On July 15, 2010, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd- Frank Act”), which include a number of provisions that will significantly impact the securitization industry. The Act was signed into law by President Obama, and thereby officially “enacted,” today, July 21, 2010. The securitization provisions of the Dodd-Frank Act focus on “credit risk retention” that would require originators and securitizers of financial assets to retain a portion of the credit risk of securitized financial assets or, in more popular terms, to have “skin in the game.” In addition, the securitization provisions in the Dodd-Frank Act set forth disclosure requirements for the issuer and credit rating agencies who rate the issuer’s securities.
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