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Banks to Get Mark-to-Market Break.
Byline: Brian Collins
Washington-Industry groups and their allies in Congress focused their frustration with the financial crisis on mark-to-market accounting rules and last month successfully pushed the accounting authorities to cut struggling banks a break.
The industry hopes that with the push, soon-to-be-released third-quarter earnings may not look so bad.
After many House Republicans originally balked at the first "version" of the $700 billion bailout bill, some lawmakers pushed for a cheaper solution, proposing language to suspend Financial Accounting Standard rule No. 157, which governs writedowns on hard-to-value assets.
Many banks and securities firms have blamed the new accounting rule - which went into effect earlier this year - for the precipitous drop in the value of mortgage securities that has crippled so many firms.
This rule has exacerbated the credit crisis by forcing "massive write-offs," according to Consumer Mortgage Coalition executive director Anne Canfield.
"It makes no sense to unnecessarily cripple institutions that could otherwise ...
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Source: HighBeam Research, Banks to Get Mark-to-Market Break.