H.R. 4620 · 114th Congress
Preserving Access to CRE Capital Act of 2016
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Never voted on. It didn't reach a floor vote before the 114th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
HillSponsor7 cosponsors · 1 D, 6 R
0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
What it does: CRS summary · Reported to House without amendment · May 26, 2016
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)
Preserving Access to CRE Capital Act of 2016
(Sec. 2) This bill amends the Securities Exchange Act of 1934 concerning credit risk retention standards for commercial real estate loans to revise the optional standard that may include retention of the first-loss position by a third-party purchaser that specifically negotiates for the purchase of that first loss position, holds adequate financial resources to back losses, provides due diligence on all individual assets in the pool before issuance of the asset-backed securities, and meets the same standards for risk retention as the federal banking agencies and the Securities and Exchange Commission (SEC) require of the securitizer.
The revised specifications for retention of the first-loss position by a third-party purchaser shall mean the permissible risk retention of the first-loss position by a one or two party third-party purchaser, who may hold the retention obligation in either a senior-subordinate structure or pari passu (where two or more assets, securities, creditors or obligations are equally managed without any display of preference), as long as each party meets the requirements expressed above.
The bill exempts from risk retention requirements the 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 commercial properties under direct or indirect common ownership or control.
The SEC and the federal banking agencies shall jointly maintain specified regulations which exempt qualified commercial real estate loans from risk retention requirements.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Preserving Access to CRE Capital Act of 2016
Latest action (May 26, 2016): Placed on the Union Calendar, Calendar No. 463.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Feb 25, 2016
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.