WASHINGTON, D.C. – August 2, 2011 – (RealEstateRama) — Members of Media:On Monday, the Mortgage Bankers Association (MBA) filed a comment letter with six federal regulators in response to proposed credit risk retention regulations implementing section 941 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.
In the comment letter, MBA’s President and CEO David H. Stevens reiterated MBA’s support for risk retention requirements as an important step in establishing a better regulatory plan to protect borrowers and investors, and ensure a safe and reliable mortgage system, but expressed serious concerns about parts of the Qualified Residential Mortgage (QRM) definition, the Premium Reserve Cash Capture Account (PCCRA), risk retention duration and several other considerations.
The full comment letter can be found here.
Note that the views and recommendations in this letter are from the single family residential mortgage finance perspective. For MBA’s comment letter from a commercial/multifamily real estate finance perspective, click here.