Willys Schneider Quoted in Structured Credit Advisor

Willys Schneider, Partner in the Tax Department, was quoted in the article “Multi-Property Reprieve,” which appeared in Structured Credit Investor on September 1, 2010. The article discusses the issuance in August of Revenue Procedure 2010-30, which addresses issues left unclear by the IRS’ changes to the REMIC rules nearly a year ago. “The industry was concerned the definition of what it means to be principally secured by an interest in real property was not really broad enough and there was concern this could trip people up,” Ms. Schneider said. “For situations that fall within the revenue procedure, this is welcome clarification, but it does not answer all of the issues, according to Schneider. ‘The sense is the Revenue Procedure 2010-30 didn’t go as far as people had hoped it might have gone because it doesn’t take into account all of the situations people are concerned about,’ she adds.”