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  • Not enacted
    The President has not signed this bill
  • The house has not voted
  • The senate has not voted
      senate Committees
      Senate Committee on Banking, Housing, and Urban Affairs
    IntroducedFebruary 4th, 2009

Bill Details

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Title

Real Estate Mortgage Investment Conduit Improvement Act of 2009

Official Title

A bill to provide rules for the modification or disposition of certain assets by real estate mortgage investment conduits pursuant to division A of the Emergency Economic Stabilization Act of 2008, and for other purposes.

Summary

Real Estate Mortgage Investment Conduit Improvement Act of 2009 - Establishes special rules for modification or disposition of a troubled asset (qualified mortgages or foreclosure property) under the Troubled Asset Relief Program (TARP) by real estate mortgage investment conduits (REMICs). Declares that: (1) such a modification or disposition shall not be treated as a prohibited transaction under the Internal Revenue Code; (2) an interest in the REMIC shall not fail to be treated as a regular interest solely because of such modification or disposition; and (3) any proceeds resulting from such modification or disposition shall be treated as amounts received under qualified mortgages. Specifies terms of the instruments governing the conduct of servicers or trustees with respect to qualified mortgages which shall terminates a REMIC. Directs the Secretary of the Treasury to establish and implement a home mortgage loan relief program under TARP.