ASSIGNMENT AND ASSUMPTION AGREEMENT
ASSIGNMENT AND ASSUMPTION AGREEMENT, dated as of August 29, 2006, between Residential Funding Corporation, a StateDelaware
corporation ("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 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 August 1, 2006 (the "Pooling and Servicing Agreement"), pursuant to which the Trust proposes to
issue Mortgage Asset-Backed Pass-Through Certificates, Series 2006-RS5 (the "Certificates") consisting of sixteen classes designated
as Class A-1, Class A-2, Class X-0, Xxxxx X-0, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class
M-8, Class M-9, Class SB, Class R-I and Class R-II 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 SB,
Class R-I and Class R-II 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 received on or with respect to the Mortgage
Loans after the Cut-off Date (other than payments of principal and interest due on the Mortgage Loans in August, 2006). In
consideration of such assignment, RFC will receive from the Company, in immediately available funds, an amount equal to
$381,590,259.38 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 shall 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 each Mortgage Loan other
than a Cooperative Loan, the Mortgage Notes, the Mortgages, any related insurance policies and all other documents in the related
Mortgage Files, (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 Loans 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 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 rights to servicing and
related compensation) and such conveyance validly transfers ownership of the Mortgage Loans 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 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 of the Mortgage Loans with Loan-to-Value Ratios at origination in excess of 80% will be insured by a Primary Insurance
Policy covering the amount of such Mortgage Loan in excess of 75% except for up to 20.2% of the Mortgage Loans, which are
Mortgage Loans with a Loan-to-Value Ratio at origination in excess of 80% that are not insured by a Primary Insurance Policy;
(g) The related Mortgagor is not currently in bankruptcy proceedings with respect to any of the Mortgage Loans;
(h) As of the Cut-Off Date, 0.2% of the Mortgage Loans are 30 to 59 days delinquent in payment of principal and interest and
none of the Mortgage Loans are 60 or more days Delinquent in payment of principal and interest;
(i) None of the Mortgage Loans are Buy-Down Mortgage Loans;
(j) To the best of RFC's knowledge, there is no delinquent tax or assessment lien against any related Mortgaged Property;
(k) 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;
(l) No Mortgage Loan provides for payments that are subject to reduction by withholding taxes levied by any foreign (non-United
States) sovereign government;
(m) (1) 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 therefore (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;
(n) 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;
(o) With respect to each Mortgage Loan, a policy of title insurance was effective as of the closing of each Mortgage Loan, is
valid and binding, and remains in full force and effect, unless the Mortgaged Properties are located in the State of Iowa
and an attorney's certificate has been provided;
(p) Each Mortgaged Property is free of damage and in good repair and no notice of condemnation has been given with respect
thereto and 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;
(q) 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;
(r) 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;
(s) 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);
(t) 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;
(u) Each Mortgage Loan is covered by a standard hazard insurance policy;
(v) If any of the Mortgage Loans are secured by a leasehold interest, with respect to each leasehold interest: the use of
leasehold estates for residential properties is an accepted practice in the area where the related Mortgaged Property is
located; residential property in such area consisting of leasehold estates is readily marketable; the lease is recorded and
no party is in any way in breach of any provision of such lease; the leasehold is in full force and effect and is not
subject to any prior lien or encumbrance by which the leasehold could be terminated or subject to any charge or penalty; and
the remaining term of the lease does not terminate less than ten years after the maturity date of such Mortgage Loan;
(w) 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;
(x) None of the Mortgage Loans in the mortgage pool are loans that, under applicable state or local law in effect at the time of
origination of the 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;
(y) None of the proceeds for the Mortgage Loans were used to finance the purchase of single premium credit insurance policies;
(z) None of the Mortgage Loans contain prepayment penalties that extend beyond five years after the date of origination;
(aa) None of the Mortgage Loans are subject to the Homeownership Act;
(bb) 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;
(cc) No Mortgage Loan was originated on or after October 1, 2002 and before March 7, 2003, which is secured by property located
in the State of placecountry-regionGeorgia;
(dd) 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 5.7 Revised (attached hereto as Exhibit 1)); and
(ee) Each Mortgage Loan listed on the attached Schedule B has an original term to maturity of 360 months and an original
amortization term of 480 months.
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 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 the representation and warranty set forth in clause (bb) 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, Repurchase Events or purchase or 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 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 of execution 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 is materially and 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, insofar as such rights and obligations relate to (a) any representations and warranties regarding a Mortgage
Loan made by a Seller under any Seller Contract and any remedies available under the Seller Contract for a breach of any such
representations and warranties if (i) the substance of such breach also constitutes fraud in the origination of the Mortgage Loan or
(ii) the representation and warranty relates to the absence of toxic materials or other environmental hazards that could affect the
Mortgaged Property, or (b) the Seller's obligation to deliver to RFC the documents required to be contained in the Mortgage File and
any rights and remedies available to RFC under the Seller Contract in respect of such obligation or in the event of a breach of such
obligation; 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
and RFC shall exercise reasonable efforts to enforce a Seller's obligation to purchase a Mortgage Loan from the Company in accordance
with the time frame described in the Program Guide. If the Company or RFC asserts that it is not required to cure breaches or to
purchase or substitute for Mortgage Loans under the Pooling and Servicing Agreement because the substance of the breach also
constitutes fraud in the origination of any Mortgage Loan, then the substance of the related breach shall automatically be deemed to
constitute fraud in the origination of a Mortgage Loan for purposes of clause (i) of this Section 6; provided, however, that if the
related Seller provides RFC with reasonable evidence that the substance of such breach does not constitute fraud, then it shall no
longer be deemed to constitute fraud in the origination of a Mortgage Loan for purposes of clause (i) of this Section 6.
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.
8. RFC, as master servicer under the Pooling and Servicing Agreement (the "Master Servicer"), shall not waive (or permit a
sub-servicer to waive) any Prepayment Charge unless: (i) the enforceability thereof shall have been limited by bankruptcy,
insolvency, moratorium, receivership and other similar laws relating to creditors' rights generally, (ii) the enforcement thereof is
illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the
collectability thereof shall have been limited due to acceleration in connection with a foreclosure or other involuntary payment or
(iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable
default and would, in the reasonable judgment of the Master Servicer, maximize recovery of total proceeds taking into account the
value of such Prepayment Charge and the related Mortgage Loan. In no event will the Master Servicer waive a Prepayment Charge in
connection with a refinancing of a Mortgage Loan that is not related to a default or a reasonably foreseeable default. If a
Prepayment Charge is waived, but does not meet the standards described above, then the Master Servicer is required to pay the amount
of such waived Prepayment Charge to the holder of the Class SB Certificates at the time that the amount prepaid on the related
Mortgage Loan is required to be deposited into the Custodial Account. Notwithstanding any other provisions of this Agreement, any
payments made by the Master Servicer in respect of any waived Prepayment Charges pursuant to this Section shall be deemed to be paid
outside of the Trust Fund and not part of any REMIC.
9. This Agreement will be governed by and construed in accordance with the laws of the State of placeStateNew 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 PAGES FOLLOW]
Assignment and Assumption Agreement
RAMP Series 2006-RS5
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/ Xxxxxxxxxxx Xxxxxxxx
Name: Xxxxxxxxxxx Xxxxxxxx
Title: Associate
RESIDENTIAL ASSET MORTGAGE
PRODUCTS, INC.
By: /s/ Xxxxxxx Xxxxxxxx
Name: Xxxxxxx Xxxxxxxx
Title: Vice President
SCHEDULE A
Schedule of Mortgage Loans with Defective Mortgage Files
(see attached)
SCHEDULE B
Schedule of Mortgage Loans with original term to maturity of 360 months and an original amortization term of 480 months
(see attached)
EXHIBIT 1
APPENDIX E OF THE STANDARD & POOR'S GLOSSARY FOR FILE FORMAT
FOR LEVELS(R)VERSION 5.7
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 Law/Effective Category under Applicable
Date Anti-Predatory Lending Law
---------------------------------- ------------------------------------------------- --------------------------------
Arkansas Arkansas Home Loan Protection Act, High Cost Home Loan
Ark. Code Xxx.ss.ss.00-00-000 et seq.
Effective July 16, 2003
---------------------------------- ------------------------------------------------- --------------------------------
Cleveland Heights, Ordinance No. 72-2003 (PSH), Mun. Xxxxxx.xx. Covered Loan
OH 757.01 et seq.
Effective June 2, 2003
---------------------------------- ------------------------------------------------- --------------------------------
Colorado Consumer Equity Protection, Colo. Covered Loan
Stat. Xxx.ss.ss.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.ss.ss.36a-746 et
seq.
Effective October 1, 2001
---------------------------------- ------------------------------------------------- --------------------------------
District of Columbia Home Loan Protection Act, D.C. Xxxxxx.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. Georgia Fair Lending Act, Ga. Code High Cost Home Loan
1, 2002 - Mar. 6, 2003) Xxx.ss.ss.7-6A-1 et seq.
Effective October 1, 2002 - March 6, 2003
---------------------------------- ------------------------------------------------- --------------------------------
Georgia as Georgia Fair Lending Act, Ga. Code High Cost Home Loan
amended (Mar. 7, 2003 - current) Xxx.ss.ss.7-6A-1 et seq.
Effective for loans closed on or after March 7,
2003
---------------------------------- ------------------------------------------------- --------------------------------
HOEPA Section 32 Home Ownership and Equity Protection Act of High Cost Loan
1994, 15 U.S.C.ss.1639, 12 C.F.R.ss.ss.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,ss.ss.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 Consumer
ss.ss.16a-1-101 et seq. 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 (xx.xx.
16a-3-308a)
---------------------------------- ------------------------------------------------- --------------------------------
Kentucky 2003 KY H.B. 000 - Xxxx Xxxx Xxxx Xxxx Xxx, Xx. High Cost Home Loan
Rev. Stat.ss.ss.360.100 et seq.
Effective June 24, 2003
---------------------------------- ------------------------------------------------- --------------------------------
Maine Truth in Lending, Me. Rev. Stat. tit. 9-A,xx.xx. High Rate High Fee Mortgage
8-101 et seq.
Effective September 29, 1995 and as amended
from time to time
---------------------------------- ------------------------------------------------- --------------------------------
Massachusetts Part 40 and Part 32, 209 C.M.R.ss.ss.32.00 et High Cost Home Loan
seq. and 209 C.M.R.ss.ss.40.01 et seq.
Effective March 22, 2001 and amended from time
to time
---------------------------------- ------------------------------------------------- --------------------------------
Nevada Assembly Xxxx No. 284, Nev. Rev. Xxxx.xx.xx. Home Loan
598D.010 et seq.
Effective October 1, 2003
---------------------------------- ------------------------------------------------- --------------------------------
New Jersey New Jersey Home Ownership Security Act of 2002, High Cost Home Loan
N.J. Rev. Stat.ss.ss.46:10B-22 et seq.
Effective for loans closed on or after November
27, 2003
---------------------------------- ------------------------------------------------- --------------------------------
New Mexico Home Loan Protection Act, N.M. Rev. Xxxx.xx.xx. High Cost Home Loan
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 Cost Home High Cost Home Loan
Loans, N.C. Gen. Stat.ss.ss.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 of the Covered Loan
Ohio Code), Ohio Rev. Code Xxx.ss.ss.1349.25 et
seq.
Effective May 24, 2002
---------------------------------- ------------------------------------------------- --------------------------------
Oklahoma Consumer Credit Code (codified in various Subsection 10 Mortgage
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.ss.ss.37-23-10 et
seq.
Effective for loans taken on or after January
1, 2004
---------------------------------- ------------------------------------------------- --------------------------------
West Virginia West Virginia Residential Mortgage Lender, West Virginia
Broker and Servicer Act, W. Va. Code Mortgage Loan Act Loan
Xxx.ss.ss.31-17-1 et seq.
Effective June 5, 2002
---------------------------------- ------------------------------------------------- --------------------------------
