If upheld, the ruling could create great uncertainty about the recourse
provisions of thousands of current, terminated and troubled CMBS apartment loans worth more than $100 billion made over the last decade.
The majority of mortgage lenders insist on full recourse
to the borrower for environmental problems associated with the property and a breach by the borrower of the environmental covenants and warranties.
1001-2 explains that if property is transferred to satisfy recourse
debt, the transfer is divided into two transactions.
The joint September 5, 2002, interagency interpretive guidance discussing the appropriate applications of the November 2001, joint final rule on the treatment of recourse
obligations, direct-credit substitutes, and residual interests in asset securitizations.
addresses this need with its covert security products.
However, the regulations under IRC section 1001 provide a unique rule for foreclosures of recourse
Because you don't offer full recourse
with a UNL structure, your contingent liabilities are less.
Since 1990, when the Federal Financial Institutions Examination Council (FFIEC) requested comments on the appropriate reporting and capital treatment of asset sales with recourse
, the interagency task force has been devising a structure for applying risk-based capital to different levels of recourse
3) FASB 77, "Reporting by Transferors fro Transfers of Receivables with Recourse
," was issued in December 1983.
With the recent boom in the security industry, it's truly exciting to be involved with an industry leader such as Recourse
Technologies," said Mr.
liabilities should be allocated to those partners who bear the economic risk of loss (Regs.
Such restriction should also be covered by a recourse
carveback guaranty by each tenant in common.