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Real Estate Mortgage Investment Conduit (REMIC):
Real
Estate Mortgage Investment Conduit. An investment-grade
mortgage bond that separates mortgage pools into different
maturity and risk classes. A bond secured by a mortgage
on a property. Mortgage bonds are backed by real estate
or physical equipment that can be liquidated. These
are usually considered high-grade, safe investments.
If an issuer in default has both secured and unsecured
bonds outstanding, secured bondholders are paid off
first, then unsecured bondholders. Naturally, because
unsecured bonds carry greater risk than secured bonds,
they usually pay higher yields.
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Mortgage securities vehicle
authorized by the Tax Reform Act of 1986 that holds
commercial and residential mortgages in trust, and issues
securities representing an Undivided Interest in these
mortgages. A REMIC, which can be a corporation, trust,
association, or partnership, assembles mortgages into
pools and issues pass-through certificates, multiclass
bonds similar to a Collateralized Mortgage Obligation
(CMO), or other securities to investors in the secondary
mortgage market. Mortgage-backed securities issued through
a REMIC can be debt financings of the issuer or a sale
of assets.
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give information on Tax Reform Act eliminated the double
taxation of income earned at the corporate level by
an issuer and dividends paid to securities holders,
thereby allowing a REMIC to structure a mortgage backed
securities offering as a sale of assets, effectively
removing the loans from the originating lender's balance
sheet, rather than a debt financing in which the loans
remain as balance sheet assets. A REMIC itself is exempt
from federal taxes, although income earned by investors
is fully taxable. As a tax-exempt entity, a REMIC may
invest only in qualified mortgages and permitted investments,
including single family or multifamily mortgages, commercial
mortgages, second mortgages, mortgage participations,
and federal agency pass-through securities.
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Federal legislation enacted
in 2004 (the American Jobs Creation Act) relaxed some
of the restrictions on REMIC issuance, allowing securitization
of mortgage-related open-end credit, such as home-equity
lines of credit. |
