June 21, 2013
Massachusetts District Court Interprets Ibanez Narrowly in Deciding That Plaintiff-Homeowner Lacked Standing to Challenge Bank’s Standing to Foreclose
This action arose out of an attempted foreclosure by defendant Aurora Loan Services on plaintiff David Kiah’s property. Based on the recent holding from U.S. Bank National Ass’n v. Ibanez, 458 Mass. 637, 941 N.E.2d 40 (2011), Kiah sought a … Continue reading
June 21, 2013 in Tax matters | Permalink | No Comments
June 6, 2013
REMIC Armageddon on the Horizon?
Brad Borden and I have warned that an unanticipated tax consequence of the sloppy mortgage origination practices that characterized the boom is that MBS pools may fail to qualify as REMICs. This would have massively negative tax consequences for MBS … Continue reading
June 6, 2013 in Tax matters | Permalink | No Comments
June 5, 2013
The Mortgage Interest Deduction: A Taxing Expenditure
The Congressional Budget Office has issued a report, The Distribution of Major Tax Expenditures in the Individual Income Tax System, which evaluates the mortgage interest deduction and the state and local tax deduction among other tax expenditures. It finds (consistent … Continue reading
June 5, 2013 in Tax matters | Permalink | No Comments
February 1, 2013
Borden and Reiss on Lawyers and REMICs
Our latest, Dirt Lawyers and Dirty REMICs, is on SSRN and BEPress.
February 1, 2013 in Tax matters | Permalink | No Comments
January 24, 2013
Center on Budget and Policy Priorities Report on Rental Assistance
The Center has issued a thought-provoking report, Renters’ Tax Credit Would Promote Equity and Advance Balanced Housing Policy. The summary states that Over the past several decades, the nation’s housing policy has focused predominantly on increasing homeownership. Most federal housing … Continue reading
January 24, 2013 in Tax matters | Permalink | No Comments
January 16, 2013
Federal Involvement in Real Estate — It’s Big!
SmartGrowth America has issued an interesting report, Federal Involvement in Real Estate: A Call for Examination, which provides a high level summary of the topic. While it does not contain any surprises, it is somewhat shocking to see the range … Continue reading
January 16, 2013 in Tax matters | Permalink | No Comments
December 5, 2012
Borden & Reiss: “Once a Failed REMIC, Never a REMIC”
This article analyses how courts may reach results that undercut arguments that REMICs were the owners of the mortgage notes and mortgages for tax purposes. And even if the majority of states rule in favor of REMICs, the few that … Continue reading
December 5, 2012 in Tax matters | Permalink | No Comments
