April 2005
Mortgage Banking;Apr2005, Vol. 65 Issue 7, p7
The article reports that the Mortgage Bankers Association (MBA) applauded Republican candidate Mark Foley and Democrat Earl Pomeroy for the reintroduction of the Real Estate Mortgage Investment Conduit (REMIC) Modernization Act. Daniel Phelan, chairman of MBA's Commercial Real Estate/Multifamily Finance Board of Governors said that the MBA applauds the congressmen for their efforts to modernize the REMIC tax rules that govern commercial mortgage-backed securities transactions. The legislation will make changes that will both protect the investments of commercial mortgage-backed securities bondholders and allow borrowers to make improvements to their property.


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