Tuesday, September 15, 2009

IRS documents rules for REMIC modifications

HT Traffic Court and Real Estate Econometrics. Modifications outside of extensions, have historically been relatively rare, but they are becoming very common in the current environment. I don't have any hard data - just based on recent conversations.

IRS Remic modified rules

Irs 2

UPDATE: This drove 3-5 pt rally yesterday! It was more of a rule-relaxer than a game-changer, but the new guidance was fairly specific that modifications, especially extensions, could be taken as a preventative measure, and far in advance of an anticipated default event.

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