The Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 (“Dodd- Frank Act”) is intended, among other things, to reform residential mortgage lending and securitization practices that contributed to the recent financial crisis. The Dodd-Frank Act provides some liability protection for lenders originating mortgages that meet nine specified criteria, as applicable, associated with a borrower's ability to repay (“qualified mortgages”). The Dodd-Frank Act also requires securitizers of mortgages not meeting separate criteria associated with lower default risk to retain at least 5 percent of the credit risk, though federal rulemaking agencies may vary this amount. Section 1421 of the Dodd-Frank Act directed Government Accountability Office to assess the effect of mortgage-related provisions on the availability and affordability of mortgage credit and to issue a report by July 2011, but federal agencies are still developing implementing regulations. This report discusses the potential impact of the Dodd-Frank Act’s: (i) qualified mortgage criteria; (ii) credit risk retention requirement; and (iii) provisions concerning homeownership counseling and regulation of high-cost loans.