The OCC, Board, FDIC, Commission, FHFA, and HUD (the Agencies)
are proposing rules to implement the credit risk retention requirements
of section 15G of the Securities Exchange Act of 1934 (15 U.S.C. 78o-
11), as added by section 941 of the Dodd-Frank Wall Street Reform and
Consumer Protection Act. Section 15G generally requires the securitizer
of asset-backed securities to retain not less than five percent of the
credit risk of the assets collateralizing the asset-backed securities.
Section 15G includes a variety of exemptions from these requirements,
including an exemption for asset-backed securities that are
collateralized exclusively by residential mortgages that qualify as
``qualified residential mortgages,'' as such term is defined by the
Agencies by rule.