Political Quotes

“Mr. President, I ask unanimous consent that reading of the amendment be dispensed with. The ACTING PRESIDENT pro tempore. Without objection, it is so ordered. The amendment is as follows: (Purpose: To improve the credit risk retention provisions) On page 1 of the amendment, strike line 3 and all that follows through page 3, line 7, and insert the following: ``(i) a portion of the credit risk for any asset that is transferred, sold, or conveyed through the issuance of an asset-backed security by the securitizer; or ``(ii) a reduced portion or no portion of the credit risk for an asset described in clause (i), if the originator of the asset meets the underwriting standards prescribed under paragraph (2)(B) or subsection (e)(4); ``(C) specify-- ``(i) the permissible types, forms, and amounts of risk retention that would meet the requirements of subparagraph (B), including-- ``(I) retention of-- ``(aa) a specified amount or percentage of the total credit risk of the asset; ``(bb) the value of securities sold to investors; or ``(cc) the interest of the seller in revolving assets; ``(II) retention of the first-loss position by a third- party purchaser that specifically negotiates for the purchase of such first-loss position and provides due diligence on all individual assets in the pool before the issuance of the asset-backed securities; ``(III) a determination by a Federal banking agency or the Commission that the underwriting standards and controls of the originator are adequate…”