Franklin Ohio 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
• County: Franklin
• 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 Franklin Ohio Pooling and Servicing Agreement (PSA) is a legal document that establishes the terms and conditions for the pooling of mortgages and the servicing of mortgage-backed securities (MBS) between Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A., and Bank One. This agreement plays a crucial role in the securitization process, allowing these financial institutions to transfer the risk associated with a pool of mortgages to investors. Under the Franklin Ohio PSA, Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A., and Bank One agree to pool a designated group of mortgage loans into a trust. This trust then issues MBS, representing the collective cash flows generated by the underlying mortgage loans. These MBS are sold to investors in the secondary market, allowing the originating institutions to raise additional capital to fund further lending activities. The PSA outlines the responsibilities and rights of each party involved. Credit Suisse First Boston Mortgage Securities Corp., as the sponsor, is responsible for selecting and purchasing the mortgage loans that will be included in the pool. Washington Mutual Bank F.A. and Bank One, as originators, provide the initial mortgages that become part of the pool. The agreement also includes provisions for the servicing of the mortgage loans. This entails the collection of loan payments, customer service, and the administration of the loans on behalf of the investors. Washington Mutual Bank F.A. and Bank One may retain the servicing rights or transfer them to a third-party service. These responsibilities and potential rights transfers are detailed within the PSA. Additionally, the Franklin Ohio PSA may include different variations or tranches, which represent different risk profiles and priorities. These tranches typically correspond to different credit ratings and yield expectations, allowing investors to select the level of risk and return that aligns with their investment strategy. The specific names and terms of the tranches within the Franklin Ohio PSA between Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A., and Bank One would vary based on the specific agreement and associated mortgage pool. Overall, the Franklin Ohio Pooling and Servicing Agreement provides a blueprint for the securitization of mortgage loans, offering a mechanism for financial institutions to efficiently raise capital while reducing risk exposure. This agreement ensures transparency, accountability, and mutually agreed-upon terms among the involved parties, promoting market stability and investor confidence.

The Franklin Ohio Pooling and Servicing Agreement (PSA) is a legal document that establishes the terms and conditions for the pooling of mortgages and the servicing of mortgage-backed securities (MBS) between Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A., and Bank One. This agreement plays a crucial role in the securitization process, allowing these financial institutions to transfer the risk associated with a pool of mortgages to investors. Under the Franklin Ohio PSA, Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A., and Bank One agree to pool a designated group of mortgage loans into a trust. This trust then issues MBS, representing the collective cash flows generated by the underlying mortgage loans. These MBS are sold to investors in the secondary market, allowing the originating institutions to raise additional capital to fund further lending activities. The PSA outlines the responsibilities and rights of each party involved. Credit Suisse First Boston Mortgage Securities Corp., as the sponsor, is responsible for selecting and purchasing the mortgage loans that will be included in the pool. Washington Mutual Bank F.A. and Bank One, as originators, provide the initial mortgages that become part of the pool. The agreement also includes provisions for the servicing of the mortgage loans. This entails the collection of loan payments, customer service, and the administration of the loans on behalf of the investors. Washington Mutual Bank F.A. and Bank One may retain the servicing rights or transfer them to a third-party service. These responsibilities and potential rights transfers are detailed within the PSA. Additionally, the Franklin Ohio PSA may include different variations or tranches, which represent different risk profiles and priorities. These tranches typically correspond to different credit ratings and yield expectations, allowing investors to select the level of risk and return that aligns with their investment strategy. The specific names and terms of the tranches within the Franklin Ohio PSA between Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A., and Bank One would vary based on the specific agreement and associated mortgage pool. Overall, the Franklin Ohio Pooling and Servicing Agreement provides a blueprint for the securitization of mortgage loans, offering a mechanism for financial institutions to efficiently raise capital while reducing risk exposure. This agreement ensures transparency, accountability, and mutually agreed-upon terms among the involved parties, promoting market stability and investor confidence.