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FNMA Trust Agreement for Guaranteed Pass-Through Certificates

FNMA Trust Agreement for Guaranteed Pass-Through Certificates

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Published by johngaultwhoam
FNMA guarantees payment on loans sold to trusts
FNMA guarantees payment on loans sold to trusts

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Published by: johngaultwhoam on May 06, 2011
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06/12/2011

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EXECUTION COPY
FEDERAL NATIONAL MORTGAGE ASSOCIATION(“FANNIE MAE”)asIssuer, Master Servicer, Guarantor and Trustee2009 SINGLE-FAMILY MASTER TRUSTAGREEMENTforGUARANTEED MORTGAGEPASS-THROUGH CERTIFICATESevidencing undivided beneficial interests inPOOLS OF RESIDENTIAL MORTGAGE LOANSJanuary 1, 2009
 
 i
TABLE OF CONTENTSPageARTICLE IDEFINED TERMS AND RULES OF CONSTRUCTION
Section 1.1 Definitions................................................................................................................1Section 1.2 Rules of Construction............................................................................................171.2(1) Singular and Plural; Gender.................................................................171.2(2) Sections and Other Subdivisions.........................................................171.2(3) Headings and Examples.......................................................................171.2(4) Recitals.................................................................................................171.2(5) Written Statements...............................................................................171.2(6) Counsel; Accountants..........................................................................171.2(7) Inclusionary Language.........................................................................171.2(8) Fannie Mae...........................................................................................181.2(9) Individual Trusts..................................................................................181.2(10) Direct Servicing...................................................................................181.2(11) Rating Agency.....................................................................................181.2(12) Changes in Laws..................................................................................191.2(13) Changes to Servicing Contracts and the Guide....................................191.2(14) Delegates, Agents, Successors and Assigns........................................191.2(15) Substantial Compliance.......................................................................191.2(16) Will......................................................................................................191.2(17) Court....................................................................................................19
ARTICLE IICREATION OF TRUST; CONVEYANCE OF LOANS; PURCHASES OF LOANS
Section 2.1 Declaration of Trust, Transfer and Conveyance of Mortgage Loans;Acceptance of Responsibilities..............................................................................202.1(1) Declaration of Trust, Transfer and Conveyance of MortgageLoans....................................................................................................202.1(2) Acceptance of Responsibilities............................................................202.1(3) Security Interest...................................................................................202.1(4) Equitable Interest.................................................................................212.1(5) Prohibition Against Encumbrance.......................................................212.1(6) Accounting Treatment.........................................................................212.1(7) Status of Trust......................................................................................222.1(8) Use of Information...............................................................................222.1(9) Payment for Services to Trusts............................................................22
 
 iiSection 2.2 Issuance of Certificates..........................................................................................22Section 2.3 Interests Held by the Issuer, Trustee or a Seller....................................................23Section 2.4 Determination of Pool............................................................................................23Section 2.5 Limited Purchase of Mortgage Loans or REO Property from Trusts....................232.5(1) Mandatory Purchase by Issuer.............................................................232.5(2) Optional Purchase by Issuer.................................................................252.5(3) Optional Purchase by Guarantor..........................................................252.5(4) Purchase Price......................................................................................26Section 2.6 Limited Right of Mortgage Loan Substitution.......................................................27Section 2.7 Removal of Mortgage Loan from Pool..................................................................28Section 2.8 Trust Administration Fee.......................................................................................28Section 2.9 Purchase Execution................................................................................................28
ARTICLE IIIAPPLICABLE DOCUMENTATION
Section 3.1 Issue Supplement...................................................................................................29Section 3.2 Issue Supplement and Trust Agreement................................................................29Section 3.3 Access to Information............................................................................................29Section 3.4 Custody of Mortgage Documents..........................................................................303.4(1) Delivery................................................................................................303.4(2) Custodial Capacity...............................................................................31Section 3.5 Review, Certification and Safekeeping of Mortgage Documents.........................32
ARTICLE IVTHE CERTIFICATES
Section 4.1 General Provisions.................................................................................................32Section 4.2 Issuance of Certificates..........................................................................................324.2(1) Book-Entry Form.................................................................................324.2(2) Definitive Form....................................................................................324.2(3) Denominations.....................................................................................324.2(4) Transfer, Exchange and Pledge............................................................32

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