The Michigan Pooling and Servicing Agreement (PSA) of New Century Mortgage Securities, Inc. refers to a legal contract governing the pooling and servicing of mortgage loans in the state of Michigan. This agreement outlines the responsibilities and rights of all parties involved in the securitization process, including the mortgage originators, services, investors, and trustees. The New Century Mortgage Securities, Inc. PSA specifically pertains to mortgage-backed securities issued by New Century, a now-defunct subprime mortgage lender. These securities were backed by pools of mortgage loans in Michigan. Key components of the Michigan PSA may include: 1. Mortgage Loan Pooling: The agreement establishes how mortgage loans are pooled together to create mortgage-backed securities. It specifies the criteria for eligible loans and the required documentation. 2. Servicing Obligations: The PSA outlines the service's obligations, such as collecting loan payments, handling escrow accounts, addressing default situations, and disbursing funds to investors. 3. Payment Priorities: It defines the order in which funds received from the mortgage loans are allocated to various parties involved, such as the trustee, interest holders, and principal holders. This ensures that investors receive their due payments as specified. 4. Representations and Warranties: The PSA includes representations and warranties made by the mortgage originators regarding the accuracy and completeness of the loan information and documentation. These protect investors from potential fraud or misrepresentation. 5. Default and Remedies: The agreement outlines the actions and remedies available to the trustee and investors in case of defaults, breaches, or other violations of the PSA terms. This may include the rights to foreclose on properties, enforce repurchase obligations, or seek legal recourse. It is important to note that there may be variations of the Michigan PSA based on specific mortgage pools or other factors. These variations could be related to different loan types, property locations, or borrower characteristics. However, specific names for different types of Michigan Pooling and Servicing Agreements of New Century Mortgage Securities, Inc. could not be identified within the given context.
Michigan Pooling and Servicing Agreement of New Century Mortgage Securities, Inc.
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