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A major banking trade group, The Mortgage Bankers Association, is voting today via teleconference on whether to lobby the Financial Accounting Standards Board on an issue that could restrict banks' ability to use a hedge prevalent in the mortgage lending arena.
The group failed to reach an consensus Feb. 25 on which issues stemming from FAS 133--the new standard to account for derivatives-- to lobby the standard setter about, and will discuss the numerous issues in the next month or so. However, the 50-or-so representatives did decide to hold a teleconference meeting today...