This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

Accounting consequences of subprime loan modifications

  • Heads Up Image

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).


Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.