I believe that the pending CIM restatement relates to the Re-REMIC segment of the CIM business. By way of explanation, instead of leveraging investments in non-agency RMBS, CIM repackages the mortgages and sells off somewhere near 80%, retaining the portion that sustains first loss. According to GAAP, the resulting VIE must be consolidated so that the mortgages are shown as assets, and the obligation to the new mortgage owners is shown as a liability. Because of the way this particular VIE is structured, the mark-to-market can overstate the economic value of the portion of the VIE that CIM retains. It's a case where application of GAAP unquestionably distorts the book value of CIM. That's why CIM has lately been reporting GAAP book and economic book values. The GAAP book contains the distortion; whereas, the economic book does not. As CIM increases its non-agency business, the distortion could become much larger than the approximately 10% that it is now, resulting in increased confusion over CIM financial results.
Fortunately, it appears that CIM is well on their way to resolving the accounting question that is delaying restatements. The following link is a proposed rule change issued on 10/11/2012 by FASB that concerns the type of VIE that CIM issues. The proposed FASB rule change eliminates the distortion in book value. According to the schedule for comments to the rule change, CIM should be able to begin reissue of financials by late December 2012, or early January 2013.