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The proposed rule would amend the existing Credit Risk Retention regulations (12 CFR part 1234) which requires securitizers to retain an economic interest in a portion of the credit risk for any residential mortgage asset that the securitizer, through the issuance of an asset-backed security, transfers, sells, or conveys to a third party in a transaction within the scope of section 15G of the Exchange Act; specifies the permissible types, forms, and amounts of credit risk retention; and it establishes certain exemptions for securitizations collateralized by assets that meet specified underwriting standards or that otherwise qualify for an exemption.