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REMICReal Estate Mortgage Investment Conduit
REMICRenewable Energy in Maritime and Island Climates
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Fannie Mae's Multifamily business saw a banner year in 2017, issuing more than $65 billion in DUS pools and $12 billion in GeMS REMIC issuance with strong spread levels.
that has elected REMIC status for the taxable year and all prior taxable years;
A REMIC, or Real Estate Mortgage Investment Conduit, is an entity that holds a pool of mortgages and issues multiple classes of interests to itself and investors.
This is Fannie Mae's seventh multifamily REMIC of 2011.
An interest in a REMIC is a regular interest if it (1) was issued as a designated regular interest on the "startup day" selected by the REMIC, (2) unconditionally entitles the holder to a specified principal amount, and (3) provides for interest payments (if any) that (a) are based on a fixed rate, or, to the extent provided in regulations, at a variable rate, or (b) consist of a specified, unvarying portion of the interest payments on qualified mortgages.
In Notice 2007-17, the IRS solicited input on whether it should amend the REMIC regulations to expand the list of permitted commercial loan modifications to reflect the evolution of market practices in the mortgage-backed securities industry.
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.
A REMIC is typically exempt from federal income tax.
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.
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.
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.
The legislation will modernize REMIC provisions in the tax code.