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Final Risk Retention Rule Issued
On October 21, six federal agencies concluded a two-year rule writing process
for risk retention guidelines required by the Dodd-Frank Act. While much of the proposal concerns the
single-family sector, it also includes provisions that affect the commercial
mortgage-backed securities (CMBS) market.
Specifically,
B-piece buyers who purchase the most subordinate CMBS bond classes, including
those secured by multifamily assets, will be required to retain five percent of
the risk for at least five