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we all know how honest & accurate independent auditors are.. moody's, s&p, arthur andersen, bernie madoff...
Apr 02 13:04 pm
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All Comments by The Sim »Mark to Market: Time of Death 8:45AM, April 2, 2009 [View article]
On Apr 02 12:42 PM Misha wrote:
> The value of assets under the new rule will still be certified by
> an independent auditor. If a loan is performing, then a judgment
> of its value (based on the cash flow, etc.) will be used to assess
> its value. Its value is no longer zero if the loan cannot be sold.
> If a loan is non-performing then there is no option but to write
> it off. For a portfolio of loans this will get more complicated and
> may require a “significant” judgment to determine the value right.
> This is where PPIP comes in as a price discovery mechanism.