December 20, 2007
Rev. Proc. 2007-72 potential tax relief for modification of securitized mortgage
Recent market turmoil has led to suggestions on how to stem losses on securitized mortgages. Some have proposed the locking of interest rates on variable rate mortgages at levels that the debtors can afford. One example is the American Securitization Forum's Statement of Principles, Recommendations and Guidelines for a Streamlined Foreclosure and Loss Avoidance Framework for Securitized Subprime Adjustable Rate Mortgage Loans that was issued on December 6, 2007 (the "AFS Report").
