ASSIGNMENT AND ASSUMPTION AGREEMENT
ASSIGNMENT AND ASSUMPTION AGREEMENT, dated as of November 29, 2006, 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 with respect thereto.
C. The Company, RFC, as master servicer, and U.S. Bank National Association, as trustee
and supplemental interest trust trustee (the "Trustee" and the "Supplemental Interest Trust Trustee;"
respectively), are entering into a Pooling and Servicing Agreement dated as of November 1, 2006 (the
"Pooling and Servicing Agreement"), pursuant to which the Trust proposes to issue Mortgage Asset-Backed
Pass-Through Certificates, Series 2006-EFC2 (the "Certificates") consisting of seventeen classes
designated as Class A-1, Class A-2, Class X-0, Xxxxx X-0, Class M-1S, Class M-2S, Class M-3S, Class M-4,
Class M-5, Class M-6, Class M-7, Class M-8, Class M-9, Class B, Class SB and 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 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 November 2006). In consideration of such
assignment, RFC will receive from the Company, in immediately available funds, an amount equal to
$383,200,000 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) [Reserved];
(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, none 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 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;
(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 (other than with respect to any junior lien Mortgage Loans);
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) With respect to each Mortgage Loan, no borrower obtained a prepaid single-premium credit-life,
credit disability, credit unemployment or credit property insurance policy in connection with
the origination of the Mortgage Loan;
(z) None of the Mortgage Loans contain prepayment penalties that extend beyond three 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 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 5.6c Revised
(attached hereto as Exhibit 1);
(dd) 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 Georgia; and
(ee) No Mortgage Loan shall be sixty (60) or more days delinquent in payment of principal and
interest, as determined in accordance with the Office of Thrift Supervision delinquency
reporting method, as of the second Determination Date after the Closing Date.
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 (in the case of all of the foregoing representations and warranties other than the
representation and warranty set forth in clause (ee)) or receipt of notice (in the case of all of the
foregoing representations and warranties) 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; provided, however, that RFC shall not be required
to repurchase any Mortgage Loan as a result of a breach of the representation and warranty set forth in
clause (ee) unless RFC has received written notice from the Company or the Trustee of a breach of such
representation and warranty within 60 days after the second Determination Date after the Closing Date of
such breach of such representation and warranty. 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.
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, (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 and (iv) with respect to junior lien Mortgage Loans, the senior mortgage loan thereon 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. 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. 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.
8. 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.
[SIGNATURES BEGIN ON FOLLOWING PAGE]
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/ Xxxxxxxxxxx Xxxxxxxx
Name: Xxxxxxxxxxx Xxxxxxxx
Title: Associate
RESIDENTIAL ASSET MORTGAGE PRODUCTS, INC.
By: /s/ Xxxxxx Xxxxxx
Name: Xxxxxx Xxxxxx
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 Lending Law/Effective Category under Applicable
Date Anti-Predatory Lending Law
---------------------------------- ------------------------------------------------- --------------------------------
---------------------------------- ------------------------------------------------- --------------------------------
Arkansas Arkansas Home Loan Protection Act, Ark. Code High Cost Home Loan
Xxx.ss.ss.00-00-000 et seq.
Effective July 16, 2003
---------------------------------- ------------------------------------------------- --------------------------------
---------------------------------- ------------------------------------------------- --------------------------------
Cleveland Heights, OH Ordinance No. 72-2003 (PSH), Covered Loan
Mun. Codess.ss.757.01 et seq.
Effective June 2, 2003
---------------------------------- ------------------------------------------------- --------------------------------
---------------------------------- ------------------------------------------------- --------------------------------
Colorado Consumer Equity Protection, Colo. Stat. Xxx.xx.xx. Covered Loan
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 Practices High Cost Home Loan
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. 494.0078 High Cost Home Loan
et seq.
Effective October 2, 2002
---------------------------------- ------------------------------------------------- --------------------------------
---------------------------------- ------------------------------------------------- --------------------------------
Georgia (Oct. 1, 2002 - Mar. 0, Xxxxxxx Xxxx Xxxxxxx Xxx, Xx. Code Xxx.xx.xx. High Cost Home Loan
2003) 7-6A-1 et seq.
Effective October 1, 2002 - March 6, 2003
---------------------------------- ------------------------------------------------- --------------------------------
---------------------------------- ------------------------------------------------- --------------------------------
Georgia as amended (Mar. 7, 0000 Xxxxxxx Xxxx Xxxxxxx Xxx, Xx. Code Xxx.xx.xx. High Cost Home Loan
- current) 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. Stat. tit. High Risk Home Loan
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.xx.xx. High Loan to Value Consumer
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, High Cost Home Loan
209 X.X.X.xx.xx. 32.00 et seq. and
209 X.X.X.xx.xx. 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. Xxxx.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. 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. Xxxx.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 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 Home High Cost Home Loan
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 Mortgage Loan
Broker and Servicer Act, W. Va. Code Xxx.xx.xx. Act Loan
31-17-1 et seq.
Effective June 5, 2002
---------------------------------- ------------------------------------------------- --------------------------------
STANDARD & POOR'S COVERED LOAN CATEGORIZATION
---------------------------------- ------------------------------------------------- --------------------------------
State/Jurisdiction Name of Anti-Predatory Lending Law/Effective Category under Applicable
Date Anti-Predatory Lending Law
---------------------------------- ------------------------------------------------- --------------------------------
---------------------------------- ------------------------------------------------- --------------------------------
Georgia (Oct. 1, 2002 - Mar. 0, Xxxxxxx Xxxx Xxxxxxx Xxx, Xx. Code Xxx.xx.xx. Covered Loan
2003) 7-6A-1 et seq.
Effective October 1, 2002 - March 6, 2003
---------------------------------- ------------------------------------------------- --------------------------------
---------------------------------- ------------------------------------------------- --------------------------------
New Jersey New Jersey Home Ownership Security Act of 2002, Covered Home Loan
N.J. Rev. Xxxx.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 Law/Effective Category under Applicable
Date Anti-Predatory Lending Law
---------------------------------- ------------------------------------------------- --------------------------------
---------------------------------- ------------------------------------------------- --------------------------------
Georgia (Oct. 1, 2002 - Mar. 0, Xxxxxxx Xxxx Xxxxxxx Xxx, Xx. Code Xxx.xx.xx. Home Loan
2003) 7-6A-1 et seq.
Effective October 1, 2002 - March 6, 2003
---------------------------------- ------------------------------------------------- --------------------------------
---------------------------------- ------------------------------------------------- --------------------------------
New Jersey New Jersey Home Ownership Security Act of 2002, Home Loan
N.J. Rev. Xxxx.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. Xxxx.xx.xx. Home Loan
58-21A-1 et seq.
Effective as of January 1, 2004; Revised as of
February 26, 2004
---------------------------------- ------------------------------------------------- --------------------------------
---------------------------------- ------------------------------------------------- --------------------------------
North Carolina Restrictions and Limitations on High Cost Home Consumer Home Loan
Loans, N.C. Gen. Xxxx.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 Home Consumer Home Loan
Loans Act, S.C. Code Xxx.ss.ss.37-23-10 et seq.
Effective for loans taken on or after January
1, 2004
---------------------------------- ------------------------------------------------- --------------------------------
