A New York Pooling and Servicing Agreement (PSA) is a legal contract that governs the securitization of mortgage loans. In this specific case, the agreement is between Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A., and Bank One. The PSA outlines the responsibilities and obligations of each party involved in the securitization process. It establishes a trust, often referred to as a special purpose vehicle (SPV), which holds the pool of mortgage loans. The SPV issues mortgage-backed securities (MBS) backed by the cash flows from these loans. The agreement sets forth the detailed terms and conditions for the pooling of mortgage loans. It includes provisions related to loan eligibility criteria, representations and warranties made by the originator of the loans (generally the bank involved), servicing responsibilities, cash flows distribution, and default remedies. Within the realm of New York Pooling and Servicing agreements between Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A., and Bank One, there might be different types of agreements depending on the specific mortgage loan pool being securitized. Some possible variations or types of agreements may include: 1. Residential Mortgage-backed Securities (RMBS) PSA: This type of agreement specifically pertains to the securitization of residential mortgage loans. 2. Commercial Mortgage-backed Securities (CMOS) PSA: This agreement would be in relation to the securitization of commercial mortgage loans, such as those for office buildings, shopping centers, or hotels. 3. Prime Mortgage PSA: This type of agreement may be used when securitizing mortgage loans with excellent credit profiles, often referred to as prime loans. 4. Non-Prime/Subprime Mortgage PSA: In contrast to prime mortgages, this agreement is employed when securitizing mortgage loans with lower credit quality, often referred to as non-prime or subprime loans. Each type of New York Pooling and Servicing Agreement may have distinct terms and conditions tailored to the specific characteristics of the mortgage loans being securitized. It is crucial to carefully review and understand the terms within the respective agreement to ensure compliance and transparent dealings among the parties involved.
New York Pooling and Servicing Agreement between Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A. and Bank One
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