As reported by Diana Olick of CNBC Real Estate, the Federal Deposit Insurance Corporation (FDIC) and other federal agencies vote this morning on a proposed set of mortgage risk retention rules that could drastically change the already tumultuous lending industry.

The FDIC, along with the Office of the Comptroller of the Currency, the Federal Reserve, the U.S. Securities and Exchange Commission, the Federal Housing Finance Agency (FHFA), and the Department of Housing and Urban Development (HUD) announced yesterday their consideration of proposed rulemaking of section 941 of the Dodd-Frank Wall Street Reform and Consumer Protection Act this week.

As Ms. Olick pointed out on CNBC.com, a hot topic will be the definition of “Qualified Residential Mortgage” which would require a 20 percent down payment from homebuyers. This is due to the simultaneous winding down of lenders like Fannie Mae and Freddie Mac that work off of the 30-year fixed loan format.

“There’s no question if the government gets out of the business of backing mortgages, rates should go up, underwriting will be tougher, down payments will go up,” Toll Brothers CEO Douglas Yearley Jr. told CNBC yesterday. “It’s going to affect all of us.”