Report to Congress on Markets for Small-Business-and Commercial-Mortgage-Related211 Securities. Submitted to the Congress Pursuant to Section 209 of the Riegle 211 Community Development and Regulatory Improvement Act of 1994

摘要

Section 209 of the Riegle Community Development and Regulatory Improvement Act of211u001e1994 (the Riegle Act or Act) requires the Board of Governors of the Federal 211u001eReserve System and the Securities and Exchange Commission (hereafter, the 211u001eagencies) to submit a joint study by September 23 of 1996, 1998, and 2000, 211u001eaddressing the effect of that legislation on 'the structure and operation of the 211u001emarkets for securitized small-business loans and commercial mortgages' the 211u001eavailability of credit for business enterprises. The Riegle Act also requires the 211u001eagencies to consider recommendations for further legislative or administrative 211u001eaction. This is the second report submitted in accordance with these 211u001erequirements. The first report to the Congress, submitted in 1996 (1996 Report), 211u001eprovided a fairly extensive review of activity in the markets for securitization, 211u001ethe unique features of small business and commercial real estate loans, and the 211u001elegal changes effected by the Riegle Act. This second report focuses on changes 211u001ethat have taken place in the markets since 1996. Specifically, this section 211u001eprovides an overview of securitization activity and credit availability in the 211u001einterim two years and presents the agencies current views on the need for further 211u001eadministrative or legislative initiatives. Sections II and III update information 211u001eon securitizations of commercial real estate and small business loans.