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REMICReal Estate Mortgage Investment Conduit
REMICRenewable Energy in Maritime and Island Climates
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This final rule (Revenue Procedure 2009-45) provides guidance regarding modifications to certain mortgage loans without triggering an IRS challenge to the tax status of the REMIC.
The REMIC rules for CMBS, issued under Sections 860A and 860G of the Internal Revenue Code of 1986, generally do not permit borrowers to make significant modifications to their collateral, but the Treasury Department amended those rules in an attempt to ease increasing CMBS loan defaults.
The Reverse REMIC program permits a pro-rata portion of all outstanding Freddie Mac REMIC security classes from a previously issued REMIC group - which, in aggregate, constitute a pass-through from the mortgage collateral backing the original REMIC group - to be recombined into a Pass-Through ReREMIC class.
This transaction shows the flexibility of the Multifamily Gold PC and REMIC programs in meeting the needs of a wide range of investors," said H.
Freddie Mac's Reference Notes and Reference REMIC Calendar also includes optional monthly issuance windows for Reference REMIC securities.
and UBS Securities LLC will be the joint lead managers for Benchmark REMIC Trust 2007-B2.
The legislation will modernize REMIC provisions in the tax code.
Return for a Partnership, REMIC, or for Certain Trusts, by the end of the first extension period, to request an extension of up to another three months.
For example, construction financing, recently difficult to obtain and generally not eligible for REMIC securitization, can now be facilitated using a FASIT, thus potentially creating greater liquidity in the construction-loan market.
and Merrill Lynch were lead underwriters for Reference REMIC R016.
Benchmark Notes is a registered mark and Benchmark REMIC is a trademark of Fannie Mae.
In over 20 years of administering the program, New York City has never failed to grant J-51 tax benefits to a building owner that has properly filed an application," said Richard Roberts, chairman of the REMIC board of directors and Commissioner of the Department of Housing Preservation and Development.