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Servicers Ask For Guidance.
Washington -- Servicers, lenders and others involved in the securitization of subprime loans are turning to the Financial Accounting Standards Board for guidance on what is permissible in modifying and restructuring residential mortgages that are headed for default.
The general consensus within the industry is that servicers have a lot of latitude in helping borrowers avoid foreclosure under FAS 140.
However, failure to comply with the accounting standards governing mortgage trusts or "qualified special purpose entities," can force a repurchase of loans from the trust.
To avoid such a penalty, various interests involved in subprime securitizations have sent the FASB position papers and inquiries about troubled debt restructurings.
So FASB staff has arranged for a closed-door meeting on June 22 for the various parties to discuss their concerns with two FASB board members present.
No decisions will be made at this meeting, according to FASB project manager Patricia Donoghue.
She stressed that the meeting is "educational" so the staff has a better understanding of the restructuring issues when it comes to advising the board members.
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