[20141030]IF00061_QRM：风险保留与抵押贷款市场.pdf

October 30, 2014 QRM: Risk Retention and the Mortgage Market In October 2014, federal regulators issued a final rule implementing the credit risk retention (CRR) requirement of Section 941 of the Dodd-Frank Act (DFA). The CRR rule applies to many different types of asset-backed securities (ABS), including ABS backed by student loans, auto loans, credit card receivables, and other asset classes. This In Focus, however, focuses on the elements of the rule related to the residential mortgage market. Risk Retention What Is Securitization? Securitization is the process in which an institution acquires and pools assets that have a stream of payments and issues securities to investors. The streams of payments of the assets are forwarded to the investors who purchase the securities. The assets that are the source of the underlying payments are said to collateralize the security, thus making it an asset-backed security. In the case of a mortgage-backed security (MBS), the assets that are pooled together are mortgages. The institution that organizes and initiates the securitization transaction is the sponsor of the securitization. The sponsor could be a bank or a nonbank, and the CRR rule a