We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Subprime Loan Modifications And Tax Implications

Law360 (January 16, 2008, 12:00 AM EST) -- The federal government took a major step in implementing its program for alleviating the subprime mortgage crisis when the Internal Revenue Service, on Dec. 26, 2007, issued Revenue Procedure 2007-72.

In its pronouncement, the IRS has said that it will not seek to disqualify a REMIC (that is, a real estate mortgage investment conduit, under Internal Revenue Code Sec. 860A et seq.) if a mortgage loan that is included in the REMIC is modified, under the conditions stated in this revenue procedure.

Also, the IRS will...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.