Trade Groups Mull REMIC Bill Input

The Commercial Mortgage Securities Association, the Mortgage Bankers Association, and other real-estate-related trade groups are considering what input to offer for pending congressional legislation on real estate mortgage investment conduits, according to CMSA chief executive Dottie Cunningham.The legislation, part of the American Jobs Creation Act of 2003, would "modify the definitions of REMIC regular interests, qualified mortgages, and permitted investments, so that certain types of real estate loans and loan pools can be transferred to, or purchased by, a REMIC," the CMSA said. The various real estate trade associations are working together and separately to come up with proposals, Ms. Cunningham told MortgageWire.