A mortgage loan seller's otherwise originator's failure otherwise refusal in order to honor their repurchase responsibility may lead to losings one, into the the total amount maybe not included in borrowing service, will get adversely change the yield to readiness of the bonds awarded from the faith

But subparagraph (c) to me is the most telling. This is an admission that the trust and trustee may not have a claim against a mortgagor getting money generated to the mortgage loan seller, while it is acting as the existing mortgagee of record.

One mortgage not too repurchased otherwise replaced with will continue as kept by the believe and you will people related losses will become spent on the new relevant borrowing assistance, toward the amount available, and you may if you don't to one or more categories from bonds approved by new trust

In case your dealers haven't any claims from the individuals, and WMB can keep the borrowed funds money getting alone, the brand new trusts never owned the fresh new mortgage loans and you can cards at the time the latest trusts are built, plus they know it.