How many hedge funds refuse to reserve sufficiently for potential litigation and repurchase risk for breaches of warranties and representations in their loan portfolios?
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Some of the soured assets Beal purchased at fire-sale prices were residential mortgage-backed securities that were sold in deals in which banks made representations and warranties about loan quality and promised to repurchase those loans if the representations were no good.
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In these deals Countrywide made representations and warranties about things like loan quality and committed to repurchase the loans if those representations turned out to be bogus.
Now Fannie and Freddie will no longer generally require originators to make such representations and warranties.
If a bank refinanced a loan that soon became delinquent, Fannie and Freddie would look for evidence that the bank had violated the representations and warranties it had made about the borrower and the property, and force it to buy the defective loan back.
The parties to the Transaction have made customary representations and warranties, and covenants, including with respect to the conduct of the Education Business during the interim period between the execution of the Purchase Agreement and the Closing.
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The Purchase Agreement contains customary indemnification obligations of each party with respect to breaches of their respective representations, warranties and covenants, and certain other specified matters and generally provides that the Company will indemnify the Purchaser for liabilities not related to the Education Business and the Purchaser will indemnify the Company for liabilities related to the Education Business.
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