A coalition of 44 industry, consumer, community development and civil rights groups have banded together to oppose a regulatory proposal on risk retention that they claim would increase the cost of mortgage credit for average Americans and goes beyond the intent of Congress.

At a press briefing Wednesday, the Coalition for Sensible Housing Policy issued a 12-page white paper that outlines their objections to the regulatory proposal that would require 20% downpayments on "qualified residential mortgages." Only QRM loans are exempt from risk retention and other restrictions when securitized.

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