Ally Bank 2011 Annual Report Download - page 347

(2) The repurchase of any Mortgage that is part of a Systemic Fraud (as defined herein); and
(3) The repurchase of any Ineligible Mortgage (any such repurchase is subject, however, to any applicable terms of
Section 4 below).
(b) Obligations of any GMAC Seller/Servicer (under any applicable Purchase Document) with respect to representations,
warranties, covenants and/or other agreements relating to the performance of servicing duties or functions with respect to any
Mortgage, but exclusive of any servicer liability for representations, warranties, covenants and/or other obligations pertaining solely
to the sale or eligibility of Mortgages for sale, securitization or guaranty to, by or through Freddie Mac (for example, but not by
way of limitation, if a Mortgage failed to satisfy Guide requirements for hazard insurance as of the date of sale of such Mortgage by
a GMAC Seller/Servicer to Freddie Mac, such GMAC Seller/Servicer would be released under this Agreement from liability for
any selling representations and warranties regarding such failure; if, however, such Mortgage was subsequently serviced by a
GMAC Seller/Servicer, and such defect regarding hazard insurance was not subsequently remedied in accordance with Guide
servicing requirements, the failure of such Mortgage to have hazard insurance in compliance with Guide requirements could
become a breach of a servicing representation and warranty, for which such GMAC Seller/Servicer would retain liability to Freddie
Mac under this Agreement);
(c) Obligations of any GMAC Seller/Servicer (under any applicable Purchase Document) with respect to Mortgages sold or
transferred to Freddie Mac on or after January 1, 2009;
(d) Obligations of any GMAC Seller/Servicer (under any applicable Purchase Document), which obligations are not “loan−level”
representations, warranties, covenants or agreements (as used herein, “loan−level” representations, warranties, covenants and
agreements are representations, warranties, covenants and agreements that relate only to a specific Mortgage, including multiple
individual Mortgages, a breach of which would give rise to a repurchase obligation or other remedy under the Guide); each GMAC
Seller/Servicer shall remain obligated and liable to Freddie Mac for all non loan−level representations, warranties, covenants and
agreements (and Freddie Mac expressly reserves its rights and remedies in connection therewith). For example, non loan−level
representations, warranties, covenants and agreements include (but are not limited to) obligations relating to: (i) unacceptable
refinancing practices pursuant to Guide Section 8.10(b); (ii) institutional eligibility requirements pursuant to Chapter 4, Volume 1
of the Guide; and (iii) Guide requirements relating to Freddie Mac’s Exclusionary List; (the obligations described immediately
above in subsections (a) through (d) of Section 3(i) are considered to be obligations of the respective GMAC Seller/Servicers under
this Agreement).
(ii) If Freddie Mac does not receive the Initial Payment Amount as required by Subsection 2(i) above, the GMAC Seller/Servicers shall
remain obligated in all respects for the Released Obligations, and Freddie Mac shall have the right to exercise any and all rights and remedies
at law, in equity, and/or under the Purchase Documents.
4 Repurchase and Loss Reimbursement Regarding Ineligible Mortgages.
(i) Subject to the terms of the other subsections of this Section 4 (to the extent that such other subsections are applicable), each applicable
GMAC Seller/Servicer shall, at the request of Freddie Mac, repurchase any Mortgage that is the subject of a breach of a representation or
warranty such that (a) at the time Freddie Mac purchased the Mortgage, the Mortgage was