breach of warranty

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Noun1.breach of warranty - a breach that occurs when an item is deficient according to the terms of a warranty
breach of contract - a breach of a legal duty; failure to do something that is required in a contract
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Also unique for 2012 issuance, the CIM3 transaction documents contain specific clauses defining when a rep and warranty breach would cause a loan to be repurchased; this may serve to provide improved clarity.
In addition to much stronger underlying collateral, new RMBS transactions benefit from a high percentage of third-party due diligence, the implementation of representation and warranty breach reporting and enforcement mechanisms, higher credit protection, and structural improvements, including hard subordination floors that help mitigate tail risk that increases as the transaction amortizes.