Wall Street Rules Applied to REMIC Classification

Thomson Reuters News & Insight, September 2012

14 Pages Posted: 16 Sep 2012 Last revised: 30 Sep 2012

Date Written: August 31, 2012

Abstract

Investors in mortgage-backed securities, built on the shoulders of the tax-advantaged Real Estate Mortgage Investment Conduit (“REMIC”), may be facing extraordinary tax losses because of how bankers and lawyers structured these securities. This calamity is compounded by the fact that those professional advisors should have known that the REMICs they created were flawed from the start. If these losses are realized, those professionals will face suits for damages so large that they could put them out of business.

Keywords: mortgage-backed securities, Real Estate Mortgage Investment Conduit, REMIC, MERS, Mortgage Electronic Recording System, double taxation, tax-advantaged, MBS

Suggested Citation

Borden, Bradley T. and Reiss, David J., Wall Street Rules Applied to REMIC Classification (August 31, 2012). Thomson Reuters News & Insight, September 2012, Available at SSRN: https://ssrn.com/abstract=2146699

Bradley T. Borden (Contact Author)

Brooklyn Law School ( email )

250 Joralemon Street
Brooklyn, NY 11201
United States

HOME PAGE: http://www.brooklaw.edu

David J. Reiss

Brooklyn Law School ( email )

250 Joralemon Street
Brooklyn, NY 11201
United States

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