ASSIGNMENT AND ASSUMPTION AGREEMENT
ASSIGNMENT AND ASSUMPTION AGREEMENT, dated as of April 10, 2007 between Residential Funding
Company, LLC, a Delaware limited liability company ("RFC") and Residential Asset Mortgage Products, Inc.,
a Delaware corporation (the "Company").
Recitals
A. RFC has entered into seller contracts ("Seller Contracts") with the seller/servicers.
B. The Company wishes to purchase from RFC certain Mortgage Loans (as hereinafter defined)
originated pursuant to the Seller Contracts other than the Arrearages (as defined in the Pooling and
Servicing Agreement) with respect thereto.
C. The Company, RFC, as master servicer, and LaSalle Bank National Association, as trustee
(the "Trustee"), are entering into a Pooling and Servicing Agreement dated as of March 1, 2007 (the
"Pooling and Servicing Agreement"), pursuant to which the Trust proposes to issue Mortgage Asset-Backed
Pass-Through Certificates, RAAC Series 2007-SP1 (the "Certificates") consisting of classes of senior
certificates designated as Class A-1, Class A-2 and Class A-3 (collectively, the "Senior Certificates")
and subordinate certificates designated as Class X-0, Xxxxx X-0, Class M-3 and Class M-4 Certificates
(collectively, the "Class M Certificates"), Class R-I Certificates, Class R-II Certificates and Class SB
Certificates representing beneficial ownership interests in a trust fund consisting primarily of a pool
of mortgage loans identified in Exhibit G to the Pooling and Servicing Agreement (the "Mortgage Loans").
D. In connection with the purchase of the Mortgage Loans, the Company will assign to or at
the direction of RFC the Class R-I, Class R-II and Class SB Certificates (collectively, the "Retained
Certificates").
E. In connection with the purchase of the Mortgage Loans and the issuance of the
Certificates, RFC wishes to make certain representations and warranties to the Company and to assign
certain of its rights under the Seller Contracts to the Company, and the Company wishes to assume certain
of RFC's obligations under the Seller Contracts.
F. The Company and RFC intend that the conveyance by RFC to the Company of all its right,
title and interest in and to the Mortgage Loans pursuant to this Agreement shall constitute a purchase
and sale and not a loan.
NOW THEREFORE, in consideration of the recitals and the mutual promises herein and other good
and valuable consideration, the parties agree as follows:
1. All capitalized terms used but not defined herein shall have the meanings assigned thereto in
the Pooling and Servicing Agreement.
2. Concurrently with the execution and delivery hereof, RFC hereby assigns to the Company without
recourse all of its right, title and interest in and to the Mortgage Loans, including all interest and
principal, and with respect to any Sharia Mortgage Loans, all amounts in respect of profit payments and
acquisition payments, received on or with respect to the Mortgage Loans after the Cut-off Date (other
than payments of principal and interest, and with respect to any Sharia Mortgage Loans, all amounts in
respect of profit payments and acquisition payments, due on the Mortgage Loans in March 2007). In
consideration of such assignment, RFC will receive from the Company, in immediately available funds, an
amount equal to $335,754,021.20 and the Retained Certificates. In connection with such assignment and at
the Company's direction, RFC has in respect of each Mortgage Loan endorsed the related Mortgage Note
(other than any Destroyed Mortgage Note) to the order of the Trustee and delivered an assignment of
mortgage in recordable form to the Trustee or its agent. A Destroyed Mortgage Note means a Mortgage Note
the original of which was permanently lost or destroyed.
The Company and RFC intend that the conveyance by RFC to the Company of all its right, title and
interest in and to the Mortgage Loans pursuant to this Section 2 shall be, and be construed as, a sale of
the Mortgage Loans by RFC to the Company. It is, further, not intended that such conveyance be deemed to
be a pledge of the Mortgage Loans by RFC to the Company to secure a debt or other obligation of RFC.
However, in the event that the Mortgage Loans are held to be property of RFC, or if for any reason this
Agreement is held or deemed to create a security interest in the Mortgage Loans then it is intended that
(a) this Agreement shall also be deemed to be a security agreement within the meaning of Articles 8 and 9
of the Minnesota Uniform Commercial Code and the Uniform Commercial Code of any other applicable
jurisdiction; (b) the conveyance provided for in this Section shall be deemed to be a grant by RFC to the
Company of a security interest in all of RFC's right (including the power to convey title thereto), title
and interest, whether now owned or hereafter acquired, in and to (A) the Mortgage Loans, including (i)
with respect to each Cooperative Loan, the related Mortgage Note, Security Agreement, Assignment of
Proprietary Lease, Cooperative Stock Certificate, Cooperative Lease, any insurance policies and all other
documents in the related Mortgage File and (ii) with respect to any Sharia Mortgage Loan, the related
Sharia Mortgage Loan Security Instrument, Sharia Mortgage Loan Co-Ownership Agreement, Obligation to Pay,
Assignment Agreement and Amendment of Security Instrument, any insurance policies and all other documents
in the related Mortgage File and (iii) with respect to each Mortgage Loan other than a Cooperative Loan
or Sharia Mortgage Loan, the related Mortgage Note, the Mortgage, any related insurance policies and all
other documents in the related Mortgage File, (B) all amounts payable pursuant to the Mortgage Loans in
accordance with the terms thereof and (C) any and all general intangibles, payment intangibles, accounts,
chattel paper, instruments, documents, money, deposit accounts, certificates of deposit, goods, letters
of credit, advices of credit and investment property and other property of whatever kind or description
now existing or hereafter acquired consisting of, arising from or relating to any of the foregoing, and
all proceeds of the conversion, voluntary or involuntary, of the foregoing into cash, instruments,
securities or other property, including, without limitation, all amounts from time to time held or
invested in the Certificate Account or the Custodial Account, whether in the form of cash, instruments,
securities or other property; (c) the possession by the Trustee, the Custodian or any other agent of the
Trustee of Mortgage Notes or such other items of property as constitute instruments, money, negotiable
documents or chattel paper shall be deemed to be "possession by the secured party", or possession by a
purchaser or a person designated by him, for purposes of perfecting the security interest pursuant to the
Minnesota Uniform Commercial Code and the Uniform Commercial Code of any other applicable jurisdiction
(including, without limitation, Section 9-305, 8-313 or 8-321 thereof); and (d) notifications to persons
holding such property, and acknowledgments, receipts or confirmations from persons holding such property,
shall be deemed notifications to, or acknowledgments, receipts or confirmations from, financial
intermediaries, bailees or agents (as applicable) of the Trustee for the purpose of perfecting such
security interest under applicable law. RFC shall, to the extent consistent with this Agreement, take
such reasonable actions as may be necessary to ensure that, if this Agreement were deemed to create a
security interest in the Mortgage Loans and the other property described above, such security interest
would be deemed to be a perfected security interest of first priority under applicable law and will be
maintained as such throughout the term of this Agreement. Without limiting the generality of the
foregoing, RFC shall prepare and deliver to the Company no less than 15 days prior to any filing date,
and the Company shall file, or shall cause to be filed, at the expense of RFC, all filings necessary to
maintain the effectiveness of any original filings necessary under the Uniform Commercial Code as in
effect in any jurisdiction to perfect the Company's security interest in or lien on the Mortgage Loans
including without limitation (x) continuation statements, and (y) such other statements as may be
occasioned by (1) any change of name of RFC or the Company, (2) any change of location of the state of
formation, place of business or the chief executive office of RFC or (3) any transfer of any interest of
RFC in any Mortgage Loan.
3. Concurrently with the execution and delivery hereof, the Company hereby assigns to or at the
direction of RFC without recourse all of its right, title and interest in and to the Retained
Certificates as part of the consideration payable to RFC by the Company pursuant to this Agreement.
4. RFC represents and warrants to the Company, with respect to each Mortgage Loan that on the date
of execution hereof (or, if otherwise specified below, as of the date so specified):
(a) The information set forth in the Mortgage Loan Schedule for such Mortgage Loan is true and
correct in all material respects as of the date or dates respecting which such
information is furnished;
(b) Each Mortgage Loan constitutes a qualified mortgage under Section 860G(a)(3)(A) of the Code and
Treasury Regulations Section 1.860G-2(a)(1);
(c) Immediately prior to the conveyance of each Mortgage Loan to the Trustee, RFC had good title to,
and was the sole owner of, such Mortgage Loan free and clear of any pledge, lien,
encumbrance or security interest (other than rights to servicing and related
compensation) and such conveyance validly transfers ownership of such Mortgage Loan to
the Trustee free and clear of any pledge, lien, encumbrance or security interest;
(d) Each Mortgage Note constitutes a legal, valid and binding obligation of the Mortgagor, or the
consumer in the case of any Sharia Mortgage Loans, enforceable in accordance with its
terms except as limited by bankruptcy, insolvency or other similar laws affecting
generally the enforcement of creditors' rights;
(e) To the best of RFC's knowledge as of the Cut-off Date, and except as noted in (h) below, there
is no default, breach, violation or event of acceleration existing under the terms of
any Mortgage Note or Mortgage and no event which, with notice and expiration of any
grace or cure period, would constitute a default, breach, violation or event of
acceleration under the terms of any Mortgage Note or Mortgage, and no such default,
breach, violation or event of acceleration has been waived by RFC or by any other
entity involved in servicing a Mortgage Loan;
(f) Each Mortgage Loan with a Loan-to-Value Ratio, or combined Loan-to-Value Ratio in the case of
Mortgage Loans Secured by second liens, at origination in excess of 80% will be insured
by a Primary Insurance Policy, except for approximately 76.3% of the Mortgage Loans.
The amount of this insurance covers the amount of such Mortgage Loan in excess of 75%
of the value of the related Mortgaged Property used in determining the Loan-to-Value
Ratio, or combined Loan-to-Value Ratio in the case of Mortgage Loans Secured by second
liens.
(g) As of the Cut-Off Date, none of the Mortgage Loans are 30 to 59 days Delinquent in payment of
principal and interest and none of the Mortgage Loans have been 30 to 59 days
delinquent in the payment of principal and interest within the last twelve months. As
of the Cut-Off Date, none of the Mortgage Loans are currently 60 or more days
delinquent in the payment of principal and interest and none of the Mortgage Loans have
been 60 or more days delinquent in the payment of principal and interest within the
last twelve months;
(h) None of the Mortgage Loans is a Buy-Down Mortgage Loan;
(i) To the best of RFC's knowledge, there is no delinquent tax or assessment lien against any
related Mortgaged Property;
(j) No Mortgagor has any valid right of offset, defense or counterclaim as to the related Mortgage
Note or Mortgage, except as may be provided under the Servicemembers Civil Relief Act
of 1940, as amended;
(k) No Mortgage Loan provides for payments that are subject to reduction by withholding taxes levied
by any foreign (non-United States) sovereign government;
(l) The proceeds of each Mortgage Loan have been fully disbursed and (2) to the best of RFC's
knowledge, there is no requirement for future advances thereunder and any and all
requirements as to completion of any on-site or off-site improvements and as to
disbursements of any escrow funds therefor (including any escrow funds held to make
Monthly Payments pending completion of such improvements) have been complied with. All
costs, fees and expenses incurred in making, closing or recording the Mortgage Loans
were paid;
(m) To the best of RFC's knowledge, with respect to each Mortgage Loan, there are no mechanics'
liens or claims for work, labor or material affecting any Mortgaged Property which are
or may be a lien prior to, or equal with, the lien of the related Mortgage, except such
liens that are insured or indemnified against by a title insurance policy;
(n) With respect to each Mortgage Loan, a policy of title insurance was effective as of the closing
of such Mortgage Loan, is valid and binding, and remains in full force and effect,
unless the related Mortgaged Property is located in the State of Iowa and an attorney's
certificate with respect to such Mortgaged Property has been provided;
(o) Each Mortgaged Property is free of damage and in good repair and no notice of condemnation has
been given with respect thereto. RFC knows of nothing involving any Mortgaged Property
that could reasonably be expected to materially adversely affect the value or
marketability of any Mortgaged Property;
(p) Each Mortgage contains customary and enforceable provisions which render the rights and remedies
of the holder adequate to realize the benefits of the security against the Mortgaged
Property, including (i) in the case of a Mortgage that is a deed of trust, by trustee's
sale or (ii) by judicial foreclosure or, if applicable, non-judicial foreclosure, and
to the best of RFC's knowledge, there is no homestead or other exemption available to
the Mortgagor that would interfere with such right to sell at a trustee's sale or right
to foreclosure, subject in each case to applicable federal and state laws and judicial
precedents with respect to bankruptcy and right of redemption;
(q) To the best of RFC's knowledge, with respect to each Mortgage that is a deed of trust, a trustee
duly qualified under applicable law to serve as such is properly named, designated and
serving, and except in connection with a trustee's sale after default by a Mortgagor,
no fees or expenses are payable by the seller or RFC to the trustee under any Mortgage
that is a deed of trust;
(r) If the improvements securing a Mortgage Loan are located in a federal designated special flood
hazard area, flood insurance in the amount required under the Program Guide covers such
Mortgaged Property (either by coverage under the federal flood insurance program or by
coverage from private insurers);
(s) To the extent an appraisal was made on a Mortgage Loan, the appraisal was made by an appraiser
who meets the minimum qualifications for appraisers as specified in the Program Guide;
(t) Each Mortgage Loan is covered by a standard hazard insurance policy;
(u) [RESERVED];
(v) To the best of RFC's knowledge, any escrow arrangements established with respect to any Mortgage
Loan are in compliance with all applicable local, state and federal laws and are in
compliance with the terms of the related Mortgage Note;
(w) None of the Mortgage Loans are mortgage loans that under applicable state or local law in effect
at the time of origination of such loan are referred to as a "high-cost" or "covered"
loan or any other similar designation if the law imposes greater restrictions or
additional legal liability for residential mortgage loans with high interest rates,
points and/or fees;
(x) None of the Mortgage Loans are subject to the Home Ownership and Equity Act of 1994, referred to
as the Homeownership Act.
(y) None of the proceeds of any Mortgage Loan were used to finance the purchase of single premium
credit insurance policies;
(z) No Mortgage Loan has a prepayment penalty term that extends beyond five years after the date of
origination;
(aa) Each Mortgage Loan at the time it was made complied in all material respects with applicable
local, state, and federal laws, including, but not limited to, all applicable
anti-predatory lending laws; including the Homeownership Act.
(bb) Except for approximately 0.1% of the Mortgage Loans, no Mortgage Loan is a High Cost Loan or
Covered Loan, as applicable (as such terms are defined in Appendix E of the Standard &
Poor's Glossary For File Format For LEVELS(R)Version 5.6E Revised (attached hereto as
Exhibit 1)); provided that no representation and warranty is made in this clause (y)
with respect to any Mortgage Loan secured by property located in the located in the
State of West Virginia, and provided further that no Qualified Substitute Mortgage Loan
shall be a High Cost Loan or Covered Loan (as such terms are defined in Appendix E of
the Standard & Poor's Glossary for File Format For LEVELS(R)in effect on the date of
substitution), unless the Company shall have received from S&P written confirmation
that the inclusion of any such Mortgage Loan will not adversely affect the then current
ratings assigned to any of the Certificates by S&P; and
(cc) To the best of RFC's knowledge, the Subservicer for each Mortgage Loan has accurately and fully
reported its borrower credit files to each of the Credit Repositories in a timely
manner.
(dd) No Mortgage Loan originated on or after October 1, 2002 through March 6, 2003 is governed by the
Georgia Fair Lending Act.
(ee) With respect to any Sharia Mortgage Loan, mortgage pass-through, certificates or notes
representing interests in mortgage loans that are in all material respects of the same
type as the Mortgage Loans, and which are structured to be permissible under Islamic
law utilizing a declining balance co-ownership structure, have been, for at least one
year prior to the date hereof, (a) held by investors other than employee benefit plans,
and (b) rated at least BBB- or Baa3, as applicable, by a Rating Agency.
Upon discovery by RFC or upon notice from the Company or the Trustee of a breach of the
foregoing representations and warranties in respect of any Mortgage Loan, without giving effect to any
requirement that RFC have prior knowledge of such breach in respect of any Mortgage Loan, or upon the
occurrence of a Repurchase Event as described in Section 5 below, which materially and adversely affects
the interests of any holders of the Certificates or the Company in such Mortgage Loan (notice of which
shall be given to the Company by RFC, if it discovers the same), RFC shall, within 90 days after the
earlier of its discovery or receipt of notice thereof, either cure such breach or Repurchase Event in all
material respects or, except as otherwise provided in Section 2.04 of the Pooling and Servicing
Agreement, either (i) purchase such Mortgage Loan from the Trustee or the Company, as the case may be, at
a price equal to the Purchase Price for such Mortgage Loan or (ii) substitute a Qualified Substitute
Mortgage Loan or Loans for such Mortgage Loan in the manner and subject to the limitations set forth in
Section 2.04 of the Pooling and Servicing Agreement. If the breach of representation and warranty that
gave rise to the obligation to repurchase or substitute a Mortgage Loan pursuant to this Section 4 was a
breach of the representation and warranty set forth in clause (cc) of this Section 4, then RFC shall pay
to the Trust Fund, concurrently with and in addition to the remedies provided in the preceding sentence,
an amount equal to any liability, penalty or expense that was actually incurred and paid out of or on
behalf of the Trust Fund, and that directly resulted from such breach, or if incurred and paid by the
Trust Fund thereafter, concurrently with such payment. Notwithstanding the foregoing, RFC shall not be
required to cure breaches or Repurchase Events or to purchase or to substitute for Mortgage Loans as
provided above if the substance of such breach or Repurchase Event also constitutes fraud in the
origination of the Mortgage Loan.
5. With respect to each Mortgage Loan, a repurchase event ("Repurchase Event") shall have occurred
if one or both of the following occur: (a) it is discovered that, as of the date hereof, the related
Mortgage was not a valid first lien (or second lien, with respect to junior lien Mortgage Loans) on the
related Mortgaged Property subject only to (i) the lien of real property taxes and assessments not yet
due and payable, (ii) covenants, conditions, and restrictions, rights of way, easements and other matters
of public record as of the date of recording of such Mortgage and such other permissible title exceptions
as are listed in the Program Guide and (iii) other matters to which like properties are commonly subject
which do not materially adversely affect the value, use, enjoyment or marketability of the Mortgaged
Property or (b) it is discovered that, as of the time of its origination and as of the date hereof, the
Mortgage Loan did not comply in all material respects with all applicable local, state and federal laws.
In addition, with respect to any Mortgage Loan listed on the attached Schedule A with respect to which
any document or documents constituting a part of the Mortgage File are missing or defective in any
material respect, if such Mortgage Loan subsequently is in default and the enforcement thereof or of the
related Mortgage note is materially adversely affected by the absence or defectiveness of any such
document or documents, a Repurchase Event shall be deemed to have occurred and RFC will be obligated to
repurchase or substitute for such Mortgage Loan in the manner set forth in Section 4 above.
6. Concurrently with the execution and delivery hereof, RFC hereby assigns to the Company, and the
Company hereby assumes, all of RFC's rights and obligations under the Seller Contracts with respect to
the Mortgage Loans to be serviced under the Pooling and Servicing Agreement, other than RFC's obligations
in respect of representations and warranties made by it under any Seller Contract; provided that,
notwithstanding the assignment and assumption hereunder, RFC shall have the concurrent right to exercise
remedies and pursue indemnification upon a breach by a Seller under any Seller Contract of any of its
representations and warranties. This Agreement shall inure to the benefit of and be binding upon the
parties hereto and their respective successors and assigns, and no other person shall have any right or
obligation hereunder.
7. This Agreement will be governed by and construed in accordance with the laws of the State of New
York, without regard to the conflict of law principles thereof, other than Sections 5-1401 and 5-1402 of
the New York General Obligations Law.
[SIGNATURE PAGE FOLLOWS]
IN WITNESS WHEREOF, the parties have entered into this Assignment and Assumption Agreement as of
the date first above written.
RESIDENTIAL FUNDING COMPANY, LLC
By: /s/ Xxxxxxx Xxxxxxxx
Name: Xxxxxxx Xxxxxxxx
Title: Associate
RESIDENTIAL ASSET MORTGAGE
PRODUCTS, INC.
By: /s/ Xxx Xxxxxxxx
Name: Xxx Xxxxxxxx
Title: Vice President
SCHEDULE A
Schedule of Mortgage Loans with Defective Mortgage Files
(See attached)
EXHIBIT 1
REVISED July 11, 0000
XXXXXXXX X - STANDARD & POOR'S PREDATORY LENDING CATEGORIES
Standard & Poor's has categorized loans governed by anti-predatory lending laws in the Jurisdictions
listed below into three categories based upon a combination of factors that include (a) the risk exposure
associated with the assignee liability and (b) the tests and thresholds set forth in those laws. Note
that certain loans classified by the relevant statute as Covered are included in Standard & Poor's High
Cost Loan Category because they included thresholds and tests that are typical of what is generally
considered High Cost by the industry.
STANDARD & POOR'S HIGH COST LOAN CATEGORIZATION
-----------------------------------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------- ------------------------------------------------------------------- ------------------------------------------
State/Jurisdiction Name of Anti-Predatory Category under Applicable Anti-Predatory
Lending Law/Effective Date Lending Law
-------------------------------------------- ------------------------------------------------------------------- ------------------------------------------
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Arkansas Arkansas Home Loan Protection Act, Ark. Code Xxx.ss.ss.00-00-000 et High Cost Home Loan
seq.
Effective July 16, 2003
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Cleveland Heights, OH Ordinance No. 72-2003 (PSH), Mun. Codess.ss.757.01 et seq. Covered Loan
Effective June 2, 2003
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Colorado Consumer Equity Protection, Colo. Stat. Xxx.ss.ss.5-3.5-101 et seq. Covered Loan
Effective for covered loans offered or entered into on or after
January 1, 2003. Other provisions of the Act took effect on June
7, 2002
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Connecticut Connecticut Abusive Home Loan Lending Practices Act, Conn. Gen. High Cost Home Loan
Stat.ss.ss.36a-746 et seq.
Effective October 1, 2001
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District of Columbia Home Loan Protection Act, D.C. Codess.ss.26-1151.01 et seq. Covered Loan
Effective for loans closed on or after January 28, 2003
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Florida Fair Lending Act, Fla. Stat. Xxx.ss.ss.494.0078 et seq. High Cost Home Loan
Effective October 2, 2002
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Georgia (Oct. 1, 2002 - Mar. 6, 2003) Georgia Fair Lending Act, Ga. Code Xxx.ss.ss.7-6A-1 et seq. High Cost Home Loan
Effective October 1, 2002 - March 6, 2003
-------------------------------------------- ------------------------------------------------------------------- ------------------------------------------
-------------------------------------------- ------------------------------------------------------------------- ------------------------------------------
Georgia as amended (Mar. 7, 2003 - current) Georgia Fair Lending Act, Ga. Code Xxx.ss.ss.7-6A-1 et seq. High Cost Home Loan
Effective for loans closed on or after March 7, 2003
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HOEPA Section 32 Home Ownership and Equity Protection Act of 1994, 15 X.X.X.xx. High Cost Loan
1639, 12 C.F.R.ss.ss.226.32 and 226.34
Effective October 1, 1995, amendments October 1, 2002
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Illinois High Risk Home Loan Act, Ill. Comp. Stat. tit. 815,ss.ss.137/5 et High Risk Home Loan
seq.
Effective January 1, 2004 (prior to this date, regulations under
Residential Mortgage License Act effective from May 14, 2001)
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Kansas Consumer Credit Code, Kan. Stat. Xxx.ss.ss.16a-1-101 et seq. High Loan to Value Consumer Loan (xx.xx.
16a-3-207) and;
Sections 16a-1-301 and 16a-3-207 became effective April 14, 1999;
Section 16a-3-308a became effective July 1, 1999
-------------------------------------------- ------------------------------------------------------------------- ------------------------------------------
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High APR Consumer Loan (id.ss.16a-3-308a)
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-------------------------------------------- ------------------------------------------------------------------- ------------------------------------------
Kentucky 2003 KY H.B. 000 - Xxxx Xxxx Xxxx Xxxx Xxx, Xx. Rev. Xxxx.xx.xx. High Cost Home Loan
360.100 et seq.
Effective June 24, 2003
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Maine Truth in Lending, Me. Rev. Stat. tit. 9-A,ss.ss.8-101 et seq. High Rate High Fee Mortgage
Effective September 29, 1995 and as amended from time to time
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Massachusetts Part 40 and Part 32, 209 C.M.R.ss.ss.32.00 et seq. and 209 C.M.R. High Cost Home Loan
ss.ss.40.01 et seq.
Effective March 22, 2001 and amended from time to time
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Nevada Assembly Xxxx No. 284, Nev. Rev. Stat.ss.ss.598D.010 et seq. Home Loan
Effective October 1, 2003
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New Jersey New Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat. High Cost Home Loan
ss.ss.46:10B-22 et seq.
Effective for loans closed on or after November 27, 2003
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-------------------------------------------- ------------------------------------------------------------------- ------------------------------------------
New Mexico Home Loan Protection Act, N.M. Rev. Stat.ss.ss.58-21A-1 et seq. High Cost Home Loan
Effective as of January 1, 2004; Revised as of February 26, 2004
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New York N.Y. Banking Law Article 6-l High Cost Home Loan
Effective for applications made on or after April 1, 2003
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North Carolina Restrictions and Limitations on High Cost Home Loans, N.C. Gen. High Cost Home Loan
Stat.ss.ss.24-1.1E et seq.
Effective July 1, 2000; amended October 1, 2003 (adding open-end
lines of credit)
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-------------------------------------------- ------------------------------------------------------------------- ------------------------------------------
Ohio H.B. 386 (codified in various sections of the Ohio Code), Ohio Covered Loan
Rev. Code Xxx.ss.ss.1349.25 et seq.
Effective May 24, 2002
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Oklahoma Consumer Credit Code (codified in various sections of Title 14A) Subsection 10 Mortgage
Effective July 1, 2000; amended effective January 1, 2004
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South Carolina South Carolina High Cost and Consumer Home Loans Act, S.C. Code High Cost Home Loan
Xxx.ss.ss.37-23-10 et seq.
Effective for loans taken on or after January 1, 2004
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West Virginia West Virginia Residential Mortgage Lender, Broker and Servicer West Virginia Mortgage Loan Act Loan
Act, W. Va. Code Xxx.ss.ss.31-17-1 et seq.
Effective June 5, 2002
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-----------------------------------------------------------------------------------------------------------------------------------------------------------
STANDARD & POOR'S COVERED LOAN CATEGORIZATION
-----------------------------------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------- ------------------------------------------------------------------- ------------------------------------------
State/Jurisdiction Name of Anti-Predatory Category under Applicable Anti-Predatory
Lending Law/Effective Date Lending Law
-------------------------------------------- ------------------------------------------------------------------- ------------------------------------------
-------------------------------------------- ------------------------------------------------------------------- ------------------------------------------
Georgia (Oct. 1, 2002 - Mar. 6, 2003) Georgia Fair Lending Act, Ga. Code Xxx.ss.ss.7-6A-1 et seq. Covered Loan
Effective October 1, 2002 - March 6, 2003
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-------------------------------------------- ------------------------------------------------------------------- ------------------------------------------
New Jersey New Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat. Covered Home Loan
ss.ss.46:10B-22 et seq.
Effective November 27, 2003 - July 5, 2004
-------------------------------------------- ------------------------------------------------------------------- ------------------------------------------
STANDARD & POOR'S HOME LOAN CATEGORIZATION
-----------------------------------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------- ------------------------------------------------------------------- ------------------------------------------
State/Jurisdiction Name of Anti-Predatory Category under Applicable Anti-Predatory
Lending Law/Effective Date Lending Law
-------------------------------------------- ------------------------------------------------------------------- ------------------------------------------
-------------------------------------------- ------------------------------------------------------------------- ------------------------------------------
Georgia (Oct. 1, 2002 - Mar. 6, 2003) Georgia Fair Lending Act, Ga. Code Xxx.ss.ss.7-6A-1 et seq. Home Loan
Effective October 1, 2002 - March 6, 2003
-------------------------------------------- ------------------------------------------------------------------- ------------------------------------------
-------------------------------------------- ------------------------------------------------------------------- ------------------------------------------
New Jersey New Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat. Home Loan
ss.ss.46:10B-22 et seq.
Effective for loans closed on or after November 27, 2003
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-------------------------------------------- ------------------------------------------------------------------- ------------------------------------------
New Mexico Home Loan Protection Act, N.M. Rev. Stat.ss.ss.58-21A-1 et seq. Home Loan
Effective as of January 1, 2004; Revised as of February 26, 2004
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-------------------------------------------- ------------------------------------------------------------------- ------------------------------------------
North Carolina Restrictions and Limitations on High Cost Home Loans, N.C. Gen. Consumer Home Loan
Stat.ss.ss.24-1.1E et seq.
Effective July 1, 2000; amended October 1, 2003 (adding open-end
lines of credit)
-------------------------------------------- ------------------------------------------------------------------- ------------------------------------------
-------------------------------------------- ------------------------------------------------------------------- ------------------------------------------
South Carolina South Carolina High Cost and Consumer Home Loans Act, S.C. Code Consumer Home Loan
Xxx.ss.ss.37-23-10 et seq.
Effective for loans taken on or after January 1, 2004
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