Risk Retention Change Coming to Dodd-Frank

The U.S. Department of Housing and Urban Development (HUD) issued an announcement that section 941 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) regarding mortgage risk retention is being revamped.  A proposed rule change will be in the Federal Register for public comment when the process is completed.  The staffs of the Office of the Comptroller of the Treasury, the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), the U.S. Securities and Exchange Commission (SEC), the Federal Housing Finance Agency (FHFA), and HUD are considering the change.  Section 941 requires a securitizer to have a financial stake in any asset transferred or sold to a third party.  The head of the Financial Stability Oversight Committee is coordinating the process.

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