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IRS eases rules on modification of securitized commercial mortgage loans

  • Katten Muchin Rosenman LLP
  • -
  • USA
  • -
  • September 18 2009

On September 15, the Internal Revenue Service published Revenue Procedure 2009-45 providing that a servicer may agree to a substantial modification of any commercial mortgage loan as long as the servicer reasonably believes that there is a significant risk of default of the pre-modification loan upon maturity of the loan or at an earlier date, without thereby causing the real estate mortgage investment conduit (REMIC) or grantor trust status of a securitization vehicle to be challenged

IRS issues REMIC guidance on Home Affordable Modification Program

  • Katten Muchin Rosenman LLP
  • -
  • USA
  • -
  • April 17 2009

On April 10, the Internal Revenue Service released new guidance assisting servicers of residential loan pools taking advantage of the Treasury Department's Home Affordable Modification Program