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Financial Services Law Insights and Observations

New York Extends Emergency Regulations Regarding Determination of Subprime Home Loans

Mortgage Origination Compliance FHA

Lending

On December 29, the New York State Department of Financial Services advised supervised institutions that it readopted expiring emergency regulations used to determine if a home loan qualifies as a subprime home loan under Section 6-m of the New York Banking Law. The latest emergency regulations are identical to those initially adopted in September 2013. Without further action, the readopted emergency regulations will expire March 29, 2014.