Non-Discount Mortgage Loan definition
Examples of Non-Discount Mortgage Loan in a sentence
In the case of a Non-Discount Mortgage Loan, the Scheduled Principal Balance of such Mortgage Loan and, in the case of a Discount Mortgage Loan, the product of (i) the Scheduled Principal Balance of such Mortgage Loan and (ii) the Non-PO Percentage for such Mortgage Loan.
Och-Ziff’s PO-Percentage argument is the same as its Non-Discount Mortgage Loan bucketing argument and wrong for the same reasons.
To the extent a Non-Discount Mortgage Loan was modified through an interest rate reduction—typically as an alternative to a costly foreclosure—the excess interest created by that loan was diminished.
Further, Och-Ziff’s PO Percentage argument suffers from the same glaring flaw as its Non-Discount Mortgage Loan “bucketing” argument—even under Och-Ziff’s approach, the PO Percentage on a given loan would change over the life of the Trust as a result of changing insurance premiums—leading to precisely the untenable result that Och-Ziff admits cannot happen.
Under Silian’s interpretation, however, this conclusion flows naturally from the plain meaning of Non-Discount Mortgage Loan, which is based on a static Adjusted Net Mortgage Rate derived from the Original Rate.