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Legal Update

Modifications of Securitized Subprime Mortgage Loans

20 December 2007
Mayer Brown Legal Update
On December 6, 2007 the Internal Revenue Services (the "Services") issued Revenue Procedure 2007-72 (the "Revenue Procedure") which favorably addresses the tax effects of certain modifications, as described in more detail below, made to subprime mortgage loans held by securitization vehicles after December 6, 2007 and on or before July 31, 2010.
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