Los Angeles California 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: Los Angeles
• 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 Los Angeles California Pooling and Servicing Agreement is a legal document that outlines the terms and conditions of the pooling and servicing of mortgage loans between Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A., and Bank One. This agreement is designed to ensure efficient management and administration of mortgage-backed securities within the Los Angeles area. Keywords: Los Angeles California, Pooling and Servicing Agreement, Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A., Bank One. The Pooling and Servicing Agreement (PSA) is a crucial document in the mortgage-backed securities (MBS) industry. It establishes the framework for the pooling of mortgage loans, the generation of mortgage-backed securities, and the servicing of those securities. The Los Angeles California PSA between Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A., and Bank One specifically addresses MBS products associated with properties in the Los Angeles area. This agreement outlines various key provisions, including the rights and responsibilities of each party involved. It establishes the obligations of the mortgage service appointed to handle the day-to-day administration of the mortgage loans, such as collecting payments, managing escrow accounts, and handling borrower inquiries. One crucial aspect of the Los Angeles California Pooling and Servicing Agreement is the pooling of mortgage loans. Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A., and Bank One combine their individual mortgage loans into a single pool. This pooling allows the creation of mortgage-backed securities, which are then sold to investors in the secondary market. Investors can buy shares in these securities, thereby gaining exposure to the underlying mortgage loans. The PSA also highlights the distribution of cash flows to the investors. Payments received from borrowers are distributed to the investors in accordance with predefined rules. The PSA generally outlines the priority of payment distributions to different classes of securities, often referred to as tranches. These tranches have different risk profiles and levels of priority for receiving cash flow. The PSA may specify the waterfall of cash flow distributions, ensuring that certain tranches are paid before others. Additionally, the Los Angeles California Pooling and Servicing Agreement addresses other important aspects such as default management, loan modifications, foreclosure procedures, reporting requirements, and compliance with relevant laws and regulations. It is important to note that there can be different types of Pooling and Servicing Agreements between Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A., and Bank One for Los Angeles, California. These types may vary based on factors such as specific loan characteristics, borrower demographics, or types of mortgage-backed securities structured within the agreement. Each type of PSA may have unique terms and conditions tailored to meet the specific objectives and risk appetites of the involved entities. In summary, the Los Angeles California Pooling and Servicing Agreement between Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A., and Bank One provides a comprehensive framework for the pooling, servicing, and management of mortgage-backed securities within the Los Angeles area. It defines the roles and responsibilities of the parties involved, outlines the distribution of cash flows to investors, and encompasses several other important provisions pertaining to loan administration and compliance.

Los Angeles California Pooling and Servicing Agreement is a legal document that outlines the terms and conditions of the pooling and servicing of mortgage loans between Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A., and Bank One. This agreement is designed to ensure efficient management and administration of mortgage-backed securities within the Los Angeles area. Keywords: Los Angeles California, Pooling and Servicing Agreement, Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A., Bank One. The Pooling and Servicing Agreement (PSA) is a crucial document in the mortgage-backed securities (MBS) industry. It establishes the framework for the pooling of mortgage loans, the generation of mortgage-backed securities, and the servicing of those securities. The Los Angeles California PSA between Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A., and Bank One specifically addresses MBS products associated with properties in the Los Angeles area. This agreement outlines various key provisions, including the rights and responsibilities of each party involved. It establishes the obligations of the mortgage service appointed to handle the day-to-day administration of the mortgage loans, such as collecting payments, managing escrow accounts, and handling borrower inquiries. One crucial aspect of the Los Angeles California Pooling and Servicing Agreement is the pooling of mortgage loans. Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A., and Bank One combine their individual mortgage loans into a single pool. This pooling allows the creation of mortgage-backed securities, which are then sold to investors in the secondary market. Investors can buy shares in these securities, thereby gaining exposure to the underlying mortgage loans. The PSA also highlights the distribution of cash flows to the investors. Payments received from borrowers are distributed to the investors in accordance with predefined rules. The PSA generally outlines the priority of payment distributions to different classes of securities, often referred to as tranches. These tranches have different risk profiles and levels of priority for receiving cash flow. The PSA may specify the waterfall of cash flow distributions, ensuring that certain tranches are paid before others. Additionally, the Los Angeles California Pooling and Servicing Agreement addresses other important aspects such as default management, loan modifications, foreclosure procedures, reporting requirements, and compliance with relevant laws and regulations. It is important to note that there can be different types of Pooling and Servicing Agreements between Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A., and Bank One for Los Angeles, California. These types may vary based on factors such as specific loan characteristics, borrower demographics, or types of mortgage-backed securities structured within the agreement. Each type of PSA may have unique terms and conditions tailored to meet the specific objectives and risk appetites of the involved entities. In summary, the Los Angeles California Pooling and Servicing Agreement between Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A., and Bank One provides a comprehensive framework for the pooling, servicing, and management of mortgage-backed securities within the Los Angeles area. It defines the roles and responsibilities of the parties involved, outlines the distribution of cash flows to investors, and encompasses several other important provisions pertaining to loan administration and compliance.