ࡱ> sy{|8  !"#$%&'()*+,-./012345679:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrtuvwxyz{|}~Root Entryb.@p a PerfectOffice_MAIN&PerfectOffice_OBJECTS,0 a0 aSummaryInformation(| !"#$%&'()+,-./01Oh+'Oh+'0L    Dale Whitman36$C:\COREL\SUITE8\PROGRAMS\PRWIN8.EXE Original Slide Show7 (,*`-:/%W%WWWWPC-XX81%y0:Ʉ3'XXXXKKKK ? ///???OOO___fffooof1?O/_??ߟ߿_?_?_?ffffO3(f3 3f1I_#f3ffL3$33ffWPC ~ .c9dggooo::::"|B"XXXX'33' >7f-MzMMt} fk N RUDRRgRLEJ :#\%)6,y./E2C5t;?qB'DRyDWDR"ERtE GRG=#JrLRLR9MRMRMR/NRN4OROROQTFW?2ZRZC\_WPC ,"   ,2  I  .3  TransfersbytheMortgagee....2  1  .3  (Thesecondarymortgagemarket)#67#2  I  .3  Whyisthereasecondarymarketformortgages?..2  A  .3  toshiftfundsfromcapital-richtocapital-shortareasofthecountry...2  A  .3  toshiftfundsfromtypesofinstitutionsthathaveexcessmoneytothosewhoareshortofmoney...2  A  .3  toaggregatefundsfrominvestorswhonormallywouldnotorcouldnotinvestinmortgages(to intermediate).!  2  I  .3  !  2  I  .3  !  2  I  .3  "3 "2  I  .3  Afourthtype:aSecurityTransfer(  45(2  I  .3  Twotypesoftransfersofanoteandmortgage:..2  A  .3  Outrightassignment:asaleoftheasset,usuallyforcash.Thefirst3slidesinthesetwereaboutthistypeoftransfer...2  A  .3  Securityorcollateralassignment:usingthenoteandmortgageassecurityforsomeotherdebt.....2  1  .3  ԀUsuallyalocaltransactionwithabank.'  '2  I  .3  ..2  A  .3  Willatransferofthenotealonealsotransferthemortgage?....2  1  .3  ԀYes!allthecasesagreethatitwill...2  A  .3  Willatransferofthemortgagealonealsotransferthenote?....2  1  .3  ԀCasesaresplit.Restatementsaysitwill.( (2  I  .3  Methodsoftransfer:..2  A  .3  Note:byindorsement(whetheritsnegotiableornot)..2  A  .3  Note:byseparatedocumentofassignment(onlyifitsnotnegotiable)..2  A  .3  Mortgage:byseparatedocumentofassignment.-# '()-2  I  .3  Ifatransferofthenoteautomaticallytransfersthemortgage,whybotherwithaseparatemortgageassignment?....2  1  .3  Therearetworeasons:..2  A  .3  Manystatesforeclosurestatutesrequiretheforeclosingpartytoestablisharecordedchainoftitlefromtheoriginalmortgagee...2  A  .3  Anassigneewhodoesnthavearecordedassignmentissubjecttobeingdefrauded(aswewillsee)."!! "2  I  .3  (  (2  I  .3  TwoBigIssuesinmortgagetransfers:..2  A  .3  1.0h..IstheassigneeaHolderinDueCourse?(Bothoutrightandsecurityassignments)..2  A  .3  2.0h..IstheassignmentperfectedunderArt.9?....2  1  .3  Ԁ(AppliesonlytosecurityassignmentsonlyunderoldArt.9)....2  1  .3  Ԁ(AppliestobothoutrightandsecurityassignmentsundernewArt.9)( (2  I  .3  WhyisHDCstatusimportant?..2  A  .3  BecauseaHDCtakesthenote(andthemortgage)freeofthemakerspersonaldefenses...2  A  .3  (TheHDCisstillsubjecttothemakersrealdefenses.)(  (2  I  .3  WhyisperfectionunderArt.9important?(securityassignmentsonly)..2  A  .3  ToprotecttheassigneeagainstlaterBFPassigneesfromthesameME...2  A  .3  (andfromtheMEstrusteeinbankruptcy,whohasthesamestatusasalaterBFPassignee)."   "2  I  .3  "+ "2  I  .3  "+ "2  I  .3  (  (2  I  .3  Whats236Beltwaysdefensetothenote?..2  A  .3  Thenoteonitsfaceappearstoberecourse,..2  A  .3  butthepartiesagreeditwouldbenon-recourse..2  A  .3  andthedrafterforgottoincludethenon-recourseclause...2  A  .3  Soitsa mutualmistake?(  (2  I  .3  Tobefreeof236'sdefense,whatmustBankersshow?..2  A  .3  O, \AZ"Arial RegularODefenseispersonal. @[3-305(a)(1)]O, \AZ"Arial RegularO @..2  A  .3  O, \AZ"Arial RegularOThenotewasO, \AZ"Arial RegularOԀnegotiated....2  1  .3  Negotiableinform[3-104]....2  1  .3  Indorsed(unless bearer)[3-201]....2  1  .3  Possessiontransferred.[3-201]..2  A  .3  O, \AZ"Arial RegularOBankersisaholderinduecourse. @[3-302]O, \AZ"Arial RegularO @()(2  I  .3  RealDefenses̀O, \AZ"Arial RegularO  @[3-305(a)(1)]O, \AZ"Arial RegularO   @..2  A  .3  Infancyoftheobligor..2  A  .3  Duress,lackofcapacity,orillegalitymakingtheobligationvoid..2  A  .3  Fraudinthefactum..2  A  .3  Dischargeininsolvency(  (2  I  .3  Personaldefenses(definedonlybynotbeingmentionedin3-305(a)(1))..2  A  .3  Lackorfailureofconsideration..2  A  .3  Breachofwarranty..2  A  .3  Unconscionability..2  A  .3  Fraudintheinducement..2  A  .3  Mistake(  (2  I  .3  Tobenegotiable:O, \AZ"Arial RegularO@@@  @  [3-104(1)]O, \AZ"Arial RegularO   @..2  A  .3  Unconditionalpromise..2  A  .3  topayafixedamountofmoney(withorwithoutinterest)..2  A  .3  to orderorbearer..2  A  .3  ondemandoratdefinitetime..2  A  .3  nootherundertaking*# #2  I  .3  Anotecanbe uncond-itionalevenifitincludes:O, \AZ"Arial RegularO@@@  @  [3-106(b)]O, \AZ"Arial RegularO   @..2  A  .3  areferencetoanotherwriting..2  A  .3  referencestocollateral,prepayment,oracceleration..2  A  .3  limitationtopaymentfromaspecificfund(e.g.,anon-recourseclause)( (2  I  .3  Butanoteisnotnegotiableifit...O, \AZ"Arial RegularO@@@  @[3-106]O, \AZ"Arial RegularO   @..2  A  .3  incorporatesanotherwritingbyreference(andtheotherwritingincludesundertakingsbeyondthoseallowedbyArticleπ3).( (2  I  .3  Other undertakingsthatcanbeincluded:O, \AZ"Arial RegularO@@@  @[3-104(a)(3)]O, \AZ"Arial RegularO   @..2  A  .3  togive,maintain,orprotectcollateral..2  A  .3  toconfessjudgmentordisposeofcollateral..2  A  .3  towaiveanylawintendedtoprotectthemaker# #2  I  .3  Anoteisfora fixedamountofmoneyevenif:O, \AZ"Arial RegularO@@@  @  [3-112]O, \AZ"Arial RegularO   @..2  A  .3  interestisvariableoradjustable..2  A  .3  theadjustmentisbasedoninformationnotcontainedinthenote....2  1  .3  NotethatthiswasnotthelawinVirginiapriorto1988.(   (2  I  .3  TobeaHDC:O, \AZ"Arial RegularO@@@  @  [3-302(a)(2)]O, \AZ"Arial RegularO   @..2  A  .3  Payvalue..2  A  .3  Takeingoodfaith..2  A  .3  Takewithoutnoticethatnote....2  1  .3  O, \AZ"Arial RegularOisoverdueorhasbeendishonored....2  1  .3  O, \AZ"Arial RegularOisforgedoraltered....2  1  .3  O, \AZ"Arial RegularOisclaimedbysomeoneelse....2  1  .3  O, \AZ"Arial RegularOissubjecttoadefenseO, \AZ"Arial RegularO-# !"-2  I  .3  Questionsabout236v.BankersTrust:..2  A  .3  Wasthenotenegotiable?̀O, \AZ"Arial RegularO(Seenextslide)O, \AZ"Arial RegularO..2  A  .3  DidBankerstakedeliveryofthenote?..2  A  .3  DidBankersgivevalueforthenotes?..2  A  .3  Werethenotesindorsed?..2  A  .3  Wasita bulktransfer?..2  A  .3  DidBankerstakeingoodfaith?#12#2  I  .3  Wasthenotenegotiable?..2  A  .3  Originally,theinterestratewasadjustable(whichmadeitnon-negot.)..2  A  .3  Buttheallongefixedtheinterestat10%...2  A  .3  Courtsaystheallongecantbeconsideredindeterminingnegotiability...2  A  .3  Courtsayssumpayableisnot certainbecausetheinterestratecouldbechangedbymutualagreementoftheborrowerandnote-holder.,"    ,2  I  .3  IfthenoteisheldbyaHDC,whatstheeffectonthemortgage?..2  A  .3  Itsalsotreatedasfreeofpersonaldefenses.Hence.....2  A  .3  IftheHDCcanenforcethenote,heorshecanalsoenforcethemortgage."  "2  I  .3  '  '2  I  .3  "  "2  I  .3  "  "2  I  .3  1' $#$ 12  I  .3  The paymentproblem:..2  A  .3  IfMRpaysMEafterMEhasassignedtheloan(butMRhasnonoticeoftheassignment),isMRspaymentgoodagainsttheassignee?..2  A  .3  Yes,byUCC3ifthenoteisnegotiable..2  A  .3  No(Restatementsays)ifnoteisnon-negotiable"+" "2  I  .3  " 8 "2  I  .3  ..2  A  .3  InRodgers,wasthenon-negotiabilityofthenotesignificant?Why?..2  A  .3  Washingtonappliesthe symbolicwritingdoctrinetononnegotiablenotes...2  A  .3  Whoactuallymadethepayment?..2  A  .3  Whywasntthepaymentineffective?( #=>(2  I  .3  Isrecordingnecessary?..2  A  .3  Tomakeassignmentvalid?..2  A  .3  DoesitgivenoticeoftheassignmenttoMR?....2  1  .3  (Doesitmatter?)..2  A  .3  DoesitgivenoticetoagranteeofMR?....2  1  .3  (Doesitmatter?)"+$ "2  I  .3  ")% "2  I  .3  ")& "2  I  .3  ")' "2  I  .3  ")( "2  I  .3  " ) "2  I  .3  A2  I  .3  Nowitstimetotalkabouthowanassigneeofanoteandmortgagecan perfecttheassignment.")+ "2  I  .3  " , "2  I  .3  -# *?@-2  I  .3  Perfectionofsecurityinterestsinnotes..2  A  .3  PerfectionisgovernedbyUCCArt.9.(evenifthenoteissecuredbyamortgage)...2  A  .3  NewArt.9evendealswith perfectionofoutrightpurchasesofnotes,butmakesperfectionautomaticinoutrightpurchasecases.( %,&(2  I  .3  HowtoperfectundernewArticle9:....2  1  .3  Heressomegoodnews...2  A  .3  NewUCC9-308(g): Perfectionofasecurityinterestinarighttopaymentorperformancealsoperfectsasecurityinterestinalienonpersonalorrealpropertysecuringtheright,notwithstandingotherlawtothecontrary...2  A  .3  Soyoudonthavetorecordamortgageassignmentinordertoperfectastotherealestate.(Cf.InreFreeborn,nowoverruled).#*+#2  I  .3  HowtoperfectundernewArticle9:..2  A  .3  Perfectionbytakingpossessionstillworks(andisthebestway).(New9-313(a))...2  A  .3  ButperfectioncanalsobeaccomplishedbyfilingaUCC-1.(New9-312(a))...2  A  .3  Alaterperfectionbypossessionsupersedesanearlierperfectionbyfilingunlessthelatertakerhasactualknowledgeoftheearlierone.(New9-330)...2  A  .3  Sodontwanttoperfectbyfilingunlessyoutotallytrustyourassignor/mortgageenotto double-selltheloan.#-.#2  I  .3  Whywas perfectionbyfilingevenincludedinNewArticle9?..2  A  .3  (Tohelpassigneeswhotrustedtheirassignors,andwhodidntwanttobothertakingpossessiontoprotectthemselvesagainsttheirassignorstrusteesinbankruptcy.)..2  A  .3  Thenextslideillustratesthissituation.(Theassigneeisprotectedagainsttheassignorsbankruptcytrustee)."!  "2  I  .3  #/0#2  I  .3  Whichismoreimportanttosecondarymarketinvestors:HDCstatusorperfection?..2  A  .3  Howoftendomortgagorshaveandraisepersonaldefensestotheirnotesandmortgages?..2  A  .3  Howoftentomortgagees double-sellloanstheyareholding?..2  A  .3  Howoftendomortgageesbecomeinsolventandfilebankruptcy?#9:#2  I  .3  Howdoesasecuredlender forecloseasecurityinterestinanoteandmortgage?..2  A  .3  Thesimplestwayisbynotifyingthemaker/mortgagorofthenotetopayallfuturepaymentstothesecuredlender...2  A  .3  UCC9-607(a): Ifsoagreed,andinanyeventupondefault,asecuredpartymaynotify...apersonobligatedonthecollateraltomakepayment...toorforthebenefitofthesecuredparty...andmayenforcetheobligation...andexercisetherightsandremediesofthedebtor.#;<#2  I  .3  Whatifthemakerdoesntbelievethenotice?..2  A  .3  Themakermayrefusetopaythesecuredlender...2  A  .3  Thesecuredlendermayneedtoshowthemakerthatthesecuredlender.......2  1  .3  haspossessionofthenote,ifitsnegotiable,or....2  1  .3  hasawrittenassignmentofthenote,ifitsnotnegotiable;and....2  1  .3  proofthattheoriginalMEdefaultedtothesecuredlender...2  A  .3  Maybethesecuredlenderwillhavetosue!F110 ';::uRn%w=MBackground TitleBullet ChartTextOrg ChartData ChartCombinationWPC-XX81%p%-3'XXXX,,,,51942*+13,*`-:/;|%|%W;W/ YY@1 .(3fff'3#33fLff̙fZ(/!f 3(f&3.3fu3f3f3%3(K_fLff333&fJr̕uknXBf,33 f!,7ff3 3f&3?[3pT8f3'3Nf3p`ff33f3?f3f̵kfU,:!.f0(-#fW3#fW̷̙0%3f̙0 0f̙ef 0! f!"!"!effff3#&e2e2,9"Ƅ0<$h0<$C`H H A"Arial Regular +C`H H A"Arial Regular +C`H H A"Arial Regular +C`H H A"Arial Regular +C`H H A"Arial Regular +C`H H A"Arial Regular +)?  !@Z33 4=2  I  .3  TitleofShow  Ƅ0<$+3 ń.Z#8O, \AZ"Arial RegularOH H H         @  Q QO, \AZ"Arial RegularOH H H         @ TitleofShow+3"Ȅ;=0v`=0vC`llA"Arial Regular +3f3fC`llA"Arial Regular +3f3fC`llA"Arial Regular +3f3fC`llA"Arial Regular +3f3fC`llA"Arial Regular +3f3fC`llA"Arial Regular +3f3f)?   4@2  I  .3  SubtitleofShow  Ȅ=0v+%3f13f3 DŽ@QQ/8O, \AZ"Arial RegularOlll        @  Q QO, \AZ"Arial RegularOlll     3f   @3fSubtitleofShowWPC'XX81%0.#3'XXXXKKKK ? ///???OOO___fffooof1?O/_??ߟ߿_?_?_?ffffO3(f3 3f1I_#f3ffL3$33fffff'3#33fLff̙fZ(/!f 3(f&3.3fu3f3f3%3(K_fLff333&fJr̕uknXBf,33 f!,7ff3 3f&3?[3pT8f3'3Nf3p`ff33f3?f3f̵kfU,:!.f0(-#fW3#fW̷̙0%3f̙0 0f̙ef 0! f!"!"!effff3#&e2e2,9"d0h$,d0h$C  \AZ"Arial Regular +C  \AZ"Arial Regular +C  \AZ"Arial Regular +C  \AZ"Arial Regular +C  \AZ"Arial Regular +C  \AZ"Arial Regular +)?  !@Z_33 4 @ @ @ @ @ @ " dddddd>2  I  .3  TitleofSlide  ᄍd0h$+3 脝D .#9O, \AZ"Arial RegularO         @  Q QO, \AZ"Arial RegularO         @ TitleofSlide+/ Z@1 _333 `e0e0+13" 0w`0wC`xxA"Arial Regular +3f3fC`xxA"Arial Regular +3f3fC`xxA"Arial Regular +3f3fC`xxA"Arial Regular +3f3fC`xxA"Arial Regular +3f3fC`xxA"Arial Regular +3f3f)?   4A2  I  .3  SubtitleofSlide  ㄊ 0w+%3f13f3 @#Q/9O, \AZ"Arial RegularOxxx        @  Q QO, \AZ"Arial RegularOxxx     3f   @3fSubtitleofSlide+%13"0B0C , \AZ"Arial Regular +C @@, \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC >>, \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC XX, \AZ"Arial Regular +3f3f9<   433333333 @3 @3 @3 @3 @3 @3 f3" eddddd$ X2  I  .3  FirstItem2  A  .3  subitem2  I  .3  SecondItem2  A  .3  subitem2  I  .3  ThirdItem2  I  .3  FourthItem  儊013 @Q/$O, \AZ"Arial RegularOXXX        @3a aO, \AZ"Arial RegularO    O, \AZ"Arial RegularO        @0X..FirstItem3O, \AZ"Arial RegularO@@@     3f   @3f..        @3    O, \AZ"Arial RegularO@@@     3f   @3f0..subitemfO, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0X..SecondItem3O, \AZ"Arial RegularO@@@     3f   @3f..        @3    O, \AZ"Arial RegularO@@@     3f   @3f0..subitemfO, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0X..ThirdItemfO, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0X..FourthItemWPC6XX81%04##3'XXXXKKKK ? ///???OOO___fffooof1?O/_??ߟ߿_?_?_?ffffO3(f3 3f1I_#f3ffL3$33fffff'3#33fLff̙fZ(/!f 3(f&3.3fu3f3f3%3(K_fLff333&fJr̕uknXBf,33 f!,7ff3 3f&3?[3pT8f3'3Nf3p`ff33f3?f3f̵kfU,:!.f0(-#fW3#fW̷̙0%3f̙0 0f̙ef 0! f!"!"!effff3#&e2e2,9"0h$h0h$C`T T A"Arial Regular +C`T T A"Arial Regular +C`T T A"Arial Regular +C`T T A"Arial Regular +C`T T A"Arial Regular +C`T T A"Arial Regular +)?  !@Z_33 4>2  I  .3  TitleofSlide  0h$+3 .#6O, \AZ"Arial RegularOT T T         @  Q QO, \AZ"Arial RegularOT T T         @TitleofSlide+3" 0w`0wC`xxA"Arial Regular +3f3fC`xxA"Arial Regular +3f3fC`xxA"Arial Regular +3f3fC`xxA"Arial Regular +3f3fC`xxA"Arial Regular +3f3fC`xxA"Arial Regular +3f3f)?   4A2  I  .3  SubtitleofSlide   0w+%3f13f3 @#Q/9O, \AZ"Arial RegularOxxx        @  Q QO, \AZ"Arial RegularOxxx     3f   @3fSubtitleofSlide+%13""0`0C`llA"Arial Regular +C`@@A"Arial Regular +3f3fC`xxA"Arial Regular +3f3fC`A"Arial Regular +3f3fC`A"Arial Regular +3f3fC`A"Arial Regular +3f3f)?   4333333332  I  .3  Thisisthefirstitem.Thisistheseconditem.Thisisthethirditem.Thisisthefourthitem.  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 !@Z_33 4 @ @ @ @ @ @ " dddddd$   1y 0_$' //{W/#O, \AZ"Arial RegularO        @  Q QO, \AZ"Arial RegularO Whichismoreimportanttosecondarymarketinvestors:HDCstatusorperfection?.+/ @1 _333 `0y 0 0HyHWPCtXX81%XX81%63'XXXXKKKK9"5q0B0C , \AZ"Arial Regular +C @@, \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC >>, \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC XX, \AZ"Arial Regular +3f3f9<   433333333 @3 @3 @3 @3 @3 @3 f3" eddddd$   50+133 4@Q/$J O, \AZ"Arial RegularOXXX        @3a aO, \AZ"Arial RegularO        @O, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0X..Howoftendomortgagorshaveandraisepersonaldefensestotheirnotesandmortgages?f  O, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0X..Howoftentomortgagees double-sellloanstheyareholding?f  O, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0X..Howoftendomortgageesbecomeinsolventandfilebankruptcy?WPC_XX81%XX81%3'XXXXKKKK9"a0h$:a0h$C  , \AZ"Arial Regular +C  , \AZ"Arial Regular +C  , \AZ"Arial Regular +C  , \AZ"Arial Regular +C  , \AZ"Arial Regular +C  , \AZ"Arial Regular +)? 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 !@Z_33 4 @ @ @ @ @ @ " dddddd$   10h$' /.#O, \AZ"Arial RegularO         @  Q QO, \AZ"Arial RegularO  Perfectionofsecurityinterestsinnotes.+/ @1 _333 `000||WPCY XX81%XX81%63'XXXXKKKK9"50B0C , \AZ"Arial Regular +C @@, \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC >>, \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC XX, \AZ"Arial Regular +3f3f9<   433333333 @3 @3 @3 @3 @3 @3 f3" eddddd$   50+133 4@Q/$/O, \AZ"Arial RegularOXXX        @3a aO, \AZ"Arial RegularO        @O, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0X..PerfectionisgovernedbyUCCArt.9.(evenifthenoteissecuredbyamortgage).f  O, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0X..NewArt.9evendealswith perfectionofoutrightpurchasesofnotes,butmakesperfectionautomaticinoutrightpurchasecases.WPCsXX81%XX81%/3'XXXXKKKK9"*/0h$:0h$C  , \AZ"Arial Regular +C  , \AZ"Arial Regular +C  , \AZ"Arial Regular +C  , \AZ"Arial Regular +C  , \AZ"Arial Regular +C  , \AZ"Arial Regular +)?  !@Z_33 4 @ @ @ @ @ @ " dddddd$   *0h$' (.#O, \AZ"Arial RegularO         @  Q QO, \AZ"Arial RegularO  Nowitstimetotalkabouthowanassigneeofanoteandmortgagecan perfecttheassignment..+/ @1 _333 `)00  #"+ ]6uJo`F *l|h  +z H#Im :w0 j , < WPC XX81%-3.;%3'XXXXKKKK ? ///???OOO___fffooof1?O/_??ߟ߿_?_?_?ffffO3(f3 3f1I_#f3ffL3$33fffff'3#33fLff̙fZ(/!f 3(f&3.3fu3f3f3%3(K_fLff333&fJr̕uknXBf,33 f!,7ff3 3f&3?[3pT8f3'3Nf3p`ff33f3?f3f̵kfU,:!.f0(-#fW3#fW̷̙0%3f̙0 0f̙ef 0! f!"!"!effff3#&e2e2,942*'"eB-O, \AZ"Arial RegularO` ` `         MR@..@` ..`  .. ..ME.... .. @..@`"..`"A1'1fr"ffNNNNN         NNN N N 5r"gBs'v's'$$$$$!000000000!$$$ $ $ 5r"hf NNNNN         NNN N N '1"i k #O, \AZ"Arial RegularO` ` `         note"j0 yO, \AZ"Arial RegularO` ` `         mtgWPCXX81% .z"f3'XXXXKKKK ? ///???OOO___fffooof1?O/_??ߟ߿_?_?_?ffffO3(f3 3f1I_#f3ffL3$33fffff'3#33fLff̙fZ(/!f 3(f&3.3fu3f3f3%3(K_fLff333&fJr̕uknXBf,33 f!,7ff3 3f&3?[3pT8f3'3Nf3p`ff33f3?f3f̵kfU,:!.f0(-#fW3#fW̷̙0%3f̙0 0f̙ef 0! f!"!"!effff3#&e2e2,942*'"e1 .:!gO, \AZ"Arial RegularO` ` `         WearegoingtocoverHDCstatusofassigneesfirst.WewillreturnlatertothetopicofperfectionofassigneesunderArt.9.WPC XX81%/;%n3'XXXXKKKK ? ///???OOO___fffooof1?O/_??ߟ߿_?_?_?ffffO3(f3 3f1I_#f3ffL3$33fffff'3#33fLff̙fZ(/!f 3(f&3.3fu3f3f3%3(K_fLff333&fJr̕uknXBf,33 f!,7ff3 3f&3?[3pT8f3'3Nf3p`ff33f3?f3f̵kfU,:!.f0(-#fW3#fW̷̙0%3f̙0 0f̙ef 0! f!"!"!effff3#&e2e2,9D'"e-O, \AZ"Arial RegularO` ` `         MR@..@` ..`  .. ..ME.... .. @..@`"..`"A1'1fr"gs'v's'$$$$$!000000000!$$$ $ $ r"hNNNNN         NNN N N '1"id k #O, \AZ"Arial RegularO` ` `         note&mtg.'1ff k<)Q9)R<)S&&&v%v%  ynynw <$5<$5###'1"lzO-#O, \AZ"Arial RegularO` ` `         assignment"m 3!O, \AZ"Arial RegularO        EstoppelCertificate:0..Debt&mtgarevalid0..Copiesattachedaretrue...Imboundbythemandhavenodefenses...WPC!XX81% .`$f3'XXXX,,,,51 ? ///???OOO___fffooof1?O/_??ߟ߿_?_?_?ffffO3(f3 3f1I_#f3ffL3$33fffff'3#33fLff̙fZ(/!f 3(f&3.3fu3f3f3%3(K_fLff333&fJr̕uknXBf,33 f!,7ff3 3f&3?[3pT8f3'3Nf3p`ff33f3?f3f̵kfU,:!.f0(-#fW3#fW̷̙0%3f̙0 0f̙ef 0! f!"!"!effff3#&e2e2,942*+'"ez .H"YO,wAZ"Arial RegularO` ` `         Whichisbetterprotection?0 ..HDCdoctrine0 ..EstoppelstatementWPCXX81%.k$f3'XXXX,,,, ? ///???OOO___fffooof1?O/_??ߟ߿_?_?_?ffffO3(f3 3f1I_#f3ffL3$33fffff'3#33fLff̙fZ(/!f 3(f&3.3fu3f3f3%3(K_fLff333&fJr̕uknXBf,33 f!,7ff3 3f&3?[3pT8f3'3Nf3p`ff33f3?f3f̵kfU,:!.f0(-#fW3#fW̷̙0%3f̙0 0f̙ef 0! f!"!"!effff3#&e2e2,9'"e.H"O \AZ"Arial RegularO` ` `         Whichisbetterprotection?0 ..HDCdoctrine        0 ..Onlyprotectsagainstpersonaldefenses.        0 ..Estoppelstatement0 ..        Noteffectiveifobtainedbyfraud,oragainst latentequities.        WPC XX81% 0;%l3'XXXXKKKK ? ///???OOO___fffooof1?O/_??ߟ߿_?_?_?ffffO3(f3 3f1I_#f3ffL3$33fffff'3#33fLff̙fZ(/!f 3(f&3.3fu3f3f3%3(K_fLff333&fJr̕uknXBf,33 f!,7ff3 3f&3?[3pT8f3'3Nf3p`ff33f3?f3f̵kfU,:!.f0(-#fW3#fW̷̙0%3f̙0 0f̙ef 0! f!"!"!effff3#&e2e2,9'"e-O, \AZ"Arial RegularO` ` `         MR@..@` ..`  .. ..ME.... .. @..@`"..`"A1'1fr"fs'v's'$$$$$!000000000!$$$ $ $ r"gNNNNN         NNN N N '1"hc #O, \AZ"Arial RegularO` ` `         note&mtg."jzO-#O, \AZ"Arial RegularO` ` `         assignment"k 7.?O, \AZ"Arial RegularO        SupposeA1willnotbeaHDC.WhatmightA1dotobeprotectedagainstMRsdefenses?WPCXX81%1b$w3'XXXXKKKK ? ///???OOO___fffooof1?O/_??ߟ߿_?_?_?ffffO3(f3 3f1I_#f3ffL3$33fffff'3#33fLff̙fZ(/!f 3(f&3.3fu3f3f3%3(K_fLff333&fJr̕uknXBf,33 f!,7ff3 3f&3?[3pT8f3'3Nf3p`ff33f3?f3f̵kfU,:!.f0(-#fW3#fW̷̙0%3f̙0 0f̙ef 0! f!"!"!effff3#&e2e2,942*3"eVk0"O, \AZ"Arial RegularO` ` `         @BankersTrustv.236Beltway"flaBmO, \AZ"Arial RegularO        @236Beltway+ 1f"g0      +1"q`H 6kO, \AZ"Arial RegularO@@@        @Note&D/T"j[/O, \AZ"Arial RegularO        @FNBM+ 1f"kddd0000000000+1"r8 O, \AZ"Arial RegularO@@@        @Assign."h DlO, \AZ"Arial RegularO        @PSFS+ 1f"s#N#Np3 ??' m' m v&&&+1"tD X O, \AZ"Arial RegularO@@@        @Modification&Allonge+ 1f"i Dddd0000000000+1"uK$0O, \AZ"Arial RegularO@@@        @Assignment,Pooling&servicingagreement"l0 *0kO, \AZ"Arial RegularO        @Pool+ 1f"m0# # # &$&$&$$t$t&* * * }+}+}+(]&N ]&N ' ' ' f"n0* * * )")")")")")Y)))++++Y+"+",",","f"o00 0 0 .- .- .- --,***+++A.//R0R0R0+1"p#X/ O, \AZ"Arial RegularO        @Investors."v3 ;O, \AZ"Arial RegularOxxx        @  constructionperiodWPCmXX81%1R%z3'XXXXKKKK ? ///???OOO___fffooof1?O/_??ߟ߿_?_?_?ffffO3(f3 3f1I_#f3ffL3$33fffff'3#33fLff̙fZ(/!f 3(f&3.3fu3f3f3%3(K_fLff333&fJr̕uknXBf,33 f!,7ff3 3f&3?[3pT8f3'3Nf3p`ff33f3?f3f̵kfU,:!.f0(-#fW3#fW̷̙0%3f̙0 0f̙ef 0! f!"!"!effff3#&e2e2,93"e'E+ #O, \AZ"Arial RegularO@@@        @  O, \AZ"Arial RegularOThepoolingandservicingrelationships "fK.ygO, \AZ"Arial RegularO        @PSFSMeritor+ 1f"kjjjjjT' ' ' ' ' ' Tjjjjj+1"r# hsO, \AZ"Arial RegularOxxx        @Assign."gzO, \AZ"Arial RegularO        @MMSC+ 1f"i VjjjjjT' ' ' ' ' ' Tjjjjj+1"sA hsO, \AZ"Arial RegularOxxx        @Assign."h d%O, \AZ"Arial RegularO        @BankersTrust"t O, \AZ"Arial RegularOxxx        @ParticipationCertificates+ 1f"jBBB  G  oo`f"lK.   ] ] ] 1] 1] Cadmdmdm   } }    f"mK.t t t      /aaadadadad/d d T T T f"nK. : : : F0 F0 F0   BwBwBw  |||+1"u'U@Q O, \AZ"Arial RegularOxxx        @SellsPCs"o> Q oO, \AZ"Arial RegularO@@@        @Investors+ 1n*q0}KjjjjjT' ' ' ' ' ' Tjjjjj+1"v9$-O, \AZ"Arial RegularOxxx        @ServicingAgreement"p2'n0\O, \AZ"Arial RegularO        @BTCO, \AZ"Arial RegularOxxx(servicer)+ 1Z y+++i'i'i'w(Pw(P"j$@@%%B"'E#i~)_~)_O*O*O*+1(.x/ۗsU]I"<-O, \AZ"Arial RegularOxxx        @$PaymentsWPCD XX81%*3'XXXXKKKK ? ///???OOO___fffooof1?O/_??ߟ߿_?_?_?ffffO3(f3 3f1I_#f3ffL3$33fffff'3#33fLff̙fZ(/!f 3(f&3.3fu3f3f3%3(K_fLff333&fJr̕uknXBf,33 f!,7ff3 3f&3?[3pT8f3'3Nf3p`ff33f3?f3f̵kfU,:!.f0(-#fW3#fW̷̙0%3f̙0 0f̙ef 0! f!"!"!effff3#&e2e2,942*3"96eH(=O, \AZ"Arial RegularOxxx        @MR..y..yL..L ..  ..  .. MEk..k>..>........Assignee+ 1h" 68888888876 6 6 6 6 6 7888w8w8wh" 60 0 0 ?????NllllslslsNs?s?s?c?c?c+1" t O, \AZ"Arial RegularOxxx        @Note&Mtg." 6X#O, \AZ"Arial RegularOxxx        @Assignment+ 1h" 6&&e  c c|EEE+1" e ,!O, \AZ"Arial RegularOxxx        @pmt.WPCXX81%1$s3'XXXXKK?K? ? ///???OOO___fffooof1?O/_??ߟ߿_?_?_?ffffO3(f3 3f1I_#f3ffL3$33fffff'3#33fLff̙fZ(/!f 3(f&3.3fu3f3f3%3(K_fLff333&fJr̕uknXBf,33 f!,7ff3 3f&3?[3pT8f3'3Nf3p`ff33f3?f3f̵kfU,:!.f0(-#fW3#fW̷̙0%3f̙0 0f̙ef 0! f!"!"!effff3#&e2e2,942*'"e^l6O, \AZ"Arial RegularO` ` `         MR@..@` ..`  .. ..ME'1fr"f_dddttt. t. t. t. d. d. d. T. T. TTTTD D D '1 h E#O, \AZ"Arial RegularO` ` `         Note&Mtg.'1fr"g_&&&$$$$$y!000000000y!$$$ $ $ '1"ij{5 O, \AZ"Arial RegularO` ` `         SecurityoroutrightAssignmt'3"pIc>(- O, \AZ"Arial RegularO` ` `         @A1"o<;#0O, \AZ"Arial RegularO@@@        @Doesnttakepossessionofnote,butfilesUCC-1.'3"n i O, \AZ"Arial RegularO@@@        MEbecomesinsolvent'1fr"m          s s s v v v f f f '1"lj>*O, \AZ"Arial RegularO` ` `         TrusteeinBankruptcy  O, \AZ"Arial RegularOxxx(perfectedliencreditor)%'/ @1  3"q#y3 AO, \AZ"Arial RegularO@@@        @    A1winsagainstthebankruptcytrusteebecauseA1was perfected!WPCXX81%F-!f3'XXXXKKKK ? ///???OOO___fffooof1?O/_??ߟ߿_?_?_?ffffO3(f3 3f1I_#f3ffL3$33fffff'3#33fLff̙fZ(/!f 3(f&3.3fu3f3f3%3(K_fLff333&fJr̕uknXBf,33 f!,7ff3 3f&3?[3pT8f3'3Nf3p`ff33f3?f3f̵kfU,:!.f0(-#fW3#fW̷̙0%3f̙0 0f̙ef 0! f!"!"!effff3#&e2e2,942*.+ll%13 e|!x-!x-|WPCf XX81%41$p3'XXXXKK?K? ? ///???OOO___fffooof1?O/_??ߟ߿_?_?_?ffffO3(f3 3f1I_#f3ffL3$33fffff'3#33fLff̙fZ(/!f 3(f&3.3fu3f3f3%3(K_fLff333&fJr̕uknXBf,33 f!,7ff3 3f&3?[3pT8f3'3Nf3p`ff33f3?f3f̵kfU,:!.f0(-#fW3#fW̷̙0%3f̙0 0f̙ef 0! f!"!"!effff3#&e2e2,93"hS B4"2O, \AZ"Arial RegularO        @  Threetypesofsecondarymortgagemarketsaletransactions: .+ll%13"iZ1.+%13"j_/ O, \AZ"Arial RegularO        @1.Purchaserretainsthewholeloans"k7 O3 O, \AZ"Arial RegularO        @MR....` ..` ME..h..h....Investor(e.g.Fannie)-.+$%13!*"l . &- "l a u v  f \ f -.+13 s . P f s -.+$13! mS -  m  v  ] -.+13 S P   -.+$13-.+%13"no  O, \AZ"Arial RegularO        @ NoteandMortgage "o;qZ!B O, \AZ"Arial RegularO        @ EndorsementofnoteAssignmentofMort. WPCXX81%43$w3'XXXXKK?K? ? ///???OOO___fffooof1?O/_??ߟ߿_?_?_?ffffO3(f3 3f1I_#f3ffL3$33fffff'3#33fLff̙fZ(/!f 3(f&3.3fu3f3f3%3(K_fLff333&fJr̕uknXBf,33 f!,7ff3 3f&3?[3pT8f3'3Nf3p`ff33f3?f3f̵kfU,:!.f0(-#fW3#fW̷̙0%3f̙0 0f̙ef 0! f!"!"!effff3#&e2e2,93"e 4"2O, \AZ"Arial RegularO        @  Threetypesofsecondarymortgagemarketsaletransactions: .+ll%13"fZ1.+%13"gi06O, \AZ"Arial RegularO        @1.Purchaserretainsthewholeloans2.Purchasersellsparticipationinterests"h' K3 zO, \AZ"Arial RegularO        @MR....` ..` ME..h..h....Leadlender-.+$%13!*"i . &- "i a u v  f ^ f -.+13s . Q f s -.+$13!*"jS &- "j  v  T -.+13 S G   -.+$13-.+%13"ko  O, \AZ"Arial RegularO        @ NoteandMortgage "lt;qZ!B O, \AZ"Arial RegularO        @ EndorsementofnoteAssignmentofMort. "m*S }/O, \AZ"Arial RegularO        @ P1 "n*-N O, \AZ"Arial RegularO        @ P2 "o*f.lO, \AZ"Arial RegularO        @ P3 -.+TT%13!*"qT' &- "q& * v & ( -.+13* ( ( (A * -.+TT13!*"r'` &- "r'u q* v 's ( -.+13l* l(` ( ( l* -.+TT13!*"sT'~&- "s& )v & (-.+13)~!((M)r )~-.+TT13-.+%13"t-O%G0O, \AZ"Arial RegularO        @ Participants "u<:,VO, \AZ"Arial RegularO        @ Salesoffractionalshareofownership -.+$$13! v;% -  v<%i' v ;%m'Z -.+13' & 'g ' ' -.+$$13WPCXX81%4z<5$u3'XXXXKK?K? ? ///???OOO___fffooof1?O/_??ߟ߿_?_?_?ffffO3(f3 3f1I_#f3ffL3$33fffff'3#33fLff̙fZ(/!f 3(f&3.3fu3f3f3%3(K_fLff333&fJr̕uknXBf,33 f!,7ff3 3f&3?[3pT8f3'3Nf3p`ff33f3?f3f̵kfU,:!.f0(-#fW3#fW̷̙0%3f̙0 0f̙ef 0! f!"!"!effff3#&e2e2,93"e4 4"2O, \AZ"Arial RegularO        @  Threetypesofsecondarymortgagemarketsaletransactions: .+ll%13"fZ1.+%13"g 1O, \AZ"Arial RegularO        @1.Purchaserretainsthewholeloans2.Purchasersellsparticipationinterests3.PurchaersellssecuritiescollateralizedX..Xbythemortgages"h' K3 uO, \AZ"Arial RegularO        @MR....` ..` ME..h..h....Issuer-.+$%13!*"i  &- "i a u v % ^ d k -.+13w 2 X k w -.+$13!*"j! &- "j  v  Z -.+13 K N   -.+$13-.+%13"ko  O, \AZ"Arial RegularO        @ NoteandMortgage "lzqZ!B O, \AZ"Arial RegularO        @ EndorsementofnoteAssignmentofMort. "m*S 0O, \AZ"Arial RegularO        @ Inv1 "n*C0N O, \AZ"Arial RegularO        @ Inv2 "o*/lO, \AZ"Arial RegularO        @ Inv3 -.+TT%13! p!( -  p!& * v !( /)( -.+13* )` #)( ( * -.+TT13! qx! -  qt! +r v x! ) -.+13+l #) z) <)A +l -.+TT13! rS!Y-  rM! *Wv S! )-.+13*Y(Y ) )*Y-.+TT13-.+%13"s%0O, \AZ"Arial RegularO        @ Securitiesinvestors "t ! )O, \AZ"Arial RegularO        @ Salesofsecurities WPCXX81% Xn 3'XXXXKKKK ? ///???OOO___fffooof1?O/_??ߟ߿_?_?_?ffffO3(f3 3f1I_#f3ffL3$33fffff'3#33fLff̙fZ(/!f 3(f&3.3fu3f3f3%3(K_fLff333&fJr̕uknXBf,33 f!,7ff3 3f&3?[3pT8f3'3Nf3p`ff33f3?f3f̵kfU,:!.f0(-#fW3#fW̷̙0%3f̙0 0f̙ef 0! f!"!"!effff3#&e2e2,9+/ 1 *p@bLyR&M&M&MW[W[W[   fffwww222XXX(((H=H=H=666```[[[>>>L{L{L{EEERRR777lll   EaEaEa&&&)))+ + + Ub Ub Ub ' ' '          w w w N N N 2 2 2 [ [ [ $ $ $ 5 5 5 b b b / / / I I I 6 6 6    LLLZ~Z~Z~ZrZrZrF6F6F6RORORO^^^lllZ"Z"Z"t@t@t@fff[[[hhhjjj*qbMy___BBB   EEE C C C<<<ttt555R*rbMyoookkk-n-n-n<<<nnnLLLUUUrrrXXX&&&vvvXXX777>*sbMyzzzbIbIbI&&&>*tbMy   ~~~JJJF*ubMy   mmmxxxzzzrmrmrmSSSDDD      T T T ' ' '          :::TTTbbblll*vbMyd d d &( &( &( G G G p p p I I I       U5U5U5aaasss>*wbMylllttt|||J*xbMy, , ,    ( ( (    *@ L-R&M&M&MW[W[W[   fffwww222XXX(((H=H=H=666```[[[>>>L{L{L{EEERRR777lll   EaEaEa&&&)))+ + + Ub Ub Ub ' ' '          w w w N N N 2 2 2 [ [ [ $ $ $ 5 5 5 b b b / / / I I I 6 6 6    LLLZ~Z~Z~ZrZrZrF6F6F6RORORO^^^lllZ"Z"Z"t@t@t@fff[[[hhhjjj* M-___BBB   EEE C C C<<<ttt555R* M-oookkk-n-n-n<<<nnnLLLUUUrrrXXX&&&vvvXXX777>* M-zzzbIbIbI&&&>* M-   ~~~JJJF* M-   mmmxxxzzzrmrmrmSSSDDD      T T T ' ' '          :::TTTbbblll* M-d d d &( &( &( G G G p p p I I I       U5U5U5aaasss>* M-lllttt|||J* M-, , ,    ( ( (    .+13,:m!s`] z O, \AZ"Arial RegularO        @  NOTE,:@ZZD$ˊ.nO, \AZ"Arial RegularO        @  MORTGAGEWPC XX81%d[ 23'XXXXKK?K? ? ///???OOO___fffooof1?O/_??ߟ߿_?_?_?ffffO3(f3 3f1I_#f3ffL3$33fffff'3#33fLff̙fZ(/!f 3(f&3.3fu3f3f3%3(K_fLff333&fJr̕uknXBf,33 f!,7ff3 3f&3?[3pT8f3'3Nf3p`ff33f3?f3f̵kfU,:!.f0(-#fW3#fW̷̙0%3f̙0 0f̙ef 0! f!"!"!effff3#&e2e2,9 @3"' O3 {O, \AZ"Arial RegularO        @MR....` ..` ME..h..h....LendertoME-.+$%13!," 6(- " a u v $ f c f -.+13s . V f s -.+$13!,"[(- "  v  W -.+13 S J   -.+$13-.+%13"o  O, \AZ"Arial RegularO        @ NoteandMortgage "jFT!B O, \AZ"Arial RegularO        @ EndorsementofnoteSecurityAssignmentofMortgage -+l%3!@:#MMIH헪3 ~D- 8:#MMIH헪3 K, %ZwT;& M-.+1zF-.+l1-+%3" o , O, \AZ"Arial RegularO        @ Loanof$$ WPC XX81%Sz1r3'XXXXKKKK ? ///???OOO___fffooof1?O/_??ߟ߿_?_?_?ffffO3(f3 3f1I_#f3ffL3$33fffff'3#33fLff̙fZ(/!f 3(f&3.3fu3f3f3%3(K_fLff333&fJr̕uknXBf,33 f!,7ff3 3f&3?[3pT8f3'3Nf3p`ff33f3?f3f̵kfU,:!.f0(-#fW3#fW̷̙0%3f̙0 0f̙ef 0! f!"!"!effff3#&e2e2,942*'"eC_!7. FO, \AZ"Arial RegularO` ` `         MR@..@` ..` ME....Investor'1fr"f2222222 2 2    !!!z*g8KK!!!     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