More Discretion Given to Federal Regulators in Setting Risk-Retention, Safe Harbor Expanded
May 1, 2009
After much debate, the House Financial Services Committee this week passed mortgage reform legislation that provides more leeway to federal regulators to determine the amount of risk a creditor should retain on a non-qualified loan sold for securitization and whether securitizers should be subject to the same requirement. The committee voted 49 to 21 to pass H.R. 1728, the Mortgage Reform...