§ 42-116-41. Loan portfolio valuation.
(a) On or before the winter meeting of the performance review committee, the corporation
shall submit to the committee an assessment of the current market value of the remaining
loans and real estate owned. This assessment shall contain a profile of the portfolio
in sufficient detail to permit an informal valuation by an investor. The assessment
shall report the known transactions involving similar portfolios, which have been
reported in the publications that report the results of auctions or sales of similar
portfolios and provide an analysis to the potential market reception of a theoretical
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§ 42-116-41. Loan portfolio valuation.
(a) On or before the winter meeting of the performance review committee, the corporation
shall submit to the committee an assessment of the current market value of the remaining
loans and real estate owned. This assessment shall contain a profile of the portfolio
in sufficient detail to permit an informal valuation by an investor. The assessment
shall report the known transactions involving similar portfolios, which have been
reported in the publications that report the results of auctions or sales of similar
portfolios and provide an analysis to the potential market reception of a theoretical
decision by the corporation to invite bids to sell the portfolio.
(b) The portfolio profile will include a stratification of loans by performance status
and collateral type. Data will include the number of loans in each classification,
the aggregate principal balance, the "Legal Balance�, the dollar weighted average
rate of interest, dollar weighted average delinquencies, and the dollar weighted average
maturity. The profile is to be consistent with those of similar portfolios, which
are offered by lenders to investors in the institutional investment market.
(c) Should comparable information provided be inconclusive as to the current market value
of the portfolio, the committee may recommend to the Rhode Island depositors economic
protection corporation's board of directors that the corporation seek an informal
review of the potential value of the portfolio by an investor within one hundred twenty
(120) days of the committee's winter meeting.