A mortgage that can appropriately be included in a CMBS. Includes any obligation principally secured by an interest in real property and which is either:
a)
transferred to the REMIC on the startup day, or
b)
purchased by the REMIC within the three-month period beginning as of the startup day, pursuant to a fixed price contract in effect on the startup day.
Additional obligations qualifying as secured by real property for the purposes of being termed a qualified mortgage include:
a)
obligations secured by stock held by tenants/stockholders in a cooperative housing corporation;
b)
debt securities backed by mortgages on timeshare ownership interests in a condominium development; and
c)
REMIC regular interests (not residual interests) transferred to the REMIC on the startup day in exchange for any interest in the REMIC.