ASSIGNMENT AND ASSUMPTION AGREEMENT
ASSIGNMENT AND ASSUMPTION AGREEMENT, dated as of October 30,
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
October 30, 2006 (the "Pooling and Servicing Agreement"), pursuant to
which the Trust proposes to issue Mortgage Asset-Backed Pass-Through
Certificates, Series 2006-RS6 (the "Certificates") consisting of
seventeen 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 B, 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 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 October, 2006). In consideration of such assignment,
RFC will receive from the Company, in immediately available funds, an
amount equal to $380,203,455.70 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 15.1% 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, 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 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 Georgia;
(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 New York, without regard to the conflict
of law principles thereof, other than Sections 5-1401 and 5-1402 of the
New York General Obligations Law.
[SIGNATURE PAGES FOLLOW]
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/ Xxx Xxxxxxxx
Name: Xxx 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)
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 Category under
Applicable
Anti-Predatory
Law/Effective Date Lending Law
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Arkansas Arkansas Home Loan Protection High Cost Home Loan
Act, Ark. Code Xxx.ss.ss.00-00-000
et seq.
Effective July 16, 2003
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cleveland Heights, OH Ordinance No. 72-2003 (PSH), Mun. Covered Loan
Codess.ss.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 High Cost Home Loan
Lending Practices Act, Conn. Gen.
Stat.ss.ss.36a-746 et seq.
Effective October 1, 2001
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
District of Columbia Home Loan Protection Act, D.C. Covered Loan
Codess.ss.26-1151.01 et seq.
Effective for loans closed on or
after January 28, 2003
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Florida Fair Lending Act, Fla. Stat. Xxx. High Cost Home Loan
ss.ss.494.0078 et seq.
Effective October 2, 2002
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Georgia (Oct. 1, 2002 Georgia Fair Lending Act, Ga. High Cost Home Loan
- Mar. 6, 2003) Code Xxx.ss.ss.7-6A-1 et seq.
Effective October 1, 2002 - March
6, 2003
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Georgia as amended Georgia Fair Lending Act, Ga. High Cost Home Loan
(Mar. 7, 2003 - Code Xxx.ss.ss.7-6A-1 et seq.
current)
Effective for loans closed on or
after March 7, 2003
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
HOEPA Section 32 Home Ownership and Equity High Cost Loan
Protection Act of 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. High Risk Home Loan
Comp. 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. High Loan to Value
Xxx.ss.ss.16a-1-101 et seq. Consumer Loan (xx.xx.
16a-3-207) and;
Sections 16a-1-301 and 16a-3-207
became effective April 14, 1999;
Section 16a-3-308a became
effective July 1, 1999
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
High APR Consumer
Loan (xx.xx.
16a-3-308a)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Kentucky 2003 KY H.B. 287 - High Cost Home High Cost Home Loan
Loan Act, Ky. Rev. Xxxx.xx.xx.
360.100 et seq.
Effective June 24, 2003
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Maine Truth in Lending, Me. Rev. Stat. High Rate High Fee
tit. 9-A,ss.ss.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. High Cost Home Loan
ss.ss.32.00 et 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. Home Loan
Stat.ss.ss.598D.010 et seq.
Effective October 1, 2003
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
New Jersey New Jersey Home Ownership High Cost Home Loan
Security Act of 2002, 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. High Cost Home Loan
Rev. Stat.ss.ss.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 Loan
High Cost Home 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 Covered Loan
sections of the Ohio Code), Ohio
Rev. Code Xxx.ss.ss.1349.25 et seq.
Effective May 24, 2002
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Oklahoma Consumer Credit Code (codified in Subsection 10
various sections of Title 14A) Mortgage
Effective July 1, 2000; amended
effective January 1, 2004
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
South Carolina South Carolina High Cost and High Cost Home Loan
Consumer 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 West Virginia
Mortgage Lender, Broker and Mortgage Loan Act
Servicer Act, W. Va. Code Xxx.xx.xx.Xxxx
31-17-1 et seq.
Effective June 5, 2002
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