EXHIBIT 10.2
FORM OF ASSIGNMENT AND ASSUMPTION AGREEMENT
ASSIGNMENT AND ASSUMPTION AGREEMENT, dated as of [________] [__], 20[___], between GreenPoint Mortgage Funding, Inc., a New
York corporation ("GMFI") and GreenPoint Mortgage Securities LLC, a Delaware limited liability company (the "Company").
Recitals
A. GMFI has entered into seller contracts ("Seller Contracts") with the seller/servicers pursuant to which such
seller/servicers sell mortgage loans to GMFI.
B. The Company wishes to purchase from GMFI certain Mortgage Loans (as hereinafter defined) originated pursuant to the Seller
Contracts.
C. The Company, GMFI, as servicer, and [__________], as trustee (the "Trustee"), are entering into a Pooling and Servicing
Agreement dated as of
[________] [__], 20[___] (the "Pooling and Servicing Agreement"), pursuant to which the Trust will issue Mortgage Asset-Backed
Pass-Through Certificates, Series 20[__]-[__] (the "Certificates") consisting of [twenty-five classes designated as Class A-1,
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-1,
Class B-2, Class B-3, Class SB, Class R-I and Class R-II], representing beneficial ownership interests in a trust fund consisting
primarily of a pool of fixed and adjustable rate one- to four-family mortgage loans identified on Exhibit F to the Pooling and
Servicing Agreement (the "Mortgage Loans").
D. In connection with the purchase of the Mortgage Loans, the Company will assign to GMFI a de minimis portion of the
[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, GMFI wishes to make certain
representations and warranties to the Company.
F. The Company and GMFI intend that the conveyance by GMFI 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, GMFI 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 the month of the Cut-off
Date). In consideration of such assignment, GMFI will receive from the Company, in immediately available funds, an amount equal to
$[________], including accrued interest, and the Retained Certificates. In connection with such assignment and at the Company's
direction, GMFI 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 GMFI intend that the conveyance by GMFI 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 GMFI to the Company.
It is, further, not intended that such conveyance be deemed to be a pledge of the Mortgage Loans by GMFI to the Company to secure a
debt or other obligation of GMFI. 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 GMFI to the Company of a
security interest in all of GMFI'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 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 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. GMFI 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, GMFI 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 GMFI, 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 GMFI or the Company, (2) any change of location of
the place of business, state of formation or the chief executive office of GMFI, or (3) any transfer of any interest of GMFI in any
Mortgage Loan.
3. Concurrently with the execution and delivery hereof, the Company hereby assigns to GMFI without recourse all of its right,
title and interest in and to the Retained Certificates as part of the consideration payable to GMFI by the Company pursuant to this
Agreement.
4. GMFI 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) 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 Company, GMFI 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
Company 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 GMFI's knowledge as of the Cut-off Date, 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 GMFI or by any other
entity involved in servicing a Mortgage Loan;
(f) As of the Cut-off Date, [none] of the Mortgage Loans are 30 days or more delinquent in payment of principal
and interest;
(g) [None] of the Mortgage Loans are Buydown Mortgage Loans;
(h) To the best of GMFI's knowledge, there is no delinquent tax or assessment lien against any related
Mortgaged Property;
(i) 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 Relief Act;
(j) No Mortgage Loan provides for payments that are subject to reduction by withholding taxes levied by any
foreign (non-United States) sovereign government;
(k) (1) The proceeds of each Mortgage Loan have been fully disbursed and (2) to the best of Seller'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;
(l) To the best of GMFI'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;
(m) 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;
(n) To the best of GMFI's knowledge, each Mortgaged Property is free of damage and in good repair and no notice
of condemnation has been given with respect thereto and GMFI knows of nothing involving any Mortgaged Property that could
reasonably be expected to materially adversely affect the value or marketability of any Mortgaged Property;
(o) 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 GMFI'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;
(p) To the best of GMFI'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 GMFI to the trustee under any
Mortgage that is a deed of trust;
(q) 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);
(r) With respect to each Mortgage Loan, any appraisal made in connection with the origination of the Mortgage
Loan was made by an appraiser who meets the minimum qualifications for appraisers as specified in the Program Guide;
(s) Each Mortgage Loan is covered by a standard hazard insurance policy;
(t) To the best of GMFI'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;
(u) 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;
(v) As of the Cut-off Date, [none] of the Mortgage Loans are secured by a leasehold estate. 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) Each Mortgage Loan as of the time of its origination complied in all material respects with all applicable
local, state and federal laws, including, but not limited to, all applicable predatory lending laws;
(x) [None] of the Mortgage Loans are subject to the Home Ownership and Equity Protection Act of 1994. [None]
of the Mortgage Loans 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) To the best of GMFI's knowledge, the Subservicer for each Mortgage Loan has accurately and fully reported
its borrower credit files to each of the Credit Repositories in a timely manner;
(z) [None] of the proceeds of any Mortgage Loan were used to finance the purchase of single premium credit
insurance policies;
(aa) 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® Version 5.6b Revised (attached hereto as Exhibit A));
provided that no representation and warranty is made in this clause (aa) with respect to any Mortgage Loan secured by a
Mortgaged Property located in the States of Kansas or West Virginia; and provided further that no Qualified Substitute
Mortgage Loan shall be a High Cost Loan or Covered Loan (as such terms are defined in Appendix E of the Standard & Poor's
Glossary For File Format For LEVELS® in effect on the date of substitution, with such exceptions thereto as the Company and
Standard & Poor's may reasonably agree);
(bb) No Mortgage Property consists of a mobile home or a manufactured housing unit that is not permanently
affixed to its foundation;
(cc) The proceeds of the Mortgage Loan have been fully disbursed, there is no requirement for future advances
thereunder;
(dd) With respect to each Mortgage Loan, either (i) each Mortgage Loan 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 or (ii) the Mortgage Loan is assumable pursuant to the terms
of the Mortgage Note;
(ee) No Mortgage Loan has a prepayment penalty term that extends beyond five years after the date of
origination; and
(ff) No Mortgage Loan provides for deferred interest or negative amortization.
Upon discovery by GMFI 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 breach or occurrence shall be given to the Company by GMFI, if it discovers the same), GMFI 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 set forth in clause (w) of this Section 4,
then GMFI 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 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. 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 GMFI will be
obligated to repurchase or substitute for such Mortgage Loan in the manner set forth in Section 4 above.
GMFI 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.
[Signature Page Follows]
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.
IN WITNESS WHEREOF, the parties have entered into this Assignment and Assumption Agreement as of the date first above
written.
GREENPOINT MORTGAGE FUNDING, INC.
By:_________________________________________________
Name:
Title:
GREENPOINT MORTGAGE SECURITIES LLC
By:_________________________________________________
Name:
Title:
EXHIBIT A
APPENDIX E OF THE STANDARD & POOR'S GLOSSARY FOR
FILE FORMAT FOR LEVELS® VERSION 5.6b REVISED
REVISED [________] [__], 20[___]
APPENDIX E - Standard & Poor's Anti-Predatory Lending Categorization
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. §§ 00-00-000 et seq.
Effective July 16, 2003
---------------------------------- ------------------------------------------------- --------------------------------
Cleveland Heights, OH Ordinance No. 72-2003 (PSH), Mun. Code §§ Covered Loan
757.01 et seq.
Effective June 2, 2003
---------------------------------- ------------------------------------------------- --------------------------------
Colorado Consumer Equity Protection, Colo. Stat. Xxx. §§ 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. §§ 36a-746 et seq.
Effective October 1, 2001
---------------------------------- ------------------------------------------------- --------------------------------
District of Columbia Home Loan Protection Act, D.C. Code §§ Covered Loan
26-1151.01 et seq.
Effective for loans closed on or after January
28, 2003
---------------------------------- ------------------------------------------------- --------------------------------
Florida Fair Lending Act, Fla. Stat. Xxx. §§ 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. §§ 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. §§ 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. § 1639, 12 C.F.R. §§ 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, §§ 137/5 et seq.
Effective January 1, 2004 (prior to this date,
regulations under Residential Mortgage License
Act effective from May 14, 2001)
---------------------------------- ------------------------------------------------- --------------------------------
Indiana Indiana Home Loan Practices Act, Ind. Code Xxx. High Cost Home Loan
§§ 24-9-1-1 et seq.
Effective for loans originated on or after
January 1, 2005.
---------------------------------- ------------------------------------------------- --------------------------------
Kansas Consumer Credit Code, Kan. Stat. Xxx. §§ High Loan to Value Consumer
16a-1-101 et seq. Loan (id. § 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 (id. §
16a-3-308a)
---------------------------------- ------------------------------------------------- --------------------------------
Kentucky 2003 KY H.B. 000 - Xxxx Xxxx Xxxx Xxxx Xxx, Xx. High Cost Home Loan
Rev. Stat. §§ 360.100 et seq.
Effective June 24, 2003
---------------------------------- ------------------------------------------------- --------------------------------
Maine Truth in Lending, Me. Rev. Stat. tit. 9-A, §§ High Rate High Fee Mortgage
8-101 et seq.
Effective September 29, 1995 and as amended
from time to time
---------------------------------- ------------------------------------------------- --------------------------------
Massachusetts Part 40 and Part 32, 209 C.M.R. §§ 32.00 et High Cost Home Loan
seq. and 209 C.M.R. §§ 40.01 et seq.
Effective March 22, 2001 and amended from time
to time
---------------------------------- ------------------------------------------------- --------------------------------
Massachusetts Predatory Home Loan Practices Act High Cost Home Mortgage Loan
Mass. Gen. Laws ch. 183C, §§ 1 et seq.
Effective November 7, 2004
---------------------------------- ------------------------------------------------- --------------------------------
Nevada Assembly Xxxx No. 284, Nev. Rev. Stat. §§ Home Loan
598D.010 et seq.
Effective October 1, 2003
----------------------------------- ------------------------------------------------- --------------------------------
New Jersey New Jersey Home Ownership Security Act of 2002, High Cost Home Loan
N.J. Rev. Stat. §§ 46:10B-22 et seq.
Effective for loans closed on or after November
27, 2003
---------------------------------- ------------------------------------------------- --------------------------------
New Mexico Home Loan Protection Act, N.M. Rev. Stat. §§ High Cost Home Loan
58-21A-1 et seq.
Effective as of January 1, 2004; Revised as of
February 26, 2004
---------------------------------- ------------------------------------------------- --------------------------------
New York N.Y. Banking Law Article 6-l High Cost Home Loan
Effective for applications made on or after
April 1, 2003
---------------------------------- ------------------------------------------------- --------------------------------
North Carolina Restrictions and Limitations on High Cost Home High Cost Home Loan
Loans, N.C. Gen. Stat. §§ 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. §§ 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. §§ 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. §§ 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. §§ 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. Stat. §§ 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. §§ 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. Stat. §§ 46:10B-22 et seq.
Effective for loans closed on or after November
27, 2003
---------------------------------- ------------------------------------------------- --------------------------------
New Mexico Home Loan Protection Act, N.M. Rev. Stat. §§ 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. Stat. §§ 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. §§ 37-23-10 et seq.
Effective for loans taken on or after January
1, 2004
---------------------------------- ------------------------------------------------- --------------------------------
