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’FDIC, problem banks and FAS 166/167
The FDIC released its quarterly banking profile for the first quarter of 2010 on Thursday, and we’ve read the report so you don’t necessarily have to*.
Here are some stats that stood out in the report and the accompanying press release (headers and any emphasis FT Alphavillle’s):
Fannie, Freddie and FAS 166/167
Who would have thought a new accounting standard might end up increasing prepayment speeds on US mortgages?
The two US GSEs will be, like other US financial companies, adopting FAS 166/167 from 2010.
CMBS investors have thin(ner) skins in the game
Look who’s happy!
WASHINGTON-November 19, 2009-Commercial Mortgage Securities Association today applauds Reps. John Adler (D-NJ), John Campbell (R-CA), Dennis Moore (D-KS) and Gary Miller (R-CA) for working on an amendment offered by Reps.
Bringing it back on balance sheet, by the numbers
First the good news: the following numbers are not as bad as they might have been.
Now the numbers, courtesy of Jason Goldberg at Barcap:
C is expected to have the most assets coming back on balance sheet ($154B),
FDIC saves securitisation
Well, sort of.
Remember FAS 167? The new accounting standard will eliminate qualified special-purpose entities (QSPEs) and lead to banks putting billions worth of securitised assets — mostly credit card trusts — back onto their balance sheets from 2010.
Annals of unintended consequences, FDIC and FAS 166/7 edition
In September, FT Alphaville posed the question: could the FDIC start seizing securitised assets to help offset the cost of dealing with failed banks?
At the heart of the question is uncertainty over how the soon-to-be-implemented FAS 166 and 167 will affect the treatment of securitised assets held by banks in receivership,
Bringing it back (on balance sheet)
Amid all the accounting-related chicanery currently taking place, the one below, we think, has been flying rather under the radar.
From Asset-Backed Alert:
U.S. government officials are aiming for September to decide once and for all how banks’ capital reserves should reflect a tidal wave of securitized assets that are headed for their balance sheets.