On March 29, 2011, the Office of the Comptroller of the Currency (“OCC’), the Board of Governors of the Federal Reserve System (“FRB”), the Federal Deposit Insurance Corporation (“FDIC”), the U.S. Securities and Exchange Commission (“SEC”), the Federal Housing Finance Agency (“FHFA”), and the Department of Housing and Urban Development (“HUD”) jointly issued a proposed rule to implement Section 941(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Proposed Rule”). Althought this rule is extenstive, this post will be limited to a discussion of Qualified Residential Mortgages (“QRMs”), their exempt status and the underwriting standards that create this exemption.
Federal Housing Finance Agency
Totalsecuritization.com has published a short introduction to the Dodd-Frank provisions dealing with securitization and asset-backed securities written by Working Group members Heath Tarbert and Nancy Lynch. The article was among the materials distributed during ABS East 2010, held last week in Miami.
Click here for a full-text PDF of the article.