The proposed revision of FAS 65 is starting to resemble that storied elephant that is very much like a w.all, or a tree, or a rope, or a snake, depending on who is doing the talking.

For publicly held mortgage banking companies, the revision may be a welcome shot in the arm for earnings. For commercial banks that have recently acquired mortgage businesses or assets, it could help make their strategy look good. For brokers of servicing rights, it could mean a sharp drop in business. And for many smaller banks and thrifts, and some large ones as well, it could have an assortment of unhappy consequences along with some welcome ones.

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