New York Extends Emergency Regulations Regarding Determination Of Subprime Home Loans

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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.