S&P Finds No Problem Rating Pools Backed by Cook Co. Loans
August 28, 2006
Standard & Poor’s last week announced it will rate mortgage-backed securities pools that include loans originated in an anti-predatory lending pilot program area within Cook County, IL. S&P’s announcement takes the air out of critics’ arguments that the statutorily mandated pilot program will drive mortgage lenders out of the county or force them to cut back on their subprime lending. Based on its review of the “Predatory Lending Database Pilot...