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This ran afoul of the servicing agreement governing the Standard Property mortgage.
The trustee makes sure that the terms of the pooling and servicing agreement are met; this document determines what a servicer can do to help distressed borrowers.
That matter turned on the language in the securitization's pooling and servicing agreement, which provides details not only on the types of loans in a pool but also on the relationships of various parties involved in it.
He said the deal with J.P. Morgan was not the largest servicing agreement signed by I.B.M., but declined to identify any contracts the company had struck that were larger.
The investors must prove that Countrywide's pooling and servicing agreement covering their loans does indeed require it to repurchase mortgages the bank modifies, the judge said, ruling that the case belongs in state court.
The borrower wanted to repay the loan at that time, but instead of directing it to pay principal and the accrued interest to the holder of the loan, as required by the servicing agreement, Compass/Silar arranged for the borrower to refund only the principal.
Similar(50)
Mortgage securities have covenants — known as pooling and servicing agreements — that define their terms.
"While some have argued that servicing agreements preclude or routinely require investor approval for loan modifications, this is not true for the vast majority of servicing agreements," she said in her House testimony.
"It's a service agreement," Mr. Wilford said.
TEXAS RANGERS--Signed Rusty Greer to a personal service agreement.
According to Barclays, the existence of the "advisory services agreement" in June 2008 was disclosed but not the advisory services agreement in October 2008.
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