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0602012 Informal Interpretation
us-ftc-hsr-informal-interpretations-cac359b68cf488565f88040c47cf002b0602012 Informal InterpretationGuidance
Date
Rule
15USC18a(c)(2) 7A(c)(2), 802.5
Response/Comments
No, if the loans are secured by something other than real property they would not be exempt.
Question
From: (redacted)
Sent: Monday, February 13, 2006 12:20 PM
To: Verne, B. Michael
Subject:REIT Question
Hi Mike.
Ihope you are doing well.
Aparty is intending to acquire voting securities of a REIT. The REIT holds onlyloans -- some of which it originated and some of which it purchased. It also createsentities to hold loans it purchases and sells the securities of such entitiesto third parties.
Tothe extent that the loans held by the REIT are realty backed, I understand thatthey would be HSR exempt assets. Would loans held by the REIT necessarily notbe exempt if they are not realty backed?
Iappreciate your help.
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