A new set of FASB rules may impact whether a securitization is treated as a “true sale” and whether companies with financial assets will have to consolidate their special purpose entities on their balance sheets.   For banks, the new rules may also mean that there will be additional capital requirements, to cover their conduits.  The Wall Street Journal has reported (subscription-based content) that the cost of securitization will likely go up as a result of this change, and that it could create a “logjam” in the securitization market, further slowing market recovery.  Reed Smith partners Michael Brown and Colleen McDonald have written a report on the proposed changes — if the securitization market affects you, you’ll want to check it out.