H.R. 1223, the GSE Credit Risk Equitable Treatment ActPosted by on 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.