Standard & Poor’s announced last week that it dropped its covered loan policy for New Jersey-originated loans, following the state’s amendment to its law governing loans originated after Nov. 27, 2003. Since the amended policy is not retroactive, loans originated between Nov. 27, 2003 and July 6, 2004 still apply to S&P’s previously defined standards for increased credit enhancement.
S&P changes stance on NJ mortgage loans
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