That was so spot on. I mean I have to hand it to her, he is according to Wikipedia,

“A one-time WWE Champion, a one-time United States Champion, a one-time European Champion, a seventeen-time Hardcore Champion and a three-time World Tag Team Champion with Faarooq as part of the tag team Acolytes Protection Agency (APA).[6]“

And being pretty worked for Erin Callan only for six months…

That is what covered bonds and banking deregulation and issues like this:

Jumbo Conforming Mortgages Eligible for TBA Trades: SIFMA
http://www.housingwire.com/2008/…for-tba-trades/
Rates and liquidity
But what about everyone else? The inclusion of jumbo conforming mortgages could end up raising conforming rates for all borrowers as traders price in the new loans, although HW’s sources suggested that the 10 percent limit was likely “just the right proportion” to keep the TBA market on track.

The concern, as it was explained to us, is that prepayment behavior on jumbo conforming mortgages is likely quite different in trajectory than what’s observed in more traditional mortgages; the liquidity of the huge TBA market is predicated on the idea that the underlying loans share the same basic characteristics.

Re: FAS 141R establishes principles and requirements for how the acquirer of a business recognizes and measures in its financial statements the identifiable assets acquired, the liabilities assumed, and any
noncontrolling interest in the acquiree.

That reference is from ASSURED GUARANTY LTD on 2/29/2008, and they break out the term “identifiable” as if this FASB spin has nothing to do with Level 3 unobservable assets, thus is this a matter of discretionary abuse where there is room to move some assets into the shadows, or is there really responsibility to report GAAP? I think these new rules allow repackaging of unobservable garbage, while SEC, FASB and all the puppets at SIFMA create conduits to pool together this aggregate trash into new AAA entities!

Risk margin is portfolio rather than entity specific, reflecting pooling of liabilities..

The new standard requires the acquiring entity in a business combination to recognize all (and only) the assets acquired and liabilities assumed in the transaction; establishes the acquisition-date fair value as the measurement objective for all assets acquired and liabilities assumed; and requires the acquirer to disclose to investors and other users all of the information they need to evaluate and understand the nature and financial effect of the business combination. The revision of 141 is part of the FASB’s push toward “fair value,” or mark-to market accounting.

Financial Week (December 10, 2007) reports that Dennis Beresford, a former FASB chairman now serving on a Securities and Exchange Commission advisory committee that is studying the U.S. financial reporting system says “The rules will be difficult to apply and will require companies and analysts to relearn a lot of things.” The article goes on to say that the revisions to 141 “essentially extend the fair-value requirements to new areas. That will increase the valuation work required of corporate finance departments, and in some cases jack up the volatility of reported earnings as various assets and liabilities are marked to market.”

1. The changes include, among others, the accounting for goodwill, noncontrolling interests and acquisition and restructuring costs. The two standard-setting boards have described these standards as the first major common standard developed together. However, there remain a few differences between the U.S. GAAP and IFRS versions.

2. Summary of Statement No. 141 (revised 2007)
http://www.fasb.org/st/summary/stsum141r.shtml

For example, Statement 141 required the acquirer to include the costs incurred to effect the acquisition (acquisition-related costs) in the cost of the acquisition that was allocated to the assets acquired and the liabilities assumed. This Statement requires those costs to be recognized separately from the acquisition. In addition, in accordance with Statement 141, restructuring costs that the acquirer expected but was not obligated to incur were recognized as if they were a liability assumed at the acquisition date. This Statement requires the acquirer to recognize those costs separately from the business combination. Therefore, this Statement improves the relevance, completeness, and representational faithfulness of the information provided in financial reports about the assets acquired and the liabilities assumed in a business combination.

More to follow…