It would take an average family 12 years to scrape together a 20 percent down payment. This plan is nothing short of an assault on homeownership that could have a long-lasting negative impact on housing for generations to come." Under the Dodd-Frank financial reform law passed last year, lenders are required to have "skin in the game" by retaining five percent of the credit risk of each loan that they sell into the secondary market. The law also called for federal banking regulators to establish rules for a qualified residential mortgage (QRM) that would exempt lenders from these risk retention rules. The Dodd-Frank law exempts FHA and VA loans from the risk retention requirement and the proposed risk retention rules will not apply to Fannie Mae and Freddie Mac while they remain in conservatorship.