Term
| What does the "Dear CFO Letter" contain regarding specific disclosures? |
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Definition
| A lengthly list of specific disclosures that "should be considered" in connection with mortgage and foreclosure related activities. |
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Term
| What does the "Dear CFO Letter" contain regarding MD&A Requirements? |
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Definition
A reminder of certain MD&A requirements, including:
(1) "any known trends or any known demands, commitments, events or uncertainties that [they] reasonably expect to have a material favorable or unfavorable impact on [their] results of operations, liquidity, and capital resources."
(2) "legal proceedings, including [those] to be contemplated by governmental authorities." |
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Term
| What does the "Dear CFO Letter" contain including litigation? |
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Definition
| A reminder of current requirements for loss accruals and disclosures of contingencies, including litigation-related contingencies, as currently required under FAS 5. |
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Term
| What does the SEC make specific note of in the "Dear CFO Letter"? |
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Definition
(1) the list of disclosures is "not an exhaustive list."
(2) the list of items to be considered are "without limitation." |
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Term
| What is contained in the closing paragraph of the "Dear CFO Letter", specifically related to public companies in determining if the disclosures apply to them? |
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Definition
(1) Some of the issued aren't limited to financial institutions that sold or securitized MBS.
(2) This may also relate to those that engage in mortgage servicing, title insurance, mortgage insurance, and other services related to residential mortgages.
(3) They should also consider the impact of these and similar issues for their disclosures. |
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