Residential Mortgage Investment Act of 1983

Summary

Residential Mortgage Investment Act of 1983 - Amends the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code to exempt from specified prohibited transactions: (1) any qualified mortgage transaction engaged in by an employee benefit plan if such transaction received the prior approval of an independent fiduciary; (2) the purchase, retention, or sale by an employee benefit plan of interests in Federal or State guaranteed residential mortgage loans; and (3) any participation or dealings by an employee benefit plan in residential mortgage-backed securities if such securities bear one of the three highest ratings of a nationally recognized rating service. Prohibits the promulgation of rules or orders which limit, interpret or implement: (1) the exemptions or definitions of this Act; and (2) the term "reasonable rate of interest."

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1 official file

• Introduced in Senate

  summary · EN · 15 November 1983

  Open at official source

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