Document Type
Article
Comments
This working paper predates Prof. Reiss's affiliation with Cornell Law School. It appeared in published form under the title "Wall Street Rules Applied to REMIC Classification" in Thomson Reuters News & Insight (September 13, 2012).
Abstract
Investors in mortgage-backed securities, built on the shoulders of the tax-advantaged Real Estate Mortgage Investment Conduit (“REMIC”), may be facing extraordinary tax losses because of how bankers and lawyers structured these securities. This calamity is compounded by the fact that those professional advisors should have known that the REMICs they created were flawed from the start. If these losses are realized, those professionals will face suits for damages so large that they could put them out of business.
Date of Authorship for this Version
8-31-2012
Keywords
Mortgage-backed securities, Real Estate Mortgage Investment Conduit, REMIC, Mortgage Electronic Recording System, MERS
Recommended Citation
Borden, Bradley T. and Reiss, David J., "Wall Street Rules" (2012). Cornell Law Faculty Working Papers. 169.
https://scholarship.law.cornell.edu/clsops_papers/169