AGENCIES ANNOUNCE CONSIDERATION OF RISK RETENTION NOTICE OF PROPOSED RULEMAKING

AGENCIES ANNOUNCE CONSIDERATION OF RISK RETENTION NOTICE OF PROPOSED RULEMAKING

WASHINGTON, D.C. – March 29, 2011 – (RealEstateRama) — The staffs of the Office of the Comptroller of the Currency, the Federal Reserve, the Federal Deposit Insurance Corporation, the U.S. Securities and Exchange Commission, the Federal Housing Finance Agency, and the Department of Housing and Urban Development (together, the agencies) announced that the agencies this week are considering for approval a notice of proposed rulemaking that addresses section 941 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. All of the agencies participating in this joint rulemaking process are expected to consider the rule this week and a detailed announcement will be made when this process is complete.

If approved, the agencies will publish in the Federal Register a notice of proposed rulemaking for public comment.

Section 941 requires the agencies to prescribe rules to require that a securitizer retain an economic interest in a material portion of the credit risk for any asset that it transfers, sells, or conveys to a third party. The chairperson of the Financial Stability Oversight Council is tasked with coordinating this rulemaking effort.

Media Contacts:

Federal Reserve

Barbara Hagenbaugh

(202) 452-2955

FDIC

David Barr

(202) 898-6992

FHFA

Stefanie Johnson

(202) 414-6376

HUD

Melanie N. Roussell

(202) 708-0980

OCC

Kevin Mukri

(202) 874-5770

SEC

Office of Public Affairs

(202) 551-4120

 

 

Contact:
HUD Office of Public Affairs
(202) 708-0685

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HUD

U.S. Department of Housing and Urban Development (HUD) is the nation’s housing agency committed to increasing homeownership, particularly among minorities; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development, and enforces the nation’s fair housing laws.

Contact:

Brian Sullivan
(202) 708-0685

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