This is an important
update
from our
Tax and Business Planning Group.
For more information
on this topic, contact:
William J. Sanders
Daniel J. Flanigan
Kraig M. Kohring
Erik R. Edwards
John F. Crawford
To learn more
about our Tax and
Business Planning
practice,
or to
contact one of our
tax attorneys,
click here.
www.polsinelli.com |
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September 2009 |
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Department of the Treasury Issues Major Changes to REMIC Rules: |
Will Impact the Types of Modifications that Can Be Made to Loans Secured by Commercial Property
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The Department of the Treasury recently issued important new rules addressing the types of modifications that may be made to loans held by REMICs. First, the Treasury Department released new final REMIC regulations that will significantly expand the types of modifications permitted to be made to loans held by a REMIC. Second, the Treasury Department issued Revenue Procedure 2009-45, which clarifies the servicer’s analysis when allowing for certain modifications, relying on the "reasonably foreseeable default” exception contained in the REMIC Regulations.
These changes are extremely important to both servicers and borrowers because they now allow modifications to loans that previously have been prohibited. Borrowers and servicers will no longer be constrained by antiquated REMIC rules and will now have more flexibility when structuring loan modifications.
For more information on the changes to the REMIC Rules and how they affect your organization, please click here.
For More Information:
If you have any questions regarding these changes or how they may affect you, please contact:
or your regular Polsinelli Shughart attorney.
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About Polsinelli Shughart PC
With more than 480 attorneys , Polsinelli Shughart PC is a national law firm that is a recognized leader in the areas of business litigation, financial services, bankruptcy, real estate, business law, labor and employment, construction, life sciences and health care. Serving corporate, institutional and individual clients regionally, nationally and worldwide, Polsinelli Shughart is known for successfully applying forward-thinking strategies for both straightforward and complex legal matters. The firm can be found online at www.polsinelli.com. |
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