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Issuers of mortgage-backed securities have 1 year to comply with risk rule

  

marketwatch.com | December 26, 2014

By Eric Garcia

WASHINGTON (MarketWatch)—Originators of residential mortgage-backed securities will have a year to comply with a risk-retention rule under the Dodd-Frank law.

In October, the Federal Reserve Board of governors, along with five federal agencies including the Securities and Exchange Commission, voted to approve a risk-retention rule that would require sponsors of asset-backed securities to retain at least 5% of the credit risk of the assets collateralizing the issuance.

On Wednesday, the agencies posted the rule to the Federal Register, making it effective one year from then, on Dec. 24, 2015, for residential mortgage-backed securities and two years from that day for all other securitization types.

The goal behind the rule was to ensure originators of loans didn’t engage in unnecessarily risky practices by lenders. Lenders making risky loans to people who would have trouble paying them was viewed as a cause of the 2008 financial crisis.

 

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