OMAHA - Commercial Federal Corp. said it has revised its accounting policy for investment securities after discussions with the Securities and Exchange Commission.

Securities will be classified as "held for sale" if subject to use in asset/liability management strategy or if they might be sold in response to changes in interest rates or prepayment risk, or to raise capital. "Held for sale" securities will be carried at the lower of cost or market value.

The market-value accounting treatment results in a reclassification of $79 million in mortgage-backed securities held for sale at June 30, 1991. Remaining from that amount at the end of the third quarter was $61.7 million; at the end of the fourth quarter there was $21.7 million; and $20.6 million was left at the end of this year's first quarter.

Commercial Federal, which has $4.6 billion in assets, said the reclassification had no impact on earnings because the reclassified portfolios' aggregate market value exceeded book value on the reporting dates.

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