financialservices.house.gov

Cmte Financial Services (R)

Washington, 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.