Real Estate Mortgage Investment Conduit Improvement Act of 2009

Summary

Real Estate Mortgage Investment Conduit Improvement Act of 2009 - Establishes special rules for modification or disposition of a troubled asset (qualified mortgages or foreclosure property) under the Troubled Asset Relief Program (TARP) by real estate mortgage investment conduits (REMICs). Declares that: (1) such a modification or disposition shall not be treated as a prohibited transaction under the Internal Revenue Code; (2) an interest in the REMIC shall not fail to be treated as a regular interest solely because of such modification or disposition; and (3) any proceeds resulting from such modification or disposition shall be treated as amounts received under qualified mortgages. Specifies terms of the instruments governing the conduct of servicers or trustees with respect to qualified mortgages which shall terminates a REMIC. Directs the Secretary of the Treasury to establish and implement a home mortgage loan relief program under TARP.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 4 February 2009

   Introduced

   Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S1544)

   Source: IntroReferral

2. 4 February 2009

   Introduced

   Sponsor introductory remarks on measure. (CR S1543-1544)

   Source: IntroReferral

3. 4 February 2009

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 4 February 2009 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 4 February 2009

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 4 February 2009

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 4 February 2009

  Open at official source

Sponsors

• John Reed · D · Sponsor
• Rep. Dodd, Christopher J. [D-CT-2] · D · Sponsor
• Sen. Kerry, John F. [D-MA] · D · Sponsor
• Charles Schumer · D · Sponsor
• Sen. Stabenow, Debbie [D-MI] · D · Sponsor
• Sen. Kennedy, Edward M. [D-MA] · D · Sponsor
• · ssbk00 · Standing

Related records

No cross-record relationships stored yet.