Standard & Poor's has reported that it will continue to rate structured finance transactions that include mortgage loans originated under the recently-passed New York City Local Law No. 36 (2002).According to S&P, the NYC law is designed to achieve this goal without imposing penalties on passive investors in mortgage-backed securities. Therefore, Standard & Poor's believes that the law does not create the kind of negative credit impact on MBS that led it to be cautious about rating transactions affected by a different anti-predatory law passed in Georgia. S&P can be found online at standardandpoors.com.
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