IRS Ruling On MBS Restructuring Should Encourage Investors

Law360 (September 13, 2018, 9:29 PM EDT) -- The United States residential mortgage market is among the most complex financial ecosystems in the world. Although the Federal Home Loan Mortgage Corporation — Freddie Mac — has been in conservatorship since Sept. 6, 2008, it continues to be an important player in this market. Specifically, Freddie Mac purchases mortgages and mortgage loan participations from unrelated financial institutions, packages the mortgages in trusts, wraps the trusts with its guarantee and then sells interests in the trusts — referred to as "participation certificates" or "PCs" — to investors worldwide. The mortgage servicing on PCs is labor intensive and payments are made over...

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