Purpose Entities and Isolation of Transferred Assets.
  
• Click to view an update on the FASB project, Accounting for Servicing Rights under FAS 140. .
  
• Fair Value Accounting under FAS 140 Click to view an update on the FASB projectFASB is considering whether to permit entities a one-time election to report certain financial instruments at fair value.
  
• GAAP Heirarchy. The FASB is looking to improve the quality and transparency of standards and the standard-setting process in the conceptual framework within the generally accepted accounting principles (GAAP) hierarchy. Click to view an update on the FASB project.
  
• Hybrid Financial Instruments. FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities. Click here to view an update on hybrid financial instruments.
  
• Securities and Exchange Commission (SEC) web site.
  
• Public Company Accounting Oversight Board (PCAOB) - Sarbanes Oxley Act of 2002 created the private sector corporation to over see the auditors of public companies, web site.