NY’s Subprime Community Rallies Against Anti-PL Bill
June 24, 2002
Legislation extending liability to purchasers or assignees of predatory loans is being hotly debated in the New York legislature, prompting the state’s subprime industry to call for more lender support. Negotiations are underway between groups for and against A07828 to find some way to ease the bill’s impact on the primary and secondary markets. Industry lawyers, however, are warning of lenders fleeing the New York subprime market if the bill is enacted.