Mark To Market Clarification From the SEC

Before we start writing checks, can we give this a chance to work?

The SEC is not telling holders of hard-hit mortgage-backed securities that they can willy-nilly slap any value on them they want.

What the SEC is saying is: You can take other factors into account when valuing them.

Balance sheets should be changing.  Lots of smoke and mirrors, but no tax dollars.  I think that’s worth a shot.