Political Quotes

“Mr. President, I ask unanimous consent that the reading of the amendment be dispensed with. The PRESIDING OFFICER. Without objection, it is so ordered. The amendment is as follows: (Purpose: To exempt qualified residential mortgages from credit risk retention requirements) On page 1047, strike line 4 and all that follows through line 20 and insert the following: ``(i) not less than 5 percent of the credit risk for any asset-- ``(I) that is not a qualified residential mortgage that is transferred, sold, or conveyed through the issuance of an asset-backed security by the securitizer; or ``(II) that is a qualified residential mortgage that is transferred, sold, or conveyed through the issuance of an asset-backed security by the securitizer, if 1 or more of the assets that collateralize the asset-backed security are not qualified residential mortgages; or ``(ii) less than 5 percent of the credit risk for an asset that is not a qualified residential mortgage that is transferred, sold, or conveyed through the issuance of an asset-backed security by the securitizer, if the originator of the asset meets the underwriting standards prescribed under paragraph (2)(B); ``(C) specify-- ``(i) the permissible forms of risk retention for purposes of this section; ``(ii) the minimum duration of the risk retention required under this section; and ``(iii) that a securitizer is not required to retain any part of the credit risk for an asset that is transferred, sold or conveyed through the issuan…”