Recovery Act for Mortgages and Other Asset-Backed Securities

Summary

Recovery Act for Mortgage and Other Asset-Backed Securities - Amends the Internal Revenue Code to provide that arrangements for the issuance of "pass-through securities" (i.e., mortgage backed securities) in one or more classes shall be taxed as grantor trusts and not as corporations. Requires that the interests in the financial instruments represented by the pass-through securities be established prior to the initial issuance of the pass-through securities and, pursuant to the terms of the pass-through securities, such interests may not be changed. Requires that the pool of assets in which the holders of pass-through securities own an interest must be fixed prior to the date of the first payment to security holders, except for a certain two-year period. Sets forth various definitions.

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Timeline

1. 18 December 1985

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 18 December 1985

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 6 January 1986

   Committee

   Committee on Finance requested executive comment from OMB, Treasury Department.

   Source: Committee

4. 31 January 1986

   Committee

   Subcommittee on Taxation and Debt Management. Hearings held. Hearings printed: S.Hrg. 99-711.

   Source: Committee

Votes

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Versions

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Documents

1 official file

• Introduced in Senate

  summary · EN · 18 December 1985

  Open at official source

Sponsors

• Sen. Cranston, Alan [D-CA] · D · Sponsor
• Sen. D'Amato, Alfonse [R-NY] · R · Sponsor
• Sen. Dixon, Alan J. [D-IL] · D · Sponsor
• Sen. Dodd, Christopher J. [D-CT] · D · Sponsor
• Sen. Mattingly, Mack [R-GA] · R · Sponsor
• · ssfi00 · Standing

Related records

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