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S&P Sees Few 'High Cost' Mortgage Loans.(Brief Article)
New York -- Through an internal study, Standard & Poor's has evaluated the impact that anti-predatory lending statutes have had on the funding of high-cost loans through the capital markets and found that only 0.01% of the U.S. residential mortgage loans it rated during 2004 were high cost.
Given that only $87 million of the approximately $758 billion rated in 2004 were high-cost loans, Standard & Poor's said it is clear that the capital markets are not financing the originations of such loans.
"The big thing is the incident of high-cost loans were very small, the majority of which were Section 32 loans, mainly in second-lien high LTV, scratch and dent, and a small amount of subprime within this 0.01%," said Susan Barnes, managing director of the residential mortgage group at S&P.
Since the anti-predatory lending legislation that has become effective over the past couple of years generally targets high-cost loans, it would appear that such legislation has limited the origination of these loans, Ms. Barnes said. However, ...
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Source: HighBeam Research, S&P Sees Few 'High Cost' Mortgage Loans.(Brief Article)