On April 10, 2009, the Internal Revenue Service (IRS) issued Revenue Procedure 2009-23 and Notice 2009-36, to provide guidance regarding the effects of the Home Affordable Modification Program (HAMP) on real estate mortgage investment conduits (REMICs) and certain trusts. HAMP is a key component of the Homeowner Affordability and Stability Plan, which is aimed at preventing foreclosure for at-risk homeowners. HAMP provides guidelines for the identification of homeowners who are at high risk of defaulting on their residential mortgage loans, by analyzing factors such as the ratio of their mortgage debt to their monthly income. Once identified, HAMP provides incentives to lenders and servicers of the securitizations in which such loans are held (such as a REMIC or an investment trust) to modify these loans so that the monthly payments are consistent with the program’s desired debt-to-income ratios.