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REMIC |
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REMIC
Real Estate Mortgage Investment Conduits The most common type of mortgage-backed security. A REMIC entitles the owner to a claim on the principal and interest payments on the particular mortgages underpinning the security. REMICs pay an interest rate that is usually related to the interest rates the homeowners are paying on their mortgages. The equivalent of the coupon on a mortgage-backed security is a percentage of the interest and principal paid on the mortgages backing the security. REMICs can take different legal forms: trusts, partnerships, and even assets without a legal status. They qualify for special tax treatment. REMICs were established by the Tax Reform Act of 1986. REMIC How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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