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The agreement lays out how servicing fees will be collected and distributed, ensuring everyone gets their fair share, just like dividing a pizza among friends.
If one of the loans defaults, the agreement includes guidelines on how to handle it. It’s a bit like having a backup plan if one of your friends can’t make it to dinner.
The agreement is between Greenpoint Credit, LLC and Bank One, National Association. Think of them as partners in a dance, each having their own steps and roles.
The main goal of the Pooling and Servicing Agreement is to outline how the loans will be pooled together and serviced. It’s like putting different fruits in a basket and deciding how to care for them.