Fitch Ratings has announced that it will continue to rate residential mortgage-backed securities containing loans covered by the new predatory lending law in Illinois.The effective date for sections of the state's High Risk Home Loan Act pertaining to "high-risk home loans" -- often called high-cost loans in other jurisdictions -- will be Jan. 1, Fitch said. The rating agency has stated that it will not rate RMBS deals containing loans originated in jurisdictions with laws that may result in unlimited purchaser or assignee liability. Under the Illinois law, the liability is limited, Fitch said. The rating agency can be found online at http://www.fitchratings.com.
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