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The OCC, FRB, FDIC, SEC, FHFA, and HUD issued rules to implement the credit risk retention requirements of section 15G of the Securities Exchange Act of 1934 (15 U.S.C. section 78o-11) as added by section 941 of the Dodd-Frank Act. Section 15G generally requires the securitizer of asset-backed securities to retain not less than 5 percent of the credit risk of the assets collateralizing the asset-backed securities. Section 15G includes a variety of exemptions from these requirements including an exemption for asset-backed securities that are collateralized exclusively by residential mortgages that qualify as qualified residential mortgages as such term is defined by the agencies by rule.