S&P Revises NM Criteria

Standard & Poor's has revised its criteria for structured finance transactions that include New Mexico loans governed by the Home Loan Protection Act, eliminating the requirement that issuers identify which loans constitute home improvement loans and manufactured housing loans.The move comes after Senate Bill 228, which repeals Section 7 of the act, was signed into law. By repealing Section 7, the bill removed the possibility of an additional layer of liability for purchasers and assignees of home loans based on the acts, errors, or omissions of a manufactured home seller or home improvement contractor, S&P said. The rating agency said it will continue to require issuers to identify home loans and high-cost home loans under the act. S&P can be found online at http://www.standardandpoors.com.