{"id":195058,"date":"2008-07-31T18:07:00","date_gmt":"2008-07-31T23:07:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/07\/31\/what-are-the-banks-hiding\/"},"modified":"2008-07-31T18:07:00","modified_gmt":"2008-07-31T23:07:00","slug":"what-are-the-banks-hiding","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/07\/31\/what-are-the-banks-hiding\/","title":{"rendered":"What are the Banks Hiding?"},"content":{"rendered":"<p>The Financial Accounting Standards Board (FASB) just <a href=\"http:\/\/www.bloomberg.com\/apps\/news?pid=20601009&amp;sid=a4O4VjK.fX5Q&amp;\">postponed a rule that would require that off balance sheet entities<sup>*<\/sup> onto their books for one year<\/a>.<\/p>\n<p>They were getting a lot of pressure from banks and their allies on Congress about this.<\/p>\n<p>The question is: what are they hiding, and at least part of the answer is:<\/p>\n<blockquote style=\"color: rgb(0, 0, 153);\"><p>Many lenders made profits in the run-up to the subprime- mortgage crisis by selling pools of loans to off-balance-sheet trusts known as qualified special purpose entities, or QSPEs, which repackaged the pools into mortgage-backed securities. Some banks then sold those securities to other off-balance-sheet vehicles they sponsored, such as so-called asset-backed commercial paper conduits.<\/p><\/blockquote>\n<p><sup>*<\/sup><span style=\"font-size:78%;\">Things like &#8220;mortgages and credit-card receivables.&#8221;<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Financial Accounting Standards Board (FASB) just postponed a rule that would require that off balance sheet entities* onto their books for one year. They were getting a lot of pressure from banks and their allies on Congress about this. The question is: what are they hiding, and at least part of the answer is: &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1004,985],"tags":[],"class_list":["post-195058","post","type-post","status-publish","format-standard","hentry","category-finance","category-regulation"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/195058"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=195058"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/195058\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=195058"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=195058"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=195058"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}