NY Bank Regulation Adopts ‘Emergency’ Mortgage Rules
September 21, 2004
New York’s Banking Department has made changes to the state’s mortgage lending requirements – including its high-cost loan regulation – through a series of “emergency” regulations that have some lender groups steaming. “It caught all of us by surprise,” said an official at one state banking group about the Banking Department’s adoption of new rules that govern the licensing of mortgage brokers and lenders and alter the rules for some subprime mortgages.