November 26, 2012
Borden & Reiss: “Wall Street Rules Applied to REMIC Classification”
In Wall Street Rules Applied to REMIC Classification, Professors Brad Borden and David Reiss explain how arrangements that fail to satisfy the REMIC requirements may benefit from the so-called Wall Street Rule. They argue, however, the IRS’s failure to audit REMICs may have contributed to the financial crisis and that audits and tax enforcement now will generate tax revenue, help clean up the mortgage securitization industry, and place the cost of the financial crisis on the parties who caused it.
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