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Publication Details
Type
Proposed Rulemaking
Document Number
2013-21677
Federal Register Publish Date
09/20/2013
Federal Register Citation
Comment Open Date
09/20/2013
Comment End Date
10/30/2013
Comment Status
Closed
Rulemaking Details
Rulemaking

Credit Risk Retention

Date
12/24/2014
Number
RIN-2590-AA43
Group
Other
CFR
12 CFR 1234
Effective Date

Credit Risk Retention: Proposed Rule

Contact Information

FOR FURTHER INFORMATION CONTACT: Patrick J. Lawler, Associate Director and Chief Economist, Patrick.Lawler@fhfa.gov, (202) 649-3190; Ronald P. Sugarman, Principal Legislative Analyst, Ron.Sugarman@fhfa.gov, (202) 649-3208; Phillip Millman, Principal Capital Markets Specialist, Phillip.Millman@fhfa.gov, (202) 649-3080; or Thomas E. Joseph, Associate General Counsel, Thomas.Joseph@fhfa.gov, (202) 649-3076; Federal Housing Finance Agency, Constitution Center, 400 7th Street SW., Washington, DC 20024. If you are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services. Additionally, the TDD 1-(800) number referenced in Rulemaking documents attached to this page is obsolete and the 7-1-1 number should be used.

Summary

​SUMMARY: The OCC, Board, FDIC, Commission, FHFA, and HUD (the agencies) are seeking comment on a joint proposed rule (the proposed rule, or the proposal) to revise the proposed rule the agencies published in the Federal Register on April 29, 2011, and to implement the credit risk retention requirements of section 15G of the Securities Exchange Act of 1934 (15. U.S.C. 78o-11), as added by section 941 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Section 15G generally requires the securitizer of asset-backed securities to retain not less than 5 percent of the credit risk of the assets collateralizing the asset-backed securities. Section 15G includes a variety of exemptions from these requirements, including an exemption for asset-backed securities that are collateralized exclusively by residential mortgages that qualify as "qualified residential mortgages," as such term is defined by the agencies by rule.

DATES: Comments must be received by October 30, 2013.
 

Public Comments people-icon

Below are a compilation of public comments made on this publication.

105 items
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Date First Name Last Name Organization Comment
10/30/13 Rohit Gupta Genworth U.S. Mortgage Insurance
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10/30/13 Rohit Gupta The Coalition of U.S. Mortgage Insurance Companies
Adolfo Marzol, Essent Guaranty, Inc. View Comment Email: N/A
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10/30/13 Ronald M. Faris Ocwen Financial Corporation
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10/30/13 Rose M. Oswald Poels Wisconsin Bankers Association
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10/30/13 Russell Goldsmith Mid-Size Bank Coalition of America (MBCA), City National Bank
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10/30/13 Scott Baskind Invesco Senior Secured Management, Inc.
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10/30/13 Scott Wede Barclays
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10/30/13 Scott H. Page Eaton Vance Corp.
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10/30/13 Sheldon Francis Babson Capital Management LLC
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10/30/13 Som-Lok Leung International Association of Credit Portfolio Managers (IACPM)
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10/30/13 Susan Stewart Texas Mortgage Bankers Association
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10/30/13 Thomas W. Reedy CarMax, Inc.
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10/30/13 Thomas, A. Kramer, Sr. Kramer Van Kirk Credit Strategies, LP.
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10/30/13 Timothy J. Sloan Wells Fargo & Company
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10/30/13 Timothy W. Camerson, Esq. Asset Management Group, SIFMA
Christopher B. Killian, Securitization, SIFMA. View Comment Email: N/A
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10/30/13 Vance Gudmundsen Fair Isaac Corporation (FICO)
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10/29/13 David Hirschmann U.S. Chamber of Commerce
Steve Judge, Private Equity Growth Capital Council. View Comment Email: N/A
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10/29/13 Deborah Sousa Massachusetts Mortgage Bankers Association
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10/29/13 Mark Adelson The BondFactor Company, LLC
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10/29/13 Tessema Tefferi National Association of Federal Credit Unions (NAFCU)
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10/25/13 Nicholas DelTorto Wisconsin Mortgage Bankers Association
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10/24/13 David H. Stevens Mortgage Bankers Association
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10/23/13 Dennis Sidbury California Mortgage Bankers Association
Suzanne Milazo. View Comment Email: N/A
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10/23/13 Josh Terry Highland Capital Management, L.P.
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10/23/13 R. Glenn Hubbard Committee on Capital Markets Regulation
John L. Thornton, Committee on Capital Markets Regulation; Hal S. Scot…
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