Avelo Mortgage, LLC – David M. Altshuler – GS Mortgage Securities Corp

The following is an excerpt from a 10-K/A SEC Filing, filed by GSR MORTGAGE LOAN TRUST 2006-8F on 7/1/2008.
Next Section Next Section Previous Section Previous Section

EX-33 (c)
Restated Report on Assessment Regarding Compliance with Applicable Servicing Criteria

1. Avelo Mortgage, LLC (the “Servicer”) is responsible for assessing compliance, as of December 31, 2006 and for the period from February 24, 2006 (the first day of the distribution period in which the GS Mortgage Securities Corp. (“GSMSC”) first issued securities subject to Regulation AB) through December 31, 2006 (the “Reporting Period”), with the servicing criteria set forth in Item 1122(d) of Regulation AB, excluding the criteria set forth in Item 1122 (d)(1)(i), (d)(1)(iii), (d)(2)(ii), (d)(2)(iv), (d)(3)(iii),
(d)(4)(i), (d)(4)(ii), (d)(4)(iii), (d)(4)(vi), (d)(4)(xi), (d)(4)(xii) and
(d)(4)(xv) of Regulation AB, which the Servicer has concluded are not applicable to the activities it performs, directly, with respect to the asset-backed securities transactions covered by this report (such criteria, after giving effect to the exclusions identified above, the “Applicable Servicing Criteria”). While the Servicer engages vendors to perform the servicing criteria in (d)(4)(xi) and (d)(4)(xii), the Servicer does not take responsibility for the services provided by the vendors as each vendor provides a separate 1122 Reg AB assessment regarding compliance with the criteria. The transactions in which the Servicer was a party are covered by this report included those asset-backed securities transactions conducted by GS Mortgage Securities Corp. (“GSMSC”) that were registered with the Securities and Exchange Commission pursuant to the Securities Act of 1933 where the related asset-backed securities were outstanding during the Reporting Period (the “Platform”), as listed in Appendix A.

2. The Servicer has complied, in all material respects, with the applicable servicing criteria as of and for the Reporting Period except as follows:

The Servicer assessed its compliance with the Applicable Servicing Criteria for the Reporting Period and has identified a material instance of non-compliance with servicing criterion set forth in Item 1122(d)(2)(vii) of Regulation AB with respect to the Platform. Specifically, the Servicer did not prepare reconciliations for all asset-backed securities related bank accounts within 30 calendar days after the bank statement cut-off date, or as such other number of days as specified in the transaction agreements and reconciling items were not resolved within 90 days of their original identification or such other number of days as specified in the transaction agreements.

3. The Servicer had taken responsibility for the servicing criteria set forth in 1122(d)(4)(xi) and 1122(d)(4)(xii) in its previous assessment dated March 28, 2007. The Servicer has since been informed that other servicers have taken responsibility for those servicing criteria in their assessments for the year ended December 31, 2006. Accordingly, the Servicer has restated its previous assessment for the for the period February 24, 2006 to December 31, 2006 to exclude the servicing criteria set forth in 1122(d)(4)(xi) and 1122(d)(4)(xii).

4. PricewaterhouseCoopers LLP, an independent registered public accounting firm, has issued an attestation report for the Platform on the assessment of compliance with the Applicable Servicing Criteria as of December 31, 2006 and for the Reporting Period.

Avelo Mortgage, LLC

By: /s/ David M. Altshuler
Name: David M. Altshuler
Title: Vice President and CFO

Contribute to the discussion!

%d bloggers like this: