The Commercial Mortgage Securities Association (CMSA) issued a white paper today on the White House’s overall regulatory reform proposals with five issues of concern for the CMBS market.

These five issues are: the 5% retention by originators and sponsors; the elimination of the immediate recognition of ‘gain on sale’ by originators for a securitization; the differentiation in ratings; the disclosure by ABS issuers of loan-level data; and the prohibition to hedge the retained risk portion.

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