Legislation
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H.R. 1223, the GSE Credit Risk Equitable Treatment Act
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April 13, 2011
The legislation, introduced by Capital Markets Subcommittee Chairman Scott Garrett, helps clarify the risk retention rules required under Section 941 of the Dodd-Frank Act to make clear that Fannie Mae and Freddie Mac will be held to the same standards as any other secondary mortgage market participants. A GSE loan purchase or asset-backed security issuance would not affect the status of the underlying assets.
On April 6, 2011, the Capital Markets Subcommittee approved the legislation with a vote of 34-0. |