EXECUTION COPY
ASSIGNMENT AND ASSUMPTION AGREEMENT
ASSIGNMENT AND ASSUMPTION AGREEMENT, dated as of January 27,
2006, between Residential Funding Corporation, a Delaware corporation ("RFC")
and Residential Funding Mortgage Securities II, Inc., a Delaware corporation
(the "Company").
Recitals
A. RFC has entered into seller contracts ("Seller Contracts")
with certain sellers and servicers.
B. The Company wishes to purchase from RFC certain Mortgage Loans
(as hereinafter defined) originated pursuant to the Seller Contracts with
respect thereto.
C. The Company, RFC, as master servicer, and JPMorgan Chase Bank,
N.A., as trustee (the "Trustee"), are entering into a Pooling and Servicing
Agreement dated as of January 1, 2006 (the "Pooling and Servicing Agreement"),
pursuant to which the Company proposes to issue Home Equity Loan Pass-Through
Certificates, Series 2006-HSA1 (the "Certificates") consisting of eight classes
designated as Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class SB,
Class R-I and Class R-II, representing beneficial ownership interests in a trust
fund consisting primarily of a pool of closed-end, primarily second lien fixed
rate mortgage loans identified on Exhibit D to the Pooling and Servicing
Agreement (the "Mortgage Loans").
D. In connection with the purchase of the Mortgage Loans, the
Company will assign to RFC the Class SB, Class R-I and Class R-II Certificates
(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.
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 received on or with respect
to the Mortgage Loans on or after the Cut-off Date. In consideration of such
assignment, RFC will receive from the Company, in immediately available funds,
an amount equal to $460,949,987.49, including accrued interest, 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, as defined in the following sentence)
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. Nonetheless, (a) this Agreement is intended to
be and hereby is 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 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
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, payment intangibles, negotiable documents, goods, deposit
accounts, letters of credit, advices of credit, investment property,
certificated securities or chattel paper shall be deemed to be "possession by
the secured party", or possession by a purchaser or a person designated by such
secured party, 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, Sections 8-106, 9-313
and 9-106 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 not 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 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 RFC without recourse all of its right, title and
interest in and to the Residual Certificates as part of the consideration
payable to RFC by the Company pursuant to this Agreement.
4. RFC represents and warrants to the Company that on the date of
execution hereof (or, if otherwise specified below, as of the date so
specified):
(a) As of the Cut-off Date, no Mortgage Loan is 30 days or more Delinquent in
payment of principal and interest;
(b) The information set forth in Exhibit D to the Pooling and Servicing
Agreement with respect to each Mortgage Loan or the Mortgage Loans, as the case
may be, is true and correct in all material respects at the date or dates
respecting which such information is furnished;
(c) There is no right of rescission, valid offset, defense, claim or
counterclaim of any obligor under any Mortgage Note or Mortgage except as may be
provided under the Servicemembers Civil Relief Act, as amended;
(d) There is no delinquent recording or other tax or fee or assessment lien
against any related Mortgaged Property;
(e) There is no proceeding pending or threatened for the total or partial
condemnation of the related Mortgaged Property;
(f) There are no mechanics' or similar liens or claims which have been filed for
work, labor or material affecting the related Mortgaged Property which are, or
may be liens prior or equal to, or subordinate with, the lien of the related
Mortgage;
(g) For each Mortgage Loan, the related Mortgage File contains or will contain
each of the documents and instruments specified to be included therein;
(h) The related Mortgage Note and the related Mortgage 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 and
the Constitution of the State of Texas;
(i) A policy of title insurance in the form and amount required by the Program
Guide was effective as of the closing of each Mortgage Loan and each such policy
is valid and remains in full force and effect, unless the Mortgaged Property is
located in the State of Iowa and an attorney's certificate has been provided in
accordance with the Program Guide, and a title search or other assurance of
title customary in the relevant jurisdiction was obtained with respect to each
Mortgage Loan as to which no title insurance policy or binder was issued;
(j) With respect to each Mortgage Loan, the ratio, expressed as a percentage, of
(A) the sum of (i) the Cut-off Date Principal Balance of such Mortgage Loan and
(ii) any outstanding principal balance, as of the Cut-off Date, of all other
mortgage loans, if any, secured by senior or subordinate liens on the related
Mortgaged Property, to (B) the Appraised Value, or, to the extent permitted by
the Program Guide, the Stated Value of such Mortgaged Property, was not in
excess of 100%;
(k) The physical property subject to each Mortgage is free of material damage
and is in good repair;
(l) RFC has not received a notice of default of any senior mortgage loan related
to a Mortgaged Property which has not been cured by a party other than the
related Subservicer;
(m) The Mortgage Rate on each Mortgage Loan will be fixed. No Mortgage Loan is
subject to negative amortization;
(n) No more than 17.6% of the Mortgage Loans are secured by Mortgaged Properties
located in California;
(o) Immediately prior to the assignment of the Mortgage Loans to the Trustee,
RFC had good title to, and was the sole owner of, each Mortgage Loan free and
clear of any pledge, lien, encumbrance or security interest (other than a first
lien on such Mortgaged Property and the rights to servicing and related
compensation) and such assignment validly transfers ownership of the Mortgage
Loans to the Trustee free and clear of any pledge, lien, encumbrance or security
interest (other than a first lien on such Mortgaged Property and the rights to
servicing and related compensation);
(p) Approximately 70.0% of the Mortgage Loans are balloon loans;
(q) No Mortgage Loan will have a remaining term to stated maturity as of the
Cut-off Date of less than 33 months. The weighted average remaining term to
stated maturity of the Mortgage Loans as of the Cut-off Date will be
approximately 198 months. The weighted average original term to maturity of the
Mortgage Loans as of the Cut-off Date will be approximately 199 months.
Approximately 0.1% of the Mortgage Loans are fully-amortizing and will have
original terms to maturity of approximately five years, with a weighted average
remaining term to stated maturity of such Mortgage Loans of approximately 51
months. Approximately 0.5% of the Mortgage Loans are fully-amortizing and will
have original terms to maturity of approximately ten years, with a weighted
average remaining term to stated maturity of such Mortgage Loans of
approximately 119 months. Approximately 11.1% of the Mortgage Loans are
fully-amortizing and will have original terms to maturity of approximately
fifteen years, with a weighted average remaining term to stated maturity of such
Mortgage Loans of approximately 179 months. Approximately 5.1% of the Mortgage
Loans are fully-amortizing and will have original terms to maturity of
approximately twenty years, with a weighted average remaining term to stated
maturity of such Mortgage Loans of approximately 239 months. Approximately 2.0%
of the Mortgage Loans are fully-amortizing and will have original terms to
maturity of approximately twenty-five years, with a weighted average remaining
term to stated maturity of such Mortgage Loans of approximately 342 months.
Approximately 70.0% of the Mortgage Loans are balloon loans will have original
terms to maturity of approximately fifteen years based on 30-year amortization
schedules, with a weighted average remaining term to stated maturity of 179
months;
(r) [Reserved];
(s) Other than with respect to a payment default, there is no material 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 material default, breach, violation or
event of acceleration under the terms of any Mortgage Note or Mortgage, and no
such material default, breach, violation or event of acceleration has been
waived by RFC or by any other entity involved in originating or servicing a
Mortgage Loan;
(t) For each Mortgage Loan, hazard insurance and flood insurance has been
obtained which meets all applicable requirements of Section 3.11 of the Pooling
and Servicing Agreement, or the Master Servicer will obtain blanket coverage in
respect thereof as contemplated in the Pooling and Servicing Agreement;
(u) Each Mortgage Note and each Mortgage is an enforceable obligation of the
related Mortgagor;
(v) No instrument of release or waiver has been executed in connection with the
Mortgage Loans, and no Mortgagor has been released, in whole or in part from its
obligations in connection with a Mortgage Loan;
(w) With respect to each Mortgage Loan that is a second lien, either (i) no
consent for the Mortgage Loan was required by the holder of the related prior
lien or (ii) such consent has been obtained and is contained in the Mortgage
File;
(x) None of the Mortgaged Properties is a mobile home or a manufactured housing
unit that is not permanently attached to its foundation;
(y) 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), (2),
(4), (5) and (6), without reliance on the provisions of Treasury Regulation
Section 1.860G-2(a)(3) or Treasury Regulation Section 1.860G-2(f)(2) or any
other provision that would allow a Mortgage Loan to be treated as a "qualified
mortgage" notwithstanding its failure to meet the requirements of Section
860G(a)(3)(A) of the Code and Treasury Regulation Section 1.860G-2(a)(1), (2),
(4), (5) and (6);
(z) 92.9% of the Mortgage Loans are actuarial mortgage loans, on which 30 days
of interest is owed each month irrespective of the day on which the payment is
received;
(aa) As of the Cut-off Date, the Mortgage Rates of the Mortgage Loans range
between 5.750% per annum and 14.875% per annum, with a weighted average Mortgage
Rate of approximately 8.7908% per annum;
(bb) 99.82% of the Mortgage Loans are secured by second liens and the remainder
are secured by first liens;
(cc) [Reserved];
(dd) (A) Each Mortgaged Property with respect to the Mortgage Loans consists of
a single parcel of real property with a single family residence erected thereon,
a two-to-four family residence erected thereon, or improved by an individual
condominium unit, planned unit development, townhouse or modular home; (B) with
respect to the Mortgage Loans, (i) approximately 38.55% of the Mortgage Loans
are secured by real property improved by individual condominium units, planned
unit developments (attached and detached), townhouses/rowhouses or modular
homes, (ii) approximately 59.49%% of the Mortgage Loans are secured by real
property with a single family residence erected thereon and (iii) approximately
1.96% of the Mortgage Loans are secured by real property with a two-to-four
family residence;
(ee) 13 of the Mortgage Notes of the Mortgage Loans are missing from the
Mortgage File;
(ff) None of the Mortgage Loans are secured by a leasehold interest;
(gg) None of the proceeds of the Mortgage Loans were used to finance the
purchase of single premium credit insurance policies and none of the Mortgage
Loans contain prepayment penalties that extend beyond five years after the date
of origination;
(hh) None of the Mortgage Loans are loans that, under applicable state or local
law in effect at the time of origination of such loan, are referred to as (1)
"high cost" or "covered" loans or (2) 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;
(ii) RFC has not transferred the Mortgage Loans to the Purchaser with any intent
to hinder, delay or defraud creditors;
(jj) Each Subservicer meets all applicable requirements under the Pooling and
Servicing Agreement, is properly qualified to service the Mortgage Loans and has
been servicing the Mortgage Loans prior to the Cut-off Date in accordance with
the terms of the Subservicing Agreement;
(kk) All of the Mortgage Loans have been underwritten in substantial compliance
with the criteria set forth in the Program Guide;
(ll) The proceeds of each Mortgage Loan have been fully disbursed and there is
no requirement for future advances thereunder;
(mm) The Mortgage contains a customary provision for the acceleration of the
payment of the unpaid principal balance of the Mortgage Loan in the event the
related Mortgaged Property is sold without the prior consent of the mortgagee
thereunder;
(nn) With respect to Mortgage Loans originated more than 12 months prior to the
Cut-off Date (A) none of the obligors under such Mortgage Loans were the subject
of a bankruptcy proceeding and (B) no such Mortgage Loan has been 30 or more
days delinquent more than twice within 12 months of the Cut-off Date;
(oo) No Mortgage Loan is a High Cost Loan or Covered Loan, as applicable (as
such terms are defined in the then current Standard & Poor's LEVELS(R) Glossary
which is now Version 5.6 Revised, Appendix E (attached hereto as Exhibit A));
provided that no representation and warranty is made in this clause 3.1(b)(xli)
with respect to 0.5% of the Mortgage Loans (by outstanding principal balance as
of the Cut-off Date) secured by property located in the State of Kansas, and
with respect to 0.1% of the Mortgage Loans (by outstanding principal balance as
of the Cut-off Date) secured by property located in the State of West Virginia;
and
(pp) No Mortgage Loan originated on or after October 1, 2002 through March 6,
2003 is governed by the Georgia Fair Lending Act.
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, 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, the Credit Enhancer or the Company in such Mortgage
Loan (notice of which breach or occurrence 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 2.03
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 2.03 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 the
representation set forth in clause (h) 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.
5. With respect to each Mortgage Loan, a repurchase event
("Repurchase Event") shall have occurred if it is discovered that, as of the
date hereof, the related Mortgage was not a valid first or second lien on the
related Mortgaged Property subject only to (i) any related first lien on such
Mortgaged Property, (ii) the lien of real property taxes and assessments not yet
due and payable, (iii) 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 (iv) 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. In addition, with respect to any
Mortgage Loan as to which the Company delivers to the Trustee or the Custodian
an affidavit certifying that the original Mortgage Note has been lost or
destroyed, if such Mortgage Loan subsequently is in default and the enforcement
thereof or of the related Mortgage is materially adversely affected by the
absence of the original Mortgage Note, 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. RFC hereby represents and warrants to the Company that, with
respect to each Mortgage Loan, the REMIC's tax basis in each Mortgage Loan as of
the Closing Date is equal to or greater than 100% of the Stated Principal
Balance thereof.
7. 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.
IN WITNESS WHEREOF, the parties have entered into this Assignment
and Assumption Agreement as of the date first above written.
RESIDENTIAL FUNDING CORPORATION
By:/s/Xxxxxx Xxxxxx
Name: Xxxxxx Xxxxxx
Title: Associate
RESIDENTIAL FUNDING MORTGAGE SECURITIES, INC.
By:/s/Xxx Xxxxxxxx
Name: Xxx Xxxxxxxx
Title: Vice President
EXHIBIT A
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 Lending Category under
Applicable
Anti-Predatory Lending
Law/Effective Date Law
---------------------------- ---------------------------------------- --------------------------
Arkansas Arkansas Home Loan Protection Act, High Cost Home Loan
Ark. Code Xxx. xx.xx. 00-00-000 et seq.
Effective July 16, 2003
---------------------------- ---------------------------------------- --------------------------
Cleveland Heights, OH Ordinance No. 72-2003 (PSH), Mun. Code Covered Loan
xx.xx. 757.01 et seq.
Effective June 2, 2003
---------------------------- ---------------------------------------- --------------------------
Colorado Consumer Equity Protection, Colo. Covered Loan
Stat. Xxx. xx.xx. 5-3.5-101 et seq.
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
---------------------------- ---------------------------------------- --------------------------
Connecticut Connecticut Abusive Home Loan Lending High Cost Home Loan
Practices Act, Conn. Gen. Stat. xx.xx.
36a-746 et seq.
Effective October 1, 2001
---------------------------- ---------------------------------------- --------------------------
District of Columbia Home Loan Protection Act, D.C. Code xx.xx. Covered Loan
26-1151.01 et seq.
Effective for loans closed on or after
January 28, 2003
---------------------------- ---------------------------------------- --------------------------
Florida Fair Lending Act, Fla. Stat. Xxx. xx.xx. High Cost Home Loan
494.0078 et seq.
Effective October 2, 2002
---------------------------- ---------------------------------------- --------------------------
Georgia (Oct. 1, 0000 - Xxxxxxx Xxxx Xxxxxxx Xxx, Xx. Code High Cost Home Loan
Mar. 6, 2003) Xxx. xx.xx. 7-6A-1 et seq.
Effective October 1, 2002 - March 6,
2003
---------------------------- ---------------------------------------- --------------------------
Georgia as amended (Mar. Georgia Fair Lending Act, Ga. Code High Cost Home Loan
7, 2003 - current) Xxx. xx.xx. 7-6A-1 et seq.
Effective for loans closed on or after
March 7, 2003
---------------------------- ---------------------------------------- --------------------------
HOEPA Section 32 Home Ownership and Equity Protection High Cost Loan
Act of 1994, 15 U.S.C. ss. 1639, 12
C.F.R. xx.xx. 226.32 and 226.34
Effective October 1, 1995, amendments
October 1, 2002
---------------------------- ---------------------------------------- --------------------------
Illinois High Risk Home Loan Act, Ill. Comp. High Risk Home Loan
Stat. tit. 815, xx.xx. 137/5 et seq.
Effective January 1, 2004
(prior to this date,
regulations under Residential
Mortgage License Act
effective from May 14, 2001)
---------------------------- ---------------------------------------- --------------------------
Kansas Consumer Credit Code, Kan. Stat. Xxx. High Loan to Value
xx.xx. 16a-1-101 et seq. Consumer Loan (id. ss.
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
---------------------------- ---------------------------------------- --------------------------
High APR Consumer Loan
(id. ss. 16a-3-308a)
---------------------------- ---------------------------------------- --------------------------
Kentucky 2003 KY H.B. 287 - High Cost Home Loan High Cost Home Loan
Act, Ky. Rev. Stat. xx.xx. 360.100
et seq.
Effective June 24, 2003
---------------------------- ---------------------------------------- --------------------------
Maine Truth in Lending, Me. Rev. Stat. tit. High Rate High Fee
9-A, xx.xx. 8-101 et seq. Mortgage
Effective September 29, 1995 and as
amended from time to time
---------------------------- ---------------------------------------- --------------------------
Massachusetts Part 40 and Part 32, 209 C.M.R. xx.xx. High Cost Home Loan
32.00 et seq. and 209 C.M.R. xx.xx.
40.01 et seq.
Effective March 22, 2001 and amended
from time to time
---------------------------- ---------------------------------------- --------------------------
Nevada Assembly Xxxx No. 284, Nev. Rev. Stat. Home Loan
xx.xx. 598D.010 et seq.
Effective October 1, 2003
---------------------------- ---------------------------------------- --------------------------
New Jersey New Jersey Home Ownership Security Act High Cost Home Loan
of 2002, N.J. Rev. Stat. xx.xx.
46:10B-22 et seq.
Effective for loans closed on or after
November 27, 2003
---------------------------- ---------------------------------------- --------------------------
New Mexico Home Loan Protection Act, N.M. Rev. High Cost Home Loan
Stat. xx.xx. 58-21A-1 et seq.
Effective as of January 1, 2004;
Revised as of February 26, 2004
---------------------------- ---------------------------------------- --------------------------
New York N.Y. Banking Law Article 6-l High Cost Home Loan
Effective for applications made on or
after April 1, 2003
---------------------------- ---------------------------------------- --------------------------
North Carolina Restrictions and Limitations on High High Cost Home Loan
Cost Home Loans, N.C. Gen. Stat. xx.xx.
24-1.1E et seq.
Effective July 1, 2000; amended
October 1, 2003 (adding open-end lines
of credit)
---------------------------- ---------------------------------------- --------------------------
Ohio H.B. 386 (codified in various sections Covered Loan
of the Ohio Code), Ohio Rev. Code Xxx.
xx.xx. 1349.25 et seq.
Effective May 24, 2002
---------------------------- ---------------------------------------- --------------------------
Oklahoma Consumer Credit Code (codified in Subsection 10 Mortgage
various sections of Title 14A)
Effective July 1, 2000; amended
effective January 1, 2004
---------------------------- ---------------------------------------- --------------------------
South Carolina South Carolina High Cost and Consumer High Cost Home Loan
Home Loans Act, S.C. Code Xxx. xx.xx.
37-23-10 et seq.
Effective for loans taken on or after
January 1, 2004
---------------------------- ---------------------------------------- --------------------------
West Virginia West Virginia Residential Mortgage West Virginia Mortgage
Lender, Broker and Servicer Act, W. Loan Act Loan
Va. Code Xxx. xx.xx. 31-17-1 et seq.
Effective June 5, 2002
---------------------------- ---------------------------------------- --------------------------
STANDARD & POOR'S COVERED LOAN CATEGORIZATION
---------------------------- ---------------------------------------- --------------------------
State/Jurisdiction Name of Anti-Predatory Lending Category under
Applicable
Anti-Predatory Lending
Law/Effective Date Law
---------------------------- ---------------------------------------- --------------------------
Georgia (Oct. 1, 2002 - Georgia Fair Lending Act, Ga. Code Covered Loan
Mar. 6, 2003) Xxx. xx.xx. 7-6A-1 et seq.
Effective October 1, 2002 - March 6,
2003
---------------------------- ---------------------------------------- --------------------------
New Jersey New Jersey Home Ownership Security Act Covered Home Loan
of 2002, N.J. Rev. Stat. xx.xx. 46:10B-22
et seq.
Effective November 27, 2003 - July 5,
2004
---------------------------- ---------------------------------------- --------------------------
STANDARD & POOR'S HOME LOAN CATEGORIZATION
------------------------------------------------------------------------------------------------
State/Jurisdiction Name of Anti-Predatory Lending Category under
Applicable
Anti-Predatory Lending
Law/Effective Date Law
---------------------------- ---------------------------------------- --------------------------
Georgia (Oct. 1, 2002 - Georgia Fair Lending Act, Ga. Code Home Loan
Mar. 6, 2003) Xxx. xx.xx. 7-6A-1 et seq.
Effective October 1, 2002 - March 6,
2003
---------------------------- ---------------------------------------- --------------------------
New Jersey New Jersey Home Ownership Security Act Home Loan
of 2002, N.J. Rev. Stat. xx.xx. 46:10B-22
et seq.
Effective for loans closed on or after
November 27, 2003
---------------------------- ---------------------------------------- --------------------------
New Mexico Home Loan Protection Act, N.M. Rev. Home Loan
Stat. xx.xx. 58-21A-1 et seq.
Effective as of January 1, 2004;
Revised as of February 26, 2004
---------------------------- ---------------------------------------- --------------------------
North Carolina Restrictions and Limitations on High Consumer Home Loan
Cost Home Loans, N.C. Gen. Stat. xx.xx.
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 Consumer Home Loan
Home Loans Act, S.C. Code Xxx. xx.xx.
37-23-10 et seq.
Effective for loans taken on or after
January 1, 2004
---------------------------- ---------------------------------------- --------------------------