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| A bill to amend the Internal Revenue Code of 1986 to allow certain modification to be made to qualified mortgages held by a REMIC or grantor trust. |
| Date Introduced: 03/09/05 |
| Bill Number: S.580 |
Description: Senator Allard is a CO-SPONSOR
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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