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ARCHIVE | Criteria | Structured Finance | RMBS: U.S. Residential Subprime Mortgage Criteria: Appendix E: Liabilities And Other Debt Sep 04
Standard & Poors, Sep 2004
Abstract
The calculation of liabilities and other debt are as follows: Installment Debt. Any outstanding installment debt with more than 10 months remaining is considered in the total debt. If the credit report does not contain a reference for open debt listed on the application, a loan verification must be obtained or 12 months of canceled checks may be submitted. Alimony/Child Support. Payments with more than 10 months must be included in the total debt. Verification which clearly defines the borrower's obligation must be provided. A copy of the divorce decree, property settlement or statement from the attorney is acceptable verification. Business Debts. If a borrower is self employed and discloses a business debt on the application, it must be evidenced...
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
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