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Proposals for Comment
CMIS NOTICE:
TREASURY PUBLIC COMMENT:
RE: Commercial MBS: Notice 2009-79 Comments re Investment Trusts are due November 14, 2009
Request for Comments
The IRS and the Treasury Department welcome further comments
regarding what additional guidance, if any, is needed regarding modifications of
commercial mortgage loans held by investment trusts. To be most useful, the
comments should also analyze the extent to which the modifications at issue are
consistent with existing case law and administrative pronouncements that govern
whether an investment trust is classified as a trust for federal income tax purposes.
Answers to the following questions would be particularly helpful:
1. Is it common business practice to hold commercial mortgage loans
through an investment trust? If so, please describe the structure of an investment
trust that holds commercial mortgage loans. Also, if commercial mortgages are
held by a REMIC through an investment trust, please explain the utility of this
structure and its business purpose.
2. Are there fact patterns which are not described in 1.860G-
2(b)(3)(i) and in which one or more modifications permitted to REMICs under
1.860G-2(b)(3)(ii) through (vi) would be consistent with the case law and prior
administrative pronouncements if carried out by an investment trust?
3. Are there alternative structures that would be consistent with the
case law and prior administrative pronouncements and would allow the modified
mortgage loans to be held by an investment trust? Are there any changes or
additions to the REMIC rules that would be needed to facilitate these alternative
structures?
Interested parties are invited to submit comments on this notice by
November 14, 2009. Comments should be submitted in writing, and should
include a reference to Notice 2009-79. Send submissions to: CC:PA:LPD:PR
(Notice 2009-79), Room 5203, Internal Revenue Service, PO Box 7604, Ben
Franklin Station, Washington, DC 20044. Submissions may be hand delivered
Monday through Friday between the hours of 8 a.m. and 4 p.m. to
CC:PA:LPD:PR (Notice 2009-79), Courier's Desk, Internal Revenue Service,
1111 Constitution Avenue, NW, Washington, DC. Alternatively, comments may
be submitted electronically directly to the IRS via the following e-mail address:
Notice.comments@irscounsel.treas.gov. Please include "Notice 2009-79" in the
subject line of any electronic communication. All materials submitted will be
available for public inspection and copying.
Notice 2009-79
TD 9463
Rev Proc 2009-45
Richard Ivar Rydstrom, Esq.
Chairman, CMIS (Coalition for Mortgage Industry Solutions)
www.CMISMortgageCoalition.org
rrydstrom@gmail.com
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AFN NOTICE RE Comment Period re
Risk Based Capital Requirements
AFN Notice: Click Here
Rule: Click Here
MHA RISK BASED CAPITAL REQUIREMENTS COMMENT PERIOD
Federal Reserve
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