HR 1010
109th Congress
House
Taxation
Economics and Public Finance
Finance and Financial Sector
Government securities
Housing and Community Development
Income tax
Law
Loan defaults
Mortgages
Secondary mortgage market
Tax penalties
Trusts and trustees
To amend the Internal Revenue Code of 1986 to allow certain modifications to be made to qualified mortgages held by a REMIC or a grantor trust.
Introduced: March 1, 2005
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 1, 2005
Referred to the House Committee on Ways and Means.
Mar 1, 2005
Introduced in House
Plain-English summary
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.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1