Much of the innovation in the U.S. has come at the state level - checking accounts, adjustable-rate mortgages, electronic funds transfers, interstate branching, for example.

Such lending includes secured and unsecured lending via term loans, commercial mortgage loans repayable over a defined period of up to 15 years and asset finance and commercial finance and invoice discounting, whether the interest rate for the loan concerned is variable, or a fixed margin over a specified reference interest rate, or an interest rate fixed for all or part of the term of the loan.

Such information shall include (if relevant to the specific type of securitisation and not limited to such types of information further described herein), the exposure type, the percentage of loans more than 30, 60 and 90 days past due, default rates, prepayment rates, loans in foreclosure, collateral type and occupancy, frequency distribution of credit scores or other measures of credit worthiness across underlying exposures, industry and geographical diversification and frequency distribution of loan to value ratios with bandwidths that facilitate adequate sensitivity analysis.

ERFs are generally attached to fixed interest rate mortgage products, protecting consumers against interest rate changes, with the fee applying to a departure during this ‘fixed’ period.

Where relevant, this shall include the exposure type, the percentage of loans more than 30, 60 and 90 days past due, default rates, prepayment rates, loans in foreclosure, collateral type and occupancy, and frequency distribution of credit scores or other measures of credit worthiness across underlying exposures, industry and geographical diversification, frequency distribution of loan to value ratios with band widths that facilitate adequate sensitivity analysis.

In 1981 and 1982, a steep rise in interest rates forced mortgage holders to renew their mortgages at 18, 19 or 20 per cent, and I even saw a second mortgage renegotiated at 24.41 per cent. When rates settled to more civilized levels, the same taxpayers-of every political stripe, by the way-tried to renegotiate their mortgages to take advantage of the sudden drop in interest rates.