New research shows that only one-fifth of loans the GSEs purchase would meet the regulators’ definition for “qualified residential mortgages” (QRMs) and would be exempt from the 5% risk retention requirement in the Dodd-Frank Act.

Fannie Mae and Freddie Mac purchased nearly $12 trillion in single-family loans during a 13-year period ending in 2009 and only 19.8% of those loans met the proposed QRM test, according to data the regulators included in their 243-page proposed rule. The public comment period ends June 10.

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