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Modifying loans under the Treasury’s Home Affordable Modification Program will neither jeopardize holders’ tax status nor implicate prohibited transaction taxes

USA - April 14 2009 On April 10, 2009, the Internal Revenue Service (“IRS”) released Notice 2009-36 and Rev. Proc. 2009-23, which conclude that loan modifications made pursuant to the Home Affordable Modification Program (“HAMP”) will neither jeopardize the special tax status of securitization vehicles holding the modified mortgages nor cause the imposition of any prohibited transaction taxes.

Marshall D. Feiring, Edward J. Fine, Joseph C.T. Kelly, Robert M. Kreitman, David C. Miller

Term Asset-Backed Securities Loan Facility update

USA - March 5 2009 On March 3, 2009, the Federal Reserve Board released the final terms and conditions applicable to the initial loan subscription, including loan rates and collateral haircuts, relating to its previously announced Term Asset-Backed Securities Loan Facility (TALF).

Mark J. Kowal, Daniel M. Rossner, Paul R. Wysocki