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Legal Update

Rare Bird Sightings: Recent Developments Address Distressed Obligation Issues Faced by REMICs

8 June 2016
Mayer Brown Legal Update

The US Court of Appeals for the Second Circuit just released a decision in which it upheld the treatment of certain trusts as REMICs (real estate mortgage investment conduits) despite the fact that the trusts held distressed mortgages. In addition, the Internal Revenue Service just released a private letter ruling in which it offered guidance on the treatment of foreclosure property held by a REMIC. Guidance on these issues has been few and far between, so these developments should be of keen interest to persons working with securitization vehicles. The attached Legal Update, prepared by Russell Nance, Erin Gladney and Mark Leeds of Mayer Brown’s New York Office, analyzes these authorities and provides some background on their relative importance.


  • Russell E. Nance
    T +1 212 506 2534
  • Mark H. Leeds
    T +1 212 506 2499

Related People

  • Hayden D. Brown
    Senior Counsel
    T +1 704 444 3512
  • T +1 704 444 3513
  • Michael K. Marion
    T +1 212 506 2651
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