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S 580 109th Congress Senate 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

A bill 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 9, 2005 See on congress.gov
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This bill died when the 109th Congress ended
It never became law before the 109th Congress (2005–2006) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 9, 2005
Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S2397-2398)
Mar 9, 2005
Sponsor introductory remarks on measure. (CR S2397)
Mar 9, 2005
Introduced in Senate
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 Plain-English summary Congressional Research Service

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 March 9, 2005

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S2397-2398)

 Related & companion bills 1
  • HR 1010 Identical bill To amend the Internal Revenue Code of 1986 to allow certain modifications to be made to qualified mortgages held by a R…
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Republican 1
R
Crapo, Mike
Idaho · Mar 17, 2005
Cite this page click to expand
APA
U.S. Congress. (2026). S. 580: A bill 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.. 109th Congress. Open America. https://openamerica.io/bill/109-S-580/
MLA
"S. 580: A bill 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.." 109th Congress, 2026, Open America, https://openamerica.io/bill/109-S-580/.
Bluebook (legal)
S. 580, 109th Cong. (2026), https://openamerica.io/bill/109-S-580/.
Markdown link
[S. 580: A bill 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.](https://openamerica.io/bill/109-S-580/)
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