Pooling and Servicing Agreement (2007)Full Document 

Start of Preview
                                 CWMBS, INC.,

                                   Depositor

                         COUNTRYWIDE HOME LOANS, INC.,

                                    Seller

                               PARK GRANADA LLC,

                                    Seller

                               PARK MONACO INC.,

                                    Seller

                               PARK SIENNA LLC,

                                    Seller

                     COUNTRYWIDE HOME LOANS SERVICING LP,

                                Master Servicer

                                      and

                             THE BANK OF NEW YORK,

                                    Trustee

                     -----------------------------------


                        POOLING AND SERVICING AGREEMENT

                         Dated as of February 1, 2007

                     -----------------------------------


                    CHL MORTGAGE PASS-THROUGH TRUST 2007-3

              MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2007-3



                        =============================





                               Table of Contents

                                                                          Page
                                                                          ----


                             ARTICLE I DEFINITIONS

SECTION 1.01.    Defined Terms.............................................I-3
SECTION 1.02.    Certain Interpretive Provisions..........................I-33

ARTICLE II CONVEYANCE OF MORTGAGE LOANS; REPRESENTATIONS AND WARRANTIES

SECTION 2.01.    Conveyance of Mortgage Loans.............................II-1
SECTION 2.02.    Acceptance by Trustee of the Mortgage Loans..............II-4
SECTION 2.03.    Representations, Warranties and Covenants of the
                 Sellers and  Master Servicer.............................II-6
SECTION 2.04.    Representations and Warranties of the Depositor as to
                 the Mortgage Loans.......................................II-8
SECTION 2.05.    Delivery of Opinion of Counsel in Connection with
                 Substitutions............................................II-9
SECTION 2.06.    Execution and Delivery of Certificates...................II-9
SECTION 2.07.    REMIC Matters............................................II-9
SECTION 2.08.    Covenants of the Master Servicer........................II-10

          ARTICLE III ADMINISTRATION AND SERVICING OF MORTGAGE LOANS

SECTION 3.01.    Master Servicer to Service Mortgage Loans...............III-1
SECTION 3.02.    Subservicing; Enforcement of the Obligations of
                 Subservicers............................................III-2
SECTION 3.03.    Rights of the Depositor and the Trustee in Respect of
                 the Master Servicer.....................................III-2
SECTION 3.04.    Trustee to Act as Master Servicer.......................III-2
SECTION 3.05.    Collection of Mortgage Loan Payments; Certificate
                 Account; Distribution Account; Supplemental Interest
                 Trust and the Corridor Contract Reserve Fund............III-3
SECTION 3.06.    Collection of Taxes, Assessments and Similar Items;
                 Escrow Accounts.........................................III-6
SECTION 3.07.    Access to Certain Documentation and Information
                 Regarding the Mortgage Loans............................III-6
SECTION 3.08.    Permitted Withdrawals from the Certificate Account,
                 the Distribution Account and the Corridor Contract
                 Reserve Fund............................................III-7
SECTION 3.09.    Maintenance of Hazard Insurance; Maintenance of
                 Primary Insurance Policies..............................III-9
SECTION 3.10.    Enforcement of Due-on-Sale Clauses; Assumption
                 Agreements.............................................III-10
SECTION 3.11.    Realization Upon Defaulted Mortgage Loans; Repurchase
                 of Certain Mortgage Loans..............................III-11
SECTION 3.12.    Trustee to Cooperate; Release of Mortgage Files........III-14
SECTION 3.13.    Documents, Records and Funds in Possession of Master
                 Servicer to be Held for the Trustee....................III-14
SECTION 3.14.    Servicing Compensation.................................III-15
SECTION 3.15.    Access to Certain Documentation........................III-15
SECTION 3.16.    Annual Statement as to Compliance......................III-16
SECTION 3.17.    Errors and Omissions Insurance; Fidelity Bonds.........III-16
SECTION 3.18.    The Corridor Contract..................................III-16


                                      i



         ARTICLE IV DISTRIBUTIONS AND ADVANCES BY THE MASTER SERVICER


End of Preview