SEC-162 - Need to distinguish REMICs from other CDOs and REITs

[ElisaKendall]

Signed-off-by: Elisa Kendall ekendall@thematix.com

Description

Clarified the definition of RealEstateMortgageInvestmentConduit (REMIC) and eliminated a duplicate definition for promissory note

Fixes: #1738 / SEC-162

Checklist:

• [x] I'm familiar with the FIBO developer quide. My contribution meets all the requirements described there.
• [x] My contribution follows the principles of best practices for FIBO.
• [x] My changes have been reconciled with latest master and no merge conflicts remain.
• [x] This PR is related to exactly one issue. The issue is referenced by using a GitHub keyword such as "fixes", "closes", or "resolves".
• [x] Hygiene tests have been applied by a PR with "(WIP)" in title.
• [x] The issue has been tested locally using a reasoner (for ontology changes).

[tahoeblue]

The following explanatory note (line 517 in SEC/Debt/MortgageBackedSecurities.rdf https://github.com/edmcouncil/fibo/pull/1739/files#diff-d1ab027fbe1a7c2d2c34c3331472ad486057f8c62ce86d38efb548ab686a9f77 ) should probably be revised:

“ CMOs exist within REMICs, although CMOs are separate legal entities for tax and legal purposes.</fibo-fnd-utl-av:explanatoryNote> “

This seems to suggest that a REMIC, as a legal entity created for investment purposes, contains a separate legal entity (a CMO). However, I believe that a REMIC is itself simply a form of CMO, not an organization that owns and manages a separate legal entity that is a CMO. A REMIC implements and embodies the same types of organization of tranches of mortgage pools to be directly marketed and sold as securities to investors, and which are the types of operations and offerings that is what would be generally be described as a “CMO".

On Mar 1, 2022, at 2:30 AM, Pawel Garbacz @.***> wrote:

@mereolog https://github.com/mereolog requested your review on: #1739 https://github.com/edmcouncil/fibo/pull/1739 SEC-162 - Need to distinguish REMICs from other CDOs and REITs.

— Reply to this email directly, view it on GitHub https://github.com/edmcouncil/fibo/pull/1739#event-6161022117, or unsubscribe https://github.com/notifications/unsubscribe-auth/AB72TFVM263HR52CTAPCV73U5XWVFANCNFSM5PRS4UOA. Triage notifications on the go with GitHub Mobile for iOS https://apps.apple.com/app/apple-store/id1477376905?ct=notification-email&mt=8&pt=524675 or Android https://play.google.com/store/apps/details?id=com.github.android&referrer=utm_campaign%3Dnotification-email%26utm_medium%3Demail%26utm_source%3Dgithub. You are receiving this because your review was requested.

[ElisaKendall]

Eliminated the note so that the confusion is no longer an issue