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Email An amendment (the “Amendment”) was introduced in the U.S. Senate yesterday to the American Recovery and Reinvestment Act of 2009 (the “Economic Stimulus Bill”) that requires your immediate attention. The Amendment, if enacted into law, would have a significant impact on existing mortgage securitization transactions by denying tax-free REMIC status to a securitization if any document governing the activities of the servicer or trustee in that securitization restricts the ability of the servicer or trustee to reasonably modify or dispose of a mortgage loan in order to participate in any program established under TARP. https://www.cadwalader.com/resources/clients-friends-memos/legislation-affecting-the-remic-status-of-existing-mortgage-securitization-transactions