- US, finance Real Estate Mortgage Investment Conduit
“REMICs The details are mind-numbing, but masochists are invited to Google the word REMIC.”
“But when the REMIC is set up, no one knows which homes will default first.”
“This allows them to qualify as a Real Estate Mortgage Investment Conduit ( "REMIC") rather than an ordinary Real Estate Investment Trust ( "REIT").”
“The channels for the securitization are tax free under a special type of law "REMIC", and in exchange for that the trusts have to be setup correctly from the get go.”
“A REMIC Trustee could never claim it owned a mortgage loan.”
“To file as a REMIC, and in order to avoid one hundred percent”
“The "Trustee" can not own the assets of the REMIC.”
“As long as the MBS is a qualified REMIC, no income tax will be charged to the MBS.”
“But the "pool" is the trust; and to qualify as a REMIC trust, it can own nothing.”
“One of the rules requires that the mortgages in the REMIC trust must all be added to it at the time of its creation, and no additional assets may be placed in the trust after this point.”
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