Home - Grapevine - Ask the Experts - BrokerWire - Buyer's Guide - Classified Ads - Conference Calendar - Database - Free Newsletter - Making the Sale - Market Conditions - Marketing Tips - Mortgage University - The Paper Warehouse - Quality Time - Special Reports - SubPrime Lending - Technology News - This Week from Broker Magazine - What We're Hearing - WeirdLoans







Special Reports

Return of Subprime


S&P Revises Criteria For Thrift Originations

NEW YORK -- Standard & Poor's Rating Services will no longer apply to federally chartered thrifts and their operating subsidiaries in Georgia, New York, New Jersey and New Mexico its published criteria for loans governed by those states' predatory lending laws.

The federally chartered thrifts in those states have received pre-emption on those laws from the Office of Thrift Supervision.

Loans originated in Georgia after March 7, 2003 (when the Georgia Fair Lending Act was revised), New York, New Jersey and New Mexico will continue to be permitted in S&P-rated transactions. S&P will rely on a compliance representation that the loans were originated in accord with all applicable laws and an officer's certificate from the originator that states the originator is a federally chartered thrift or an operating subsidiary of one.

Loans originated in Georgia between Oct. 1, 2002 and March 7, 2003 by federally chartered thrifts may now be included in rated transactions under the same terms as above.

For state-chartered thrifts and their subsidiaries, S&P will apply its published criteria governed by the applicable state's predatory lending laws.

In Georgia, based on the language of GFLA and information from the state's Department of Banking and Finance, S&P will apply the criteria for federally chartered thrifts and their subsidiaries.

Click here for advertising information.
For technical support, e-mail webmaster@brokeruniverse.com
For reprints, call Charlton Sanabria at 212-803-8377.
Privacy Policy
© 2008 Broker magazine and SourceMedia, Inc. All rights reserved.
Use, duplication, or sale of this service, or data contained herein, is strictly prohibited.