Bank Repossession of Homes Sets New Record in August

[CA renter]

[quote=Huckleberry]Has anybody heard what the current situation is with the reinstatement of mark-to-market? A few months ago I had either read or heard the GAO was getting ready to re-activate M-to-M…[/quote]

Good catch. I hadn’t realized they were seeking comments about it.

Here’s the story:

“No surprise, bankers are almost uniformly opposed to a proposal to expand the use of fair-value accounting. But the plan was never meant to appeal to bankers.

It was on investors’ behalf that the Financial Accounting Standards Board floated a rule that would make banks mark to market nearly all assets and liabilities.

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Certainly there are investors who like the idea. The only way to know whether banks threaten the financial system “is to reinstate mark-to-market and force them to deal with these underwater assets that they are being allowed to price at whatever they choose to make their books look good,” Jerome Ruffin, a self-described “consumer and investor” from Fayetteville, N.C., wrote in a comment letter.

But for every Jerome Ruffin, there has been at least one comment letter from an investor, or a firm representing billions of dollars in investor assets, taking the opposing view.”

http://www.insurancenetworking.com/news/insurance_banks_accounting_FASB_mark_to_market_regulation-25743-1.html

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For those of us who’ve been complaining about “mark-to-fantasy” accounting, here’s our chance to be heard. Time to start writing letters!

[CA renter]

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[UCGal]

[quote=Huckleberry]Has anybody heard what the current situation is with the reinstatement of mark-to-market? A few months ago I had either read or heard the GAO was getting ready to re-activate M-to-M…[/quote]

I know they sought comments in February about this.

I’ll have to ping my nephew at the GAO. I think he was on the team working this issue.

[UCGal]

[quote=Huckleberry]Has anybody heard what the current situation is with the reinstatement of mark-to-market? A few months ago I had either read or heard the GAO was getting ready to re-activate M-to-M…[/quote]

I know they sought comments in February about this.

I’ll have to ping my nephew at the GAO. I think he was on the team working this issue.

[UCGal]

[quote=Huckleberry]Has anybody heard what the current situation is with the reinstatement of mark-to-market? A few months ago I had either read or heard the GAO was getting ready to re-activate M-to-M…[/quote]

I know they sought comments in February about this.

I’ll have to ping my nephew at the GAO. I think he was on the team working this issue.

[UCGal]

[quote=Huckleberry]Has anybody heard what the current situation is with the reinstatement of mark-to-market? A few months ago I had either read or heard the GAO was getting ready to re-activate M-to-M…[/quote]

I know they sought comments in February about this.

I’ll have to ping my nephew at the GAO. I think he was on the team working this issue.

[UCGal]

[quote=Huckleberry]Has anybody heard what the current situation is with the reinstatement of mark-to-market? A few months ago I had either read or heard the GAO was getting ready to re-activate M-to-M…[/quote]

I know they sought comments in February about this.

I’ll have to ping my nephew at the GAO. I think he was on the team working this issue.

[Author]

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