,,ib  ,union ,calendar ,no4 #dfc  #aadth
 ,,congress  #b;d ,session  ,h4 ,r4     
#dfbj  ,report ,no4 #aad-eig  ,,in ,,the
 ,,house ,,of ,,representatives         
,february #be1 #bjaf ,mr4 ,hill         
introduced the following bill2 which was
 referred to the ,committee on          
,financial ,services  ,may #bf1 #bjaf   
,additional sponsors3 ,mr4 ,messer1 ,mr4
 ,carney1 ,mr4 ,neugebauer1 ,mr4        
,huizenga of ,michigan1 ,mrs4 ,wagner1  
,mr4 ,stivers1 and ,mr4 ,barr  ,may #bf1
 #bjaf ,committed to the ,committee of  
the ,whole ,house on the ,state of the  
,union and ordered to be printed  ,a    
,,bill  ,to amend the ,securities       
,exchange ,act of #aicd to exempt       
certain commercial real estate loans    
from risk retention requirements1 and   
for other purposes4  #a4 ,short title   
,this ,act may be cited as the          
,preserving ,access to ,,cre ,capital   
,act of #bjaf4  #b4 ,exemption for      
certain commercial real estate loans    
from risk retention requirements        

,section #ae;,g of the ,securities      
,exchange ,act of #aicd 7#ae ,u4,s4,c4  
#gho-#aa7 is amended--  7#a7 in         
subsection 7c77#a77;,e77ii71 by striking
 retention of the first-loss position by
 a third-party purchaser that and       
inserting retention of the first-loss   
position by a one or two party          
third-party purchaser1 who may hold the 
retention obligation in either a        
senior-subordinate structure or pari    
passu1 provided that each2 and  7#b7 in 
subsection 7e7--  7,a7 by redesignating 
paragraph 7#f7 as paragraph 7#g72 and   
7,b7 by inserting after paragraph 7#e7  
the following new paragraph3  7#f7      
,exemption for certain commercial real  
estate loans  7,a7 ,exemption for single
 loan commercial real estate            
securitization ,a securitization of a   
single commercial real estate loan or a 
group of cross-collateralized or        
cross-defaulted commercial real estate  
loans that represent the obligation of  
one or more related borrowers secured by

 one or more commercial properties under
 direct or indirect common ownership or 
control is exempt from the risk         
retention requirements of this section4 
7,b7 ,exemption for qualified commercial
 real estate loans  7i7 ,regulations    
required ,the ,federal banking agencies 
and the ,commission shall jointly       
maintain regulations to exempt qualified
 commercial real estate loans from the  
risk retention requirements of this     
section4  7ii7 ,standards for           
regulations ,the regulations issued     
under clause 7i7 shall-- 7,i7 include   
the requirements under which            
interest-only loans may be exempt from  
the risk retention requirements of this 
section2  7,,ii7 not impose any term    
requirements on the length of a         
qualified commercial real estate loan2  
7,,iii7 if an amortization requirement  
is included1 not impose an amortization 
schedule of less than #cj years2 and    
7,,iv7 not impose separate loan-to-value
 ratio caps on qualified commercial real

 estate loans that are documented with  
appraisals that utilize lower           
capitalization rates than other loans4  
4  ,may #bf1 #bjaf ,committed to the    
,committee of the ,whole ,house on the  
,state of the ,union and ordered to be  
printed