Skip to main content

MBA forecasts negative economic growth through first half of 2009

National Mortgage Professional
Oct 21, 2008

MBA applauds SEC and FASB for FAS 157 clarification MortgagePress.comMBA, SEC, Securities and Exchange Commission, Financial Accounting Standards Board, FAS 157 The Mortgage Bankers Association has hailed the announcement by the Securities and Exchange Commission (SEC) and the Financial Accounting Standards Board (FASB) permitting the use of discounted cash flow fair value measurements under FAS 157 when no active market for a security exists. "We want to thank the SEC and FASB for this clarification," said John A. Courson, Chief Operating Officer of MBA. "FAS 157 was never test driven in a market where the only transactions occurring are distressed sales. In such an environment, FAS 157 was only exacerbating the market illiquidity. This announcement should have an immediate impact allowing companies to reflect the true value of their mortgage assets and increasing capital and liquidity in today's stalled credit markets." According to MBA, many financial institutions have been marking down their holdings of various credit instruments to values derived from sales by distressed institutions who are selling to meet collateral calls or risk-based capital requirements. In such a market, intrinsic value and observable market prices have diverged. The clarification announced by the SEC and FASB will enable financial institutions to value their assets based on a realistic calculated present value of future cash flows. As a consequence, the clarification should allow firms to write affected assets back up to their intrinsic values." The SEC's release can be found here. For more information, visit
Oct 21, 2008
Williston Financial Group, Doma Strike Deal

WFG is set to acquire Doma’s title operations, including operation centers in the Northern and Central California.

May 24, 2023
Mat Ishbia Takes A Charge At NBA Playoff Game

UWM CEO and majority owner of the Phoenix Suns involved in scuffle with Denver center Nikola Jokic

May 08, 2023
The Pitfalls Of Cash-Out Refinancing In A Rising Interest Rate Environment

Second-lien home equity loans are a far better way to take out cash

May 02, 2023
NEW YORK: How To Conquer - Not Fear - The Empire State

Roadblocks are many but payoff is worth it

May 01, 2023
RCN Capital Opens LA Office

Expansion marks lender's continued success.

Apr 26, 2023
Trigger Lead Legislation Renews Debate Over Consumer Choice

Borrowers can protect themselves from unsolicited lenders, but they could be doing themselves a disfavor

Apr 20, 2023