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The IRS issued its new REMIC Regulations and Interpretive Revenue Procedure on Sep. 15 and, as expected, the number of borrower requests for modifications and extensions on commercial real estate loans has already increased. Of course, modification requests had been steadily increasing during the current economic downturn, but the tenor of these requests has changed. Borrowers now are quoting the new procedures directly in support of their requests. Yet, as reported in this column last month, there are limitations other than the tax rules that affect servicers, and modification is not necessarily a given in all instances.

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