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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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 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
 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)

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Republican 1