Alabama Pooling and Servicing Agreement between Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A. and Bank One

• Category: Corporations - Public - Pooling and Servicing
• State: Multi-State
• Control #: US-EG-9080
• Format: Word; Rich Text

Description

Pooling and Servicing Agr. btwn Credit Suisse First Boston Mortgage Securities Corp., Wash. Mutual Bank F.A. and Bank One - National Association dated Nov. 1, 1999. 213 pages The Alabama Pooling and Servicing Agreement (PSA) between Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A., and Bank One refers to a legal contract defining the terms and conditions of pooling multiple mortgage loans into a mortgage-backed security (MBS). This agreement outlines the responsibilities and obligations of each party involved in the securitization process. Here is a detailed description of the PSA and its main components: 1. Parties Involved: The agreement involves Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A., and Bank One. Credit Suisse acts as the issuing entity responsible for structuring the MBS, while Washington Mutual and Bank One are the mortgage loan originators. 2. Nature of the Agreement: The PSA establishes the legal framework for pooling mortgage loans and creating Mass. It outlines how the loans will be acquired, bundled, and sold as securities in the secondary mortgage market. 3. Pooling and Escrow: The agreement describes the process of pooling mortgage loans together to create a diversified pool. These loans are usually selected based on certain criteria, such as similar interest rates, loan types, or risk levels. The PSA also addresses the establishment of an escrow account to receive mortgage payments and distribute them to MBS investors. 4. Servicing Duties: The PSA defines the servicing responsibilities of the mortgage service appointed to handle collections, remittances, escrow administration, investor reporting, and other loan administration tasks. This party ensures that the loans within the pool are properly serviced throughout the lifetime of the MBS. 5. Cash Flow and Distribution: The agreement specifies the cash flow mechanics of the MBS, including the calculation and distribution of principal and interest payments to the investors. It outlines the waterfall structure, typically detailing the priority of payments, reserve accounts, and any excess cash flows. 6. Representations and Warranties: The PSA explicitly states the representations and warranties made by each party involved, ensuring the accuracy of the loan data, compliance with laws and regulations, and absence of fraudulent activities. These provisions serve to protect the investors and establish the liability of the involved parties. 7. Events of Default and Remedies: The PSA addresses the procedures and remedies in case of a default by any party, including breaches of representations and warranties, failure to make required payments, or non-compliance with obligations under the agreement. Different types of Alabama Pooling and Servicing Agreements between Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A., and Bank One may exist based on various factors such as: 1. Pool Characteristics: Different SAS may involve the pooling of mortgages with varying characteristics, such as different loan terms (fixed-rate, adjustable-rate), loan-to-value ratios, geographic locations, or residential vs. commercial properties. 2. Investor Classes: If the MBS is structured with multiple classes of securities offering different risk and return profiles, separate SAS could be created for each class, outlining the specific rights and obligations associated with owning and servicing those classes. 3. Specific Loan Programs: Different SAS might be designed to incorporate mortgages from specific loan programs or product types, such as government-backed loans (FHA, VA), jumbo loans, or subprime loans. Each program may have its own unique requirements and provisions. Overall, Alabama Pooling and Servicing Agreements between Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A., and Bank One provide the legal framework for pooling mortgages, creating Mass, and ensuring the smooth flow of cash to investors. These agreements govern the rights, responsibilities, and liabilities of the parties involved, contributing to the stability and transparency of the mortgage-backed securities market.

The Alabama Pooling and Servicing Agreement (PSA) between Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A., and Bank One refers to a legal contract defining the terms and conditions of pooling multiple mortgage loans into a mortgage-backed security (MBS). This agreement outlines the responsibilities and obligations of each party involved in the securitization process. Here is a detailed description of the PSA and its main components: 1. Parties Involved: The agreement involves Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A., and Bank One. Credit Suisse acts as the issuing entity responsible for structuring the MBS, while Washington Mutual and Bank One are the mortgage loan originators. 2. Nature of the Agreement: The PSA establishes the legal framework for pooling mortgage loans and creating Mass. It outlines how the loans will be acquired, bundled, and sold as securities in the secondary mortgage market. 3. Pooling and Escrow: The agreement describes the process of pooling mortgage loans together to create a diversified pool. These loans are usually selected based on certain criteria, such as similar interest rates, loan types, or risk levels. The PSA also addresses the establishment of an escrow account to receive mortgage payments and distribute them to MBS investors. 4. Servicing Duties: The PSA defines the servicing responsibilities of the mortgage service appointed to handle collections, remittances, escrow administration, investor reporting, and other loan administration tasks. This party ensures that the loans within the pool are properly serviced throughout the lifetime of the MBS. 5. Cash Flow and Distribution: The agreement specifies the cash flow mechanics of the MBS, including the calculation and distribution of principal and interest payments to the investors. It outlines the waterfall structure, typically detailing the priority of payments, reserve accounts, and any excess cash flows. 6. Representations and Warranties: The PSA explicitly states the representations and warranties made by each party involved, ensuring the accuracy of the loan data, compliance with laws and regulations, and absence of fraudulent activities. These provisions serve to protect the investors and establish the liability of the involved parties. 7. Events of Default and Remedies: The PSA addresses the procedures and remedies in case of a default by any party, including breaches of representations and warranties, failure to make required payments, or non-compliance with obligations under the agreement. Different types of Alabama Pooling and Servicing Agreements between Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A., and Bank One may exist based on various factors such as: 1. Pool Characteristics: Different SAS may involve the pooling of mortgages with varying characteristics, such as different loan terms (fixed-rate, adjustable-rate), loan-to-value ratios, geographic locations, or residential vs. commercial properties. 2. Investor Classes: If the MBS is structured with multiple classes of securities offering different risk and return profiles, separate SAS could be created for each class, outlining the specific rights and obligations associated with owning and servicing those classes. 3. Specific Loan Programs: Different SAS might be designed to incorporate mortgages from specific loan programs or product types, such as government-backed loans (FHA, VA), jumbo loans, or subprime loans. Each program may have its own unique requirements and provisions. Overall, Alabama Pooling and Servicing Agreements between Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A., and Bank One provide the legal framework for pooling mortgages, creating Mass, and ensuring the smooth flow of cash to investors. These agreements govern the rights, responsibilities, and liabilities of the parties involved, contributing to the stability and transparency of the mortgage-backed securities market.