The Mortgage Bankers Association has written to the Financial Accounting Standards Board asking for more flexibility in accounting for troubled mortgages to help prevent foreclosures.
The MBA wants to be able to measure impairments of residential mortgage loans that are troubled debt restructurings under Financial Accounting Standard 5, "Accounting for Contingencies," rather than FAS 114, "Accounting for Creditors for Impairment of a Loan." The request follows on the heels of a letter that the MBA sent in December to FASB Chairman Robert Herz.
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