Sec. 223. Uniform securitization agreements
222 words·~1 min read·
/bill/113/s/1217/rs/section-223·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The Corporation shall develop, adopt, and publish standard uniform securitization agreements for covered securities which are insured under this Act. The standard uniform securitization agreements required to be developed under subsection
(a)shall include terms relating to— pooling and servicing, including the development of uniform standards and practices— regarding remittance schedules and payment delays; and permitting the transfer of servicing rights, if such transfer is determined to be in the best financial interest of the investor, as such interest is calculated on a net present value basis; representations and warranties, including representations and warranties as to compliance or conformity with the requirements of this Act; indemnification and remedies, including for the restitution or indemnification of the Corporation with respect to early term delinquencies of eligible mortgages collateralizing a covered security; the qualification, responsibilities, and duties of trustees; and any other terms or standards the Corporation determines necessary or appropriate. In developing the uniform securitization agreements required under subsection (a), the Corporation shall also develop, adopt, and publish clear and uniform standards that define and illustrate what actions, or omissions to act, comprise a violation of the representations and warranties clauses that are made a part of such agreements. The Corporation shall work with industry groups, including servicers, originators, issuers, and mortgage investors to develop the uniform securitization agreements required under subsection (a).