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IRS issues Revenue Procedure 2010-30 saying it will not challenge the ability of real estate mortgage investment conduits to claim certain loans as “qualified mortgages” even if they no longer meet the specific requirements of such loans under tax code Section 860. Under circumstances in which a REMIC has released its lien on properties that appear to be headed for default, IRS says, there are conditions that can be met to ensure that agents will not challenge whether a loan meets the definition of a qualified mortgage.
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