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Accounting consequences of subprime loan modifications

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30 Aug 2007

We have posted the 29 August 2007 Edition of the Heads Up Newsletter published by Deloitte & Touche LLP (United States).

This issue of Heads Up, titled Accounting Consequences of Subprime Loan Modifications, summarises a letter written by US Senator Charles Schumer wrote to the CEOs of the Big Four accounting firms, urging them to "assist this country's mortgage crisis by ensuring that your clients are aware of the recent SEC and FASB guidance on FAS 140, and by otherwise encouraging them to modify subprime loans at risk of default." Senator Schumer's letter refers to a June educational forum hosted by the FASB and a follow-up letter from SEC Chairman Christopher Cox to House Financial Services Committee Chairman Barney Frank. These are discussed in the newsletter.
Click here to view 29 August 2007 Edition of the Heads Up Newsletter (PDF 119k).

 

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