PSAs, REMICs and Rating Agencies

Posted on Tuesday, April 14, 2009

The PSA may require approval from others such as ratings agencies who play an important role in assumptions and modifications that may impact the flow of payments from the udnerlying real estate. Master servicers may therefore be required by the PSa to consult with the RA and even require that they get a "no downgrade letter" if any serving action might impact rating. A legal option might also be required to insure REMIC status is not impacted.

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