,,ib  ,union ,cal5d> ,no4 #dfc  #aad?   
,,congress  #b;d ,session  ,h4 ,r4 #dfbj
  ,report ,no4 #aad-eig  ,,9 ,,! ,,h\se 
,,( ,,repres5tatives  ,febru>y #be1     
#bjaf ,mr4 ,hill introduc$ ! foll[+     
bill2 :i* 0 ref]r$ to ! ,committee on   
,f9ancial ,s]vices  ,may #bf1 #bjaf     
,additional sponsors3 ,mr4 ,mess]1 ,mr4 
,c>ney1 ,mr4 ,neugebau]1 ,mr4 ,huiz5ga (
 ,mi*igan1 ,mrs4 ,wagn]1 ,mr4 ,/iv]s1 & 
,mr4 ,b>r  ,may #bf1 #bjaf ,committ$ to 
! ,committee ( ! ,:ole ,h\se on ! ,/ate 
( ! ,union & ord]$ to be pr9t$  ,a      
,,bill  ,to am5d ! ,securities ,ex*ange 
,act ( #aicd to exempt c]ta9 comm]cial  
real e/ate loans f risk ret5tion        
requirem5ts1 & = o!r purposes4  #a4     
,%ort title ,?is ,act may be cit$ z !   
,pres]v+ ,access to ,,cre ,capital ,act 
( #bjaf4  #b4 ,exemption = c]ta9        
comm]cial real e/ate loans f risk       
ret5tion requirem5ts ,section #ae;,g ( !
 ,securities ,ex*ange ,act ( #aicd 7#ae 
,u4,s4,c4 #gho-#aa7 is am5d$--  7#a7 9  
subsection 7c77#a77;,e77ii71 by /rik+   

ret5tion ( ! fir/-loss position by a    
?ird-p>ty pur*as] t & ins]t+ ret5tion ( 
! fir/-loss position by a "o or two p>ty
 ?ird-p>ty pur*as]1 :o may hold !       
ret5tion obligation 9 ei!r a            
s5ior-subord9ate /ructure or p>i passu1 
provid$ t ea*2 &  7#b7 9 subsection     
7e7--  7,a7 by r$esignat+ p>agraph 7#f7 
z p>agraph 7#g72 &  7,b7 by ins]t+ aft] 
p>agraph 7#e7 ! foll[+ new p>agraph3    
7#f7 ,exemption = c]ta9 comm]cial real  
e/ate loans  7,a7 ,exemption = s+le loan
 comm]cial real e/ate securitization ,a 
securitization ( a s+le comm]cial real  
e/ate loan or a gr\p (                  
cross-collat]aliz$ or cross-default$    
comm]cial real e/ate loans t repres5t ! 
obligation ( "o or m relat$ borr[]s     
secur$ by "o or m comm]cial prop]ties "u
 direct or indirect common own]%ip or   
control is exempt f ! risk ret5tion     
requirem5ts ( ?is section4  7,b7        
,exemption = qualifi$ comm]cial real    
e/ate loans  7i7 ,regulations requir$ ,!
 ,f$]al bank+ ag5cies & ! ,commission   

%all jo9tly ma9ta9 regulations to exempt
 qualifi$ comm]cial real e/ate loans f !
 risk ret5tion requirem5ts ( ?is        
section4  7ii7 ,/&>ds = regulations ,!  
regulations issu$ "u clause 7i7 %all--  
7,i7 include ! requirem5ts "u :i*       
int]e/-only loans may be exempt f ! risk
 ret5tion requirem5ts ( ?is section2    
7,,ii7 n impose any t]m requirem5ts on !
 l5g? ( a qualifi$ comm]cial real e/ate 
loan2  7,,iii7 if an amortization       
requirem5t is includ$1 n impose an      
amortization s*$ule ( less ?an #cj ye>s2
 &  7,,iv7 n impose sep>ate             
loan-to-value ratio caps on qualifi$    
comm]cial real e/ate loans t are        
docum5t$ ) appraisals t utilize l[]     
capitalization rates ?an o!r loans4  4  
,may #bf1 #bjaf ,committ$ to !          
,committee ( ! ,:ole ,h\se on ! ,/ate ( 
! ,union & ord]$ to be pr9t$