EXECUTION COPY
ASSIGNMENT AND ASSUMPTION AGREEMENT
ASSIGNMENT AND ASSUMPTION AGREEMENT, dated as of April 27, 2007, between Residential Funding
Company, LLC, a Delaware limited liability company ("RFC") and Residential Funding Mortgage Securities II, Inc.,
a Delaware corporation (the "Company").
Recitals
A. RFC has entered into seller contracts ("Seller Contracts") with certain sellers and
servicers.
B. The Company wishes to purchase from RFC certain Mortgage Loans (as hereinafter
defined) originated pursuant to the Seller Contracts with respect thereto.
C. The Company, RFC, as master servicer, and LaSalle Bank National Association, as
trustee (the "Trustee"), are entering into a Pooling and Servicing Agreement dated as of April 1, 2007 (the
"Pooling and Servicing Agreement"), pursuant to which the Company proposes to issue Home Equity Loan Pass-Through
Certificates, Series 2007-HSA2 (the "Certificates") consisting of ten classes designated as Class A-1V, Class
X-0X, Xxxxx X-0, Class A-3, Class A-4, Class A-5, Class A-6, Class SB, Class R-I and Class R-II, representing
beneficial ownership interests in a trust fund consisting primarily of a pool of closed-end, primarily second
lien fixed rate mortgage loans identified on Exhibit D to the Pooling and Servicing Agreement (the "Mortgage
Loans").
D. In connection with the purchase of the Mortgage Loans, the Company will assign to RFC
the Class SB, Class R-I and Class R-II Certificates (the "Retained Certificates").
E. In connection with the purchase of the Mortgage Loans and the issuance of the
Certificates, RFC wishes to make certain representations and warranties to the Company.
F. The Company and RFC intend that the conveyance by RFC to the Company of all its right,
title and interest in and to the Mortgage Loans pursuant to this Agreement shall constitute a purchase and sale
and not a loan.
NOW THEREFORE, in consideration of the recitals and the mutual promises herein and other good
and valuable consideration, the parties agree as follows:
1. All capitalized terms used but not defined herein shall have the meanings assigned thereto in the
Pooling and Servicing Agreement.
2. Concurrently with the execution and delivery hereof, RFC hereby assigns to the Company without recourse
all of its right, title and interest in and to the Mortgage Loans, including all interest and principal received
on or with respect to the Mortgage Loans on or after the Cut-off Date. In consideration of such assignment, RFC
will receive from the Company, in immediately available funds, an amount equal to $1,241,541,668.49, including
accrued interest, and the Retained Certificates. In connection with such assignment and at the Company's
direction, RFC has in respect of each Mortgage Loan endorsed the related Mortgage Note (other than any Destroyed
Mortgage Note, as defined in the following sentence) to the order of the Trustee and delivered an assignment of
mortgage in recordable form to the Trustee or its agent. A "Destroyed Mortgage Note" means a Mortgage Note the
original of which was permanently lost or destroyed.
The Company and RFC intend that the conveyance by RFC to the Company of all its right, title
and interest in and to the Mortgage Loans pursuant to this Section 2 shall be, and be construed as, a sale of the
Mortgage Loans by RFC to the Company. It is, further, not intended that such conveyance be deemed to be a pledge
of the Mortgage Loans by RFC to the Company to secure a debt or other obligation of RFC. Nonetheless, (a) this
Agreement is intended to be and hereby is deemed to be a security agreement within the meaning of Articles 8 and
9 of the Minnesota Uniform Commercial Code and the Uniform Commercial Code of any other applicable jurisdiction;
(b) the conveyance provided for in this Section shall be deemed to be a grant by RFC to the Company of a security
interest in all of RFC's right (including the power to convey title thereto), title and interest, whether now
owned or hereafter acquired, in and to (A) the Mortgage Loans, including the related Mortgage Note, the Mortgage,
any related insurance policies and all other documents in the related Mortgage File, (B) all amounts payable
pursuant to the Mortgage Loans in accordance with the terms thereof, and (C) any and all general intangibles
consisting of, arising from or relating to any of the foregoing, and all proceeds of the conversion, voluntary or
involuntary, of the foregoing into cash, instruments, securities or other property, including, without
limitation, all amounts from time to time held or invested in the Certificate Account or the Custodial Account,
whether in the form of cash, instruments, securities or other property; (c) the possession by the Trustee, the
Custodian or any other agent of the Trustee of Mortgage Notes or such other items of property as constitute
instruments, money, payment intangibles, negotiable documents, goods, deposit accounts, letters of credit,
advices of credit, investment property, certificated securities or chattel paper shall be deemed to be
"possession by the secured party", or possession by a purchaser or a person designated by such secured party, for
purposes of perfecting the security interest pursuant to the Minnesota Uniform Commercial Code and the Uniform
Commercial Code of any other applicable jurisdiction (including, without limitation, Sections 8-106, 9-313 and
9-106 thereof); and (d) notifications to persons holding such property, and acknowledgments, receipts or
confirmations from persons holding such property, shall be deemed notifications to, or acknowledgments, receipts
or confirmations from, financial intermediaries, bailees or agents (as applicable) of the Trustee for the purpose
of perfecting such security interest under applicable law. RFC shall, to the extent consistent with this
Agreement, take such reasonable actions as may be necessary to ensure that, if this Agreement were deemed to
create a security interest in the Mortgage Loans and the other property described above, such security interest
would be deemed to be a perfected security interest of first priority under applicable law and will be maintained
as such throughout the term of this Agreement. Without limiting the generality of the foregoing, RFC shall
prepare and deliver to the Company not less than 15 days prior to any filing date, and the Company shall file, or
shall cause to be filed, at the expense of RFC, all filings necessary to maintain the effectiveness of any
original filings necessary under the Uniform Commercial Code as in effect in any jurisdiction to perfect the
Company's security interest in or lien on the Mortgage Loans, including without limitation (x) continuation
statements, and (y) such other statements as may be occasioned by (1) any change of name of RFC or the Company,
(2) any change of location of the place of business or the chief executive office of RFC, or (3) any transfer of
any interest of RFC in any Mortgage Loan.
3. Concurrently with the execution and delivery hereof, the Company hereby assigns to RFC
without recourse all of its right, title and interest in and to the Residual Certificates as part of the
consideration payable to RFC by the Company pursuant to this Agreement.
4. RFC represents and warrants to the Company that on the date of execution hereof (or,
if otherwise specified below, as of the date so specified):
(a) As of the Cut-off Date, no Mortgage Loan is 30 days or more Delinquent in payment of principal and
interest;
(b) The information set forth in Exhibit D to the Pooling and Servicing Agreement with respect to each
Mortgage Loan or the Mortgage Loans, as the case may be, is true and correct in all material respects at the date
or dates respecting which such information is furnished;
(c) There is no right of rescission, valid offset, defense, claim or counterclaim of any obligor under any
Mortgage Note or Mortgage except as may be provided under the Servicemembers Civil Relief Act, as amended;
(d) There is no delinquent recording or other tax or fee or assessment lien against any related Mortgaged
Property;
(e) There is no proceeding pending or threatened for the total or partial condemnation of the related
Mortgaged Property;
(f) There are no mechanics' or similar liens or claims which have been filed for work, labor or material
affecting the related Mortgaged Property which are, or may be liens prior or equal to, or subordinate with, the
lien of the related Mortgage;
(g) For each Mortgage Loan, the related Custodial File contains or will contain each of the documents and
instruments specified to be included therein;
(h) The related Mortgage Note and the related Mortgage at the time it was made complied in all material
respects with applicable local, state and federal laws, including, but not limited to, all applicable
anti-predatory lending laws and the Constitution of the State of Texas;
(i) A policy of title insurance in the form and amount required by the Program Guide was effective as of the
closing of each Mortgage Loan and each such policy is valid and remains in full force and effect, unless the
Mortgaged Property is located in the State of Iowa and an attorney's certificate has been provided in accordance
with the Program Guide, and a title search or other assurance of title customary in the relevant jurisdiction was
obtained with respect to each Mortgage Loan as to which no title insurance policy or binder was issued;
(j) With respect to each Mortgage Loan, the ratio, expressed as a percentage, of (A) the sum of (i) the
Cut-off Date Principal Balance of such Mortgage Loan and (ii) any outstanding principal balance, as of the
Cut-off Date, of all other mortgage loans, if any, secured by senior or subordinate liens on the related
Mortgaged Property, to (B) the Appraised Value, or, to the extent permitted by the Program Guide, the Stated
Value of such Mortgaged Property, was not in excess of 100%;
(k) The physical property subject to each Mortgage is free of material damage and is in good repair;
(l) RFC has not received a notice of default of any senior mortgage loan related to a Mortgaged Property
which has not been cured by a party other than the related Subservicer;
(m) The Mortgage Rate on each Mortgage Loan will be fixed. No Mortgage Loan is subject to negative
amortization;
(n) No more than 24.9% and 10.1% of the Mortgage Loans are secured by Mortgaged Properties located in
California and Florida, respectively;
(o) Immediately prior to the assignment of the Mortgage Loans to the Trustee, RFC had good title to, and was
the sole owner of, each Mortgage Loan free and clear of any pledge, lien, encumbrance or security interest (other
than a first lien on such Mortgaged Property and the rights to servicing and related compensation) and such
assignment validly transfers ownership of the Mortgage Loans to the Trustee free and clear of any pledge, lien,
encumbrance or security interest (other than a first lien on such Mortgaged Property and the rights to servicing
and related compensation);
(p) Approximately 65.6% of the Mortgage Loans are balloon loans;
(q) No Mortgage Loan will have a remaining term to stated maturity as of the Cut-off Date of less than 57
months. The weighted average remaining term to stated maturity of the Mortgage Loans as of the Cut-off Date will
be approximately 218 months. The weighted average original term to maturity of the Mortgage Loans as of the
Cut-off Date will be approximately 215 months. 0.1% of the Mortgage Loans are fully-amortizing and will have
original terms to maturity of approximately five years, with a weighted average remaining term to stated maturity
of such Mortgage Loans of approximately 58 months. 0.3% of the Mortgage Loans are fully-amortizing and will
have original terms to maturity of approximately ten years, with a weighted average remaining term to stated
maturity of such Mortgage Loans of approximately 118 months. 5.0% of the Mortgage Loans are fully-amortizing and
will have original terms to maturity of approximately fifteen years, with a weighted average remaining term to
stated maturity of such Mortgage Loans of approximately 178 months. 2.1% of the Mortgage Loans are
fully-amortizing and will have original terms to maturity of approximately twenty years, with a weighted average
remaining term to stated maturity of such Mortgage Loans of approximately 237 months. 8.5% of the Mortgage Loans
are fully-amortizing and will have original terms to maturity of approximately twenty-five years, with a weighted
average remaining term to stated maturity of such Mortgage Loans of approximately 353 months. 65.6% of the
Mortgage Loans are balloon loans and will have original terms to maturity of approximately fifteen years based on
30-year amortization schedules, with a weighted average remaining term to stated maturity of 177 months;
(r) [Reserved];
(s) Other than with respect to a payment default, there is no material default, breach, violation or event
of acceleration existing under the terms of any Mortgage Note or Mortgage and no event which, with notice and
expiration of any grace or cure period, would constitute a material default, breach, violation or event of
acceleration under the terms of any Mortgage Note or Mortgage, and no such material default, breach, violation or
event of acceleration has been waived by RFC or by any other entity involved in originating or servicing a
Mortgage Loan;
(t) For each Mortgage Loan, hazard insurance and flood insurance has been obtained which meets all
applicable requirements of Section 3.11 of the Pooling and Servicing Agreement, or the Master Servicer will obtain
blanket coverage in respect thereof as contemplated in the Pooling and Servicing Agreement;
(u) Each Mortgage Note and each Mortgage is an enforceable obligation of the related Mortgagor;
(v) No instrument of release or waiver has been executed in connection with the Mortgage Loans, and no
Mortgagor has been released, in whole or in part from its obligations in connection with a Mortgage Loan;
(w) With respect to each Mortgage Loan that is a second lien, either (i) no consent for the Mortgage Loan
was required by the holder of the related prior lien or (ii) such consent has been obtained and is contained in
the Mortgage File;
(x) None of the Mortgaged Properties is a mobile home or a manufactured housing unit that is not permanently
attached to its foundation;
(y) Each Mortgage Loan constitutes a qualified mortgage under Section 860G(a)(3)(A)of the Code and Treasury
Regulations Section 1.860G-2(a)(1), (2), (4), (5) and (6), without reliance on the provisions of Treasury
Regulation Section 1.860G-2(a)(3) or Treasury Regulation Section 1.860G-2(f)(2) or any other provision that would
allow a Mortgage Loan to be treated as a "qualified mortgage" notwithstanding its failure to meet the
requirements of Section 860G(a)(3)(A) of the Code and Treasury Regulation Section 1.860G-2(a)(1), (2), (4), (5)
and (6);
(z) Approximately 96.8% of the Mortgage Loans are actuarial mortgage loans, on which 30 days of interest is
owed each month irrespective of the day on which the payment is received;
(aa) As of the Cut-off Date, the Mortgage Rates of the Mortgage Loans range between 5.375% per annum and
19.125% per annum, with a weighted average Mortgage Rate of approximately 10.6970% per annum;
(bb) 99.84% of the Mortgage Loans are secured by second liens and the remainder are secured by first liens;
(cc) [Reserved];
(dd) (A) Each Mortgaged Property with respect to the Mortgage Loans consists of a single parcel of real
property with a single family residence erected thereon, a two-to-four family residence erected thereon, or
improved by an individual condominium unit, planned unit development, townhouse or modular home; (B) with respect
to the Mortgage Loans, (i) approximately 36.76% of the Mortgage Loans are secured by real property improved by
individual condominium units, planned unit developments (attached and detached), townhouses/rowhouses or modular
homes, (ii) approximately 55.93% of the Mortgage Loans are secured by real property with a single family
residence erected thereon and (iii) approximately 7.32% of the Mortgage Loans are secured by real property with a
two-to-four family residence;
(ee) 4 of the Mortgage Notes of the Mortgage Loans are missing from the Custodial File;
(ff) None of the Mortgage Loans are secured by a leasehold interest;
(gg) None of the proceeds of the Mortgage Loans were used to finance the purchase of single premium credit
insurance policies and none of the Mortgage Loans contain prepayment penalties that extend beyond five years
after the date of origination;
(hh) None of the Mortgage Loans are loans that, under applicable state or local law in effect at the time of
origination of such loan, are referred to as (1) "high cost" or "covered" loans or (2) any other similar
designation if the law imposes greater restrictions or additional legal liability for residential mortgage loans
with high interest rates, points and/or fees;
(ii) RFC has not transferred the Mortgage Loans to the Purchaser with any intent to hinder, delay or
defraud creditors;
(jj) Each Subservicer meets all applicable requirements under the Pooling and Servicing Agreement,
is properly qualified to service the Mortgage Loans and has been servicing the Mortgage Loans prior to the
Cut-off Date in accordance with the terms of the Subservicing Agreement;
(kk) All of the Mortgage Loans have been underwritten in substantial compliance with the criteria set forth
in the Program Guide;
(ll) The proceeds of each Mortgage Loan have been fully disbursed and there is no requirement for
future advances thereunder;
(mm) The Mortgage contains a customary provision for the acceleration of the payment of the unpaid principal
balance of the Mortgage Loan in the event the related Mortgaged Property is sold without the prior consent of the
mortgagee thereunder;
(nn) With respect to Mortgage Loans originated more than 12 months prior to the Cut-off Date (A) none of the
obligors under such Mortgage Loans were the subject of a bankruptcy proceeding and (B) no such Mortgage Loan has
been 30 or more days delinquent more than twice within 12 months of the Cut-off Date;
(oo) No Mortgage Loan is a High Cost Loan or Covered Loan, as applicable (as such terms are defined in the
then current Standard & Poor's LEVELS(R)Glossary which is now Version 5.7 Revised, Appendix E (attached hereto as
Exhibit A)); provided that no representation and warranty is made in this clause (oo) with respect to 0.1% of the
Mortgage Loans (by outstanding principal balance as of the Cut-off Date) secured by property located in the State
of West Virginia [proviso relating to the State of Kansas intentionally omitted];
(pp) No Mortgage Loan originated on or after October 1, 2002 through March 6, 2003 is governed by the Georgia
Fair Lending Act;
(qq) None of the Mortgage Loans were subject to the Home Ownership and Equity Protection Act of 1994; and
(rr) None of the Mortgage Loans are reverse mortgage loans.
Upon discovery by RFC or upon notice from the Company, the Credit Enhancer or the Trustee of a
breach of the foregoing representations and warranties in respect of any Mortgage Loan, or upon the occurrence of
a Repurchase Event as described in Section 5 below, which materially and adversely affects the interests of any
holders of the Certificates, the Credit Enhancer or the Company in such Mortgage Loan (notice of which breach or
occurrence shall be given to the Company by RFC, if it discovers the same), RFC shall, within 90 days after the
earlier of its discovery or receipt of notice thereof, either cure such breach or Repurchase Event in all
material respects or, except as otherwise provided in Section 2.03 of the Pooling and Servicing Agreement, either
(i) purchase such Mortgage Loan from the Trustee or the Company, as the case may be, at a price equal to the
Purchase Price for such Mortgage Loan or (ii) substitute a Qualified Substitute Mortgage Loan or Loans for such
Mortgage Loan in the manner and subject to the limitations set forth in Section 2.03 of the Pooling and Servicing
Agreement. If the breach of representation and warranty that gave rise to the obligation to repurchase or
substitute a Mortgage Loan pursuant to this Section 4 was the representation set forth in clause (h) of this
Section 4, then RFC shall pay to the Trust Fund, concurrently with and in addition to the remedies provided in
the preceding sentence, an amount equal to any liability, penalty or expense that was actually incurred and paid
out of or on behalf of the Trust Fund, and that directly resulted from such breach, or if incurred and paid by
the Trust Fund thereafter, concurrently with such payment.
5. With respect to each Mortgage Loan, a repurchase event ("Repurchase Event") shall have
occurred if it is discovered that, as of the date hereof, the related Mortgage was not a valid first or second
lien on the related Mortgaged Property subject only to (i) any related first lien on such Mortgaged Property,
(ii) the lien of real property taxes and assessments not yet due and payable, (iii) covenants, conditions, and
restrictions, rights of way, easements and other matters of public record as of the date of recording of such
Mortgage and such other permissible title exceptions as are listed in the Program Guide and (iv) other matters to
which like properties are commonly subject which do not materially adversely affect the value, use, enjoyment or
marketability of the Mortgaged Property. In addition, with respect to any Mortgage Loan as to which the Company
delivers to the Trustee or the Custodian an affidavit certifying that the original Mortgage Note has been lost or
destroyed, if such Mortgage Loan subsequently is in default and the enforcement thereof or of the related
Mortgage is materially adversely affected by the absence of the original Mortgage Note, a Repurchase Event shall
be deemed to have occurred and RFC will be obligated to repurchase or substitute for such Mortgage Loan in the
manner set forth in Section 4 above.
6. RFC hereby represents and warrants to the Company that, with respect to each Mortgage
Loan, the REMIC's tax basis in each Mortgage Loan as of the Closing Date is equal to or greater than 100% of the
Stated Principal Balance thereof.
7. This Agreement shall inure to the benefit of and be binding upon the parties hereto
and their respective successors and assigns, and no other person shall have any right or obligation hereunder.
8. This Agreement may be amended from time to time by RFC and the Company by written
agreement signed by RFC and the Company, with the consent of the Credit Enhancer (which consent shall not be
unreasonably withheld).
9. The Credit Enhancer is an express third-party beneficiary under this Agreement.
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 FUNDING MORTGAGE SECURITIES, INC.
By: /s/ Xxxxxxx Xxxxxxxx
Name: Xxxxxxx Xxxxxxxx
Title: Vice President
EXHIBIT A
APPENDIX E OF THE STANDARD & POOR'S GLOSSARY FOR
FILE FORMAT FOR LEVELS(R)VERSION 5.7 REVISED
REVISED October 20, 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
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State/Jurisdiction Name of Anti-Predatory Lending Law/Effective Date Category under Applicable Anti-Predatory
Lending Law
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Arkansas Arkansas Home Loan Protection Act, Ark. Code Xxx.ss.ss.00-00-000 et High Cost Home Loan
seq.
Effective July 16, 2003
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Cleveland Heights, OH Ordinance No. 72-2003 (PSH), Mun. Codess.ss.757.01 et seq. Covered Loan
Effective June 2, 2003
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Colorado Consumer Equity Protection, Colo. Stat. Xxx.ss.ss.5-3.5-101 et seq. Covered Loan
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
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Connecticut Connecticut Abusive Home Loan Lending Practices Act, Conn. Gen. High Cost Home Loan
Stat.ss.ss.36a-746 et seq.
Effective October 1, 2001
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District of Columbia Home Loan Protection Act, D.C. Codess.ss.26-1151.01 et seq. Covered Loan
Effective for loans closed on or after January 28, 2003
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Florida Fair Lending Act, Fla. Stat. Xxx.ss.ss.494.0078 et seq. High Cost Home Loan
Effective October 2, 2002
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Georgia (Oct. 1, 2002 - Mar. 6, 2003) Georgia Fair Lending Act, Ga. Code Xxx.ss.ss.7-6A-1 et seq. High Cost Home Loan
Effective October 1, 2002 - March 6, 2003
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Georgia as amended (Mar. 7, 2003 - current) Georgia Fair Lending Act, Ga. Code Xxx.ss.ss.7-6A-1 et seq. High Cost Home Loan
Effective for loans closed on or after March 7, 2003
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HOEPA Section 32 Home Ownership and Equity Protection Act of 1994, 15 X.X.X.xx. High Cost Loan
1639, 12 C.F.R.ss.ss.226.32 and 226.34
Effective October 1, 1995, amendments October 1, 2002
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Illinois High Risk Home Loan Act, Ill. Comp. Stat. tit. 815,ss.ss.137/5 et High Risk Home Loan
seq.
Effective January 1, 2004 (prior to this date, regulations under
Residential Mortgage License Act effective from May 14, 2001)
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Indiana Home Loan Practices Act, Ind. Code Xxx.ss.ss.24-9-1-1 et
Indiana seq. High Cost Home Loans
Effective January 1, 2005; amended by 2005 HB 1179, effective
July 1, 2005
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Kansas Consumer Credit Code, Kan. Stat. Xxx.ss.ss.16a-1-101 et seq. High Loan to Value 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
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High APR Consumer Loan (id.ss.16a-3-308a)
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Kentucky 2003 KY H.B. 000 - Xxxx Xxxx Xxxx Xxxx Xxx, Xx. Rev. Xxxx.xx.xx. High Cost Home Loan
360.100 et seq.
Effective June 24, 2003
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Maine Truth in Lending, Me. Rev. Stat. tit. 9-A,ss.ss.8-101 et seq. High Rate High Fee Mortgage
Effective September 29, 1995 and as amended from time to time
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Massachusetts Part 40 and Part 32, 209 C.M.R.ss.ss.32.00 et seq. and 209 C.M.R. High Cost Home Loan
ss.ss.40.01 et seq.
Effective March 22, 2001 and amended from time to time
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Nevada Assembly Xxxx No. 284, Nev. Rev. Stat.ss.ss.598D.010 et seq. Home Loan
Effective October 1, 2003
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New Jersey New Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat. High Cost Home Loan
ss.ss.46:10B-22 et seq.
Effective for loans closed on or after November 27, 2003
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New Mexico Home Loan Protection Act, N.M. Rev. Stat.ss.ss.58-21A-1 et seq. High Cost Home Loan
Effective as of January 1, 2004; Revised as of February 26, 2004
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New York N.Y. Banking Law Article 6-l High Cost Home Loan
Effective for applications made on or after April 1, 2003
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North Carolina Restrictions and Limitations on High Cost Home Loans, N.C. Gen. High Cost Home Loan
Stat.ss.ss.24-1.1E et seq.
Effective July 1, 2000; amended October 1, 2003 (adding open-end
lines of credit)
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Ohio H.B. 386 (codified in various sections of the Ohio Code), Ohio Covered Loan
Rev. Code Xxx.ss.ss.1349.25 et seq.
Effective May 24, 2002
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Rhode Island Rhode Island Home Loan Protection Act, R.I. Gen. Xxxxxx.xx. High Cost Home Loan
34-25.2-1 et seq. Effective December 31, 2006
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Oklahoma Consumer Credit Code (codified in various sections of Title 14A) Subsection 10 Mortgage
Effective July 1, 2000; amended effective January 1, 2004
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South Carolina South Carolina High Cost and Consumer Home Loans Act, S.C. Code High Cost Home Loan
Xxx.ss.ss.37-23-10 et seq.
Effective for loans taken on or after January 1, 2004
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Tennessee Tennessee Home Loan Protection Act, Tenn. Code Xxx.ss.ss.00-00-000 High Cost Home Loan
et seq. Effective January 1, 2007
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West Virginia West Virginia Residential Mortgage Lender, Broker and Servicer West Virginia Mortgage Loan Act Loan
Act, W. Va. Code Xxx.ss.ss.31-17-1 et seq.
Effective June 5, 2002
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STANDARD & POOR'S COVERED LOAN CATEGORIZATION
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State/Jurisdiction Name of Anti-Predatory Lending Law/Effective Date Category under Applicable Anti-Predatory
Lending Law
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Georgia (Oct. 1, 2002 - Mar. 6, 2003) Georgia Fair Lending Act, Ga. Code Xxx.ss.ss.7-6A-1 et seq. Covered Loan
Effective October 1, 2002 - March 6, 2003
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New Jersey New Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat. Covered Home Loan
ss.ss.46:10B-22 et seq.
Effective November 27, 2003 - July 5, 2004
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STANDARD & POOR'S HOME LOAN CATEGORIZATION
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State/Jurisdiction Name of Anti-Predatory Lending Law/Effective Date Category under Applicable Anti-Predatory
Lending Law
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Georgia (Oct. 1, 2002 - Mar. 6, 2003) Georgia Fair Lending Act, Ga. Code Xxx.ss.ss.7-6A-1 et seq. Home Loan
Effective October 1, 2002 - March 6, 2003
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New Jersey New Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat. Home Loan
ss.ss.46:10B-22 et seq.
Effective for loans closed on or after November 27, 2003
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New Mexico Home Loan Protection Act, N.M. Rev. Stat.ss.ss.58-21A-1 et seq. Home Loan
Effective as of January 1, 2004; Revised as of February 26, 2004
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North Carolina Restrictions and Limitations on High Cost Home Loans, N.C. Gen. Consumer Home Loan
Stat.ss.ss.24-1.1E et seq.
Effective July 1, 2000; amended October 1, 2003 (adding open-end
lines of credit)
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South Carolina South Carolina High Cost and Consumer Home Loans Act, S.C. Code Consumer Home Loan
Xxx.ss.ss.37-23-10 et seq.
Effective for loans taken on or after January 1, 2004
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