不动产抵押投资联合体 real-estate-mortgage investment conduit/REMIC

〈美〉一种投资实体，其拥有固定的不动产抵押或抵押担保的证券，将由此产生的收益向投资人分配，并以此方式而获得税收优惠。这种投资实体是根据1986年《税收改革法》〔Tax Reform Act〕而创设的，可以采用公司、合伙或者信托的形式。其须具备如下两个条件，方可享有免税待遇：1.该实体的资产须由不动产抵押所组成（尽管允许其保留部分流动资金资产）；2.实体的全部收益应分为固定收益与剩余收益。

The term "real estate mortgage investment conduit" (REMIC) refers to a special purpose vehicle (SPV) or debt instrument that pools mortgage loans together and issues mortgage-backed securities (MBSs). REMICs are complex investments that generate income for issuers and investors. Mortgage pools are generally broken up into tranches, repackaged, and marketed to investors as individual securities. REMICs can take on several different forms and are generally deemed pass-through entities. As such, they are exempt from being taxed directly. 具体例句如下：

例句1

Real estate mortgage investment conduits (REMICs) were first authorized by the enactment of the Tax Reform Act of 1986. They hold commercial and residential mortgages in trust and issue interests in these securitized mortgages to investors. They are considered to be a safe option for investors who are averse to risk.

不动产抵押投资联合体(REMICs)最初是由1986年颁布的税收改革法案授权的。他们以信托形式持有商业和住宅抵押贷款，并向投资者发行这些证券化抵押贷款的权益。对于厌恶风险的投资者来说，它们被认为是一种安全的选择。

例句2

Some of the industry's most prominent issuers of real estate mortgage investment conduits include Fannie Mae and Freddie Mac. These companies are backed by the federal government. Although they don't actually issue mortgages, they do guarantee home loans issued by other lenders in the secondary market. Other REMIC issuers include mortgage lenders and insurance companies, as well as savings institutions.

一些业内最著名的不动产抵押投资联合体发行商包括房利美和房地美。这些公司得到了联邦政府的支持。尽管它们实际上并不发放抵押贷款，但它们确实为二级市场上其他贷款机构发放的住房贷款提供担保。其他REMIC发行人包括抵押贷款机构、保险公司以及储蓄机构。

例句3

REMICs may be organized as partnerships, trusts, corporations, or associations and are federally tax-exempt entities. Investors who own these securities, though, are still subject to individual income taxation.

不动产抵押投资联合体可以组织为合伙企业、信托公司、公司或协会，是联邦免税实体。但是，持有这些证券的投资者仍需缴纳个人所得税。

例句4

Tax laws prevented REMICs from making modifications to their mortgage loans. As such, the entity could lose its tax-exempt status if a loan within its pool is exchanged for another loan. That's because federal regulations require loans in a given pool to be constant. In other words, the loans cannot be significantly modified or exchanged for different loans with new terms.

税法禁止不动产抵押投资联合体修改他们的抵押贷款。因此，如果其资金池中的一笔贷款被换成另一笔贷款，该实体可能会失去其免税地位。这是因为联邦法规要求给定池中的贷款保持不变。换句话说，不能对贷款进行重大修改或用新的条款交换不同的贷款。