The Aug. 28, 2013, release of the re-proposed credit risk-retention rule by federal banking and housing regulators was eagerly awaited by investors and the mortgage industry. But it’s also raised some new questions for securitizers and investors, according to a new white paper from CoreLogic. The proposed rule sets out the risk-retention provisions for securitizers that underwrite ABS, but it also exempts from those provisions all securities issued by the housing agencies, which is to say, MBS generated by Fannie Mae, Freddie Mac and Ginnie Mae. “Given that exemption, what are the incentives for private securitization where there is capital relief in the alternative?” the white paper asked. CoreLogic notes...