The Commercial Mortgage Securities Association (CMSA) today issued a White Paper that outlines its opposition to REMIC regulatory proposals specifically aimed at loan modifications, which require the restructuring of contracts for commercial real estate loans.

REMICs (real estate mortgage investment conduits) are statutorily created trusts and are the principle vehicle for the securitization of CMBS. For the past several years, CMSA has actively sought additional servicer flexibility within the REMIC rules to allow collateral improvements and substitutions that provide performing borrowers more flexibility while at the same time enhancing the protection of asset value for investors.

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