FASB is going counter to the approach on M2M and will be requiring additional disclosure for off-balance-sheet loans. This is significant because it may further reduce the credit available in the shadow banking system, as the banks that ultimately support the shadow system are now going to have to disclose their exposure.
A few other posts or articles on securitisation/shadow banking system that I've noticed today-
Marginal Revolution's take and Tyler refers to The Economist article here and also Arnold King here.
Thursday assorted links
59 minutes ago