Predatory Lending. Each Mortgage Loan, at the time it was originated, complied in all material respects with applicable local, state and federal laws, including, but not limited to, all applicable predatory and abusive lending laws; and none of the Mortgage Loans are “high-cost,” “high-cost home” or “covered” loans under any applicable federal, state or local predatory or abusive lending law.
Predatory Lending. The Sellers will comply with any and all requirements of any federal, state or local predatory and abusive lending laws applicable to the origination and servicing of mortgage loans, and the Sellers have and shall maintain in their possession, available for the inspection of the Buyer or its designees, and shall deliver to the Buyer or its designees, within a commercially reasonable time period following a request therefor, evidence of compliance with such requirements.
Predatory Lending. Each Mortgage Loan, at the time it was originated, complied in all material respects with applicable local, state and federal laws, including, but not limited to, all applicable predatory and abusive lending laws; and none of the Mortgage Loans are “high-cost,” “high-cost home” or “covered” loans under any applicable federal, state or local predatory or abusive lending law. It is understood and agreed that the representations and warranties set forth in this Section 5 shall survive delivery of the respective Mortgage Files to the applicable custodian and shall inure to the benefit of the Assignee and its assigns notwithstanding any restrictive or qualified endorsement or assignment. Upon the discovery by the Assignor, the Master Servicer, or the Assignee and its assigns of a breach of the foregoing representations and warranties, the party discovering such breach shall give prompt written notice to the other parties to this Assignment Agreement, and in no event later than two (2) Business Days from the date of such discovery. It is understood and agreed that the obligations of the Assignor set forth in Section 6 to repurchase a Mortgage Loan constitute the sole remedies available to the Assignee and its assigns on their behalf respecting a breach of the representations and warranties contained in this Section 5. It is further understood and agreed that the Assignor shall be deemed not to have made the representations and warranties in Sections 5(h) and 5(i) with respect to, and to the extent of, representations and warranties made, as to the matters covered in Sections 5(h) and 5(i), by the Servicer in the Sale and Servicing Agreement (or any officer’s certificate delivered pursuant thereto). It is understood and agreed that the Assignor has made no representations or warranties to the Assignee other than those contained in this Section 5, and no other affiliate of the Assignor has made any representations or warranties of any kind to the Assignee.
Predatory Lending. Such Eligible Loan Application is not classified as (a) a “high cost” loan under the Home Ownership and Equity Protection Act of 1994, as amended, or (b) a “high cost”, “threshold”, or “predatory” loan under any other applicable state, federal, or local law, (c) a “flipped” loan or loan that does not provide the borrower with a “net tangible benefit” as maybe defined under any applicable state, federal, or local law.
Predatory Lending. The Investor is subject to the “Servicer Certification” requirements set forth in 40 ILCS 5/1-110.10. Each of the Fund, the Manager, and the Investment Adviser certifies that it is not an entity chartered under: (a) the Illinois Banking Act (205 ILCS 5/1 et seq.); (b) the Illinois Savings Bank Act (205 ILCS 205/1 et seq.); (c) the Illinois Credit Union Act (205 ILCS 305/1 et seq.); or (d) the Illinois Savings and Loan Act of 1985 (205 ILCS 105/1 et seq.). Further, each of the Fund, the Manager, and the Investment Adviser certifies that it is not an entity licensed under the: (i) Illinois Residential Mortgage License Act of 1987 (205 ILCS 635/1 et seq.); (ii) the Illinois Consumer Installment Loan Act (205 ILCS 607 et seq.); or (iii) the Illinois Sales Finance Agency Act (205 ILCS 606/1 et seq.). If the Fund, the Manager, or the Investment Adviser shall become an entity chartered under or licensed under any of the foregoing provisions, such entity shall provide prompt written notice to the Investor and, thereafter, shall comply with the requirements applicable to it set forth in 40 ILCS 5/1-110.10.
Predatory Lending. Without limiting the generality of any of the other representations and warranties set forth herein:
Predatory Lending. No Mortgage Loan is a High Cost Loan, Covered Loan, as applicable (as each such term is defined in the then-current Appendix E to Standard & Poor’s LEVELS® Glossary of Terms (the “LEVELS Glossary”)) or any other similarly designated loan as defined under any state, local or federal law, as defined by applicable predatory and abusive lending laws. No Mortgage Loan is subject to the provisions of HOEPA. (jj) Required Counseling. The related Mortgagor has received all independent counseling required pursuant to the Underwriting Guidelines. (kk) Servicing and Collection Practices. The servicing and collection practices used with respect to the Mortgage Loan have been in accordance with Accepted Servicing Practices, any Applicable Laws, rules and regulations and in accordance with the terms of the Mortgage Note, Mortgage and other loan documents, whether such servicing was done by the Seller, its affiliates, or any third party which originated the Mortgage Loan on behalf of, or sold the Mortgage Loan to, any of them, or any servicing agent of any of the foregoing. (ll)
Predatory Lending. The Offering Documents contained material misstatements and omitted material information regarding the mortgage originators’ compliance with state and federal predatory lending prohibitions. Pursuant to the Bank’s regulatory requirements, it was not permitted to purchase any mortgage-backed securities that were secured by mortgage loans that violated these prohibitions. The Defendants represented that the mortgage pools did not contain any mortgage loans that violated state and federal predatory lending prohibitions. However, in truth, the mortgage originators engaged in rampant predatory lending, and, thus, the mortgage pools contained many loans that violated state and federal predatory lending restrictions.
