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On September 15, 2009, the Internal Revenue Service (the “IRS”) issued the following three releases, each providing guidance on the ability of a servicer to modify securitized commercial mortgage loans:
(i) Revenue Procedure 2009-45 (the “Revenue Procedure”), describing conditions under which commercial mortgage loans that have a “significant risk of default” may be modified without having an adverse effect on their status in a real estate mortgage investment conduit (“REMIC”) or fixed investment trust;
(ii) final regulations (the “Final Regulations”) generally permitting certain changes in collateral and credit enhancement for commercial mortgage loans securitized in REMICs if certain conditions are met; and
(iii) Notice 2009-79 (the “Notice”), requesting comments on the appropriateness of expanding the guidance described in the Final Regulations to c