A majority of comments favored using the effective interest rate to discount the expected future flows of an impaired loan to determine its carrying amount as the Financial Accounting Standards Board prepares for public hearings Nov. 3 and Nov. 9 on its exposure draft of a statement of financial accounting standards designed to set rules for accounting by creditors for impairment of a loan.

But two important players--the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation--said a market interest rate should be used.

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