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S 376 111th Congress Senate Housing and Community Development Financial crises and stabilization Financial services and investments Housing finance and home ownership Income tax rates Real estate business

Real Estate Mortgage Investment Conduit Improvement Act of 2009

Introduced: February 4, 2009 Introduced by: Reed, Jack Democratic · Rhode Island 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
Feb 4, 2009
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S1544)
Feb 4, 2009
Sponsor introductory remarks on measure. (CR S1543-1544)
Feb 4, 2009
Introduced in Senate
 Plain-English summary Congressional Research Service

Real Estate Mortgage Investment Conduit Improvement Act of 2009 - Establishes special rules for modification or disposition of a troubled asset (qualified mortgages or foreclosure property) under the Troubled Asset Relief Program (TARP) by real estate mortgage investment conduits (REMICs).

Declares that: (1) such a modification or disposition shall not be treated as a prohibited transaction under the Internal Revenue Code; (2) an interest in the REMIC shall not fail to be treated as a regular interest solely because of such modification or disposition; and (3) any proceeds resulting from such modification or disposition shall be treated as amounts received under qualified mortgages.

Specifies terms of the instruments governing the conduct of servicers or trustees with respect to qualified mortgages which shall terminates a REMIC.

Directs the Secretary of the Treasury to establish and implement a home mortgage loan relief program under TARP.

What's happening now February 4, 2009

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S1544)

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Democratic 1