A bill to amend the Internal Revenue Code of 1986 to allow certain modifications to be made to qualified mortgages held by a REMIC or a grantor trust.

Summary

Amends the Internal Revenue Code to permit certain amendments, waivers, or other modifications to mortgages held by a Real Estate Mortgage Investment Conduit (REMIC) or a Grantor Trust without disqualifying such mortgages as REMIC or Grantor Trust mortgages. Permits amendments, waivers, or modifications that do not: (1) extend the final maturity date of a mortgage; (2) increase the outstanding balance of the mortgage; (3) result in the release of an interest in real property securing the mortgage; or (4) result in an instrument or property right which is not debt for Federal income tax purposes. Exempts such amendments, waivers, or modifications from the penalty for prohibited transactions.

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 13 May 2004

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 13 May 2004

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 13 May 2004

  Open at official source

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