When Congress passed the Dodd-Frank Act, it mandated the creation of risk retention rules in an effort to align the incentives of sponsors of asset-backed securities (ABS) with the interests of investors and to improve the underwriting and selection of securitized assets. As with much of the Dodd-Frank Act, Congress left the details of the risk retention requirements to be developed by various agencies. After more than three years of development, the Board of Governors of the Federal Reserve System, the Department of Housing and Urban Development, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, the Office of Comptroller of the Currency and the Securities and Exchange Commission (collectively, the Agencies) jointly issued the risk retention rules on October 22, 2014. The rules were then published in the Federal Register on December 24, setting off the rules’ one- and two-year periods for the industry to conform operations.
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The Risk Retention Rules: A Victory for RMBS Securitizations?
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