An act to amend the Securities Exchange Act of 1934 with respect to the treatment of mortgage backed securities, to increase the authority of the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, and for other purposes.

enactedUnited States· United States Congress· EN

Introduced

2 November 1983

Last action

3 October 1984 · President

Status

Became Public Law No: 98-440.

Summary

Secondary Mortgage Market Enhancement Act of 1983 - Title I: Securities Laws Amendments - Amends the Securities Act of 1983 to exempt from the securities registration requirements securities backed by second mortgages, cooperative housing loans, and manufactured home loans. Expands the type of allowable security to include mortgage-related payment bonds. Exempts from the securities registration requirements securities originated by any Department of Housing and Urban Development approved mortgagee (principally mortgage bankers) in addition to financial institutions. Requires that the current minimum transaction amount of $250,000 be applied only to the initial purchase amount. Permits a 120 day time limit on the cash payment for the security (currently 60 days). Amends the Home Owner's Loan Act of 1933 and the Federal Credit Union Act to allow federally-chartered financial institutions, including credit unions, to invest in mortgage-related securities subject only to limitations that the appropriate regulating board might impose. Preempts State blue sky and legal investment laws and regulations so that investment grade mortgage-related securities may be purchased by State-chartered and regulated financial institutions, insurance companies, pension funds, trustees, or other regulated entities. Permits a State to reassert limitations on investments in mortgage securities within three years of enactment of these provisions if it finds such regulation necessary. Requires the Securities and Exchange Commission to provide a permanent procedure for the delayed or continuous registration of mortgage-backed securities. Title II: Federal Home Loan Mortgage Corporation and Federal National Mortgage Association Amendments - Amends the Federal Home Loan Mortgage Corporation Act and the National Housing Act to require that preferred stock issued by the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac), other than preferred Freddie Mac stock sold to the Federal Home Loan Banks, include terms that would be required for New York Stock Exchange listing. States that participation agreement limitations on maximum principal obligation of conventional mortgages shall apply to an entire mortgage regardless of whether Freddie Mac and Fannie Mae purchase the entire loan or a participation interest therein. Permits Freddie Mac to purchase manufactured home loans where the property securing them is considered by State law as personal, or mixed personal and real (presently limited to real property security). Establishes a 45-day (with a 15-day extension) Department of Housing and Urban Development (HUD) approval period for Fannie Mae requests. Removes existing loan-to-value limits on multifamily mortgage purchases. Expands Fannie Mae's Board of Directors from 15 to 18 members. Raises the limit on Freddie Mac and Fannie Mae multifamily conventional mortgage purchases. Requires an annual HUD report regarding Fannie Mae's activities. Authorizes Freddie Mac and Fannie Mae to purchase residential second mortgages through October 1, 1985. Sets forth loan limits and related provisions.

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Timeline

21 September 1983
Reported
Committee on Banking. Hearings held on the subject prior to committee ordering to be reported an original measure.
Source: Committee
22 September 1983
Reported
Committee on Banking. Hearings held on the subject prior to committee ordering to be reported an original measure. Hearings printed: S.Hrg. 98-451.
Source: Committee
6 October 1983
Reported
Committee on Banking ordered to be reported an original measure in lieu of s.1821.
Source: Committee
2 November 1983
Calendars
Placed on Senate Legislative Calendar under General Orders. Calendar No. 522.
Source: Calendars
2 November 1983
Reported
Committee on Banking. Original measure reported to Senate by Senator Garn. With written report No. 98-293. Additional views filed.
Source: Committee
2 November 1983
Reported
Committee on Banking. Original measure reported to Senate by Senator Garn. With written report No. 98-293. Additional views filed.
Source: Committee
2 November 1983
Introduced
Introduced in Senate
Source: IntroReferral
17 November 1983
Passed
Passed Senate without amendment by Voice Vote.
Source: Floor
17 November 1983
Passed
Passed/agreed to in Senate: Passed Senate without amendment by Voice Vote.
Source: Floor
18 November 1983
Floor
Official papers received from the House.
Source: Floor
9 February 1984
Floor
Considered by Senate.
Source: Floor
9 February 1984
Passed
Passed/agreed to in Senate: Passed Senate with an amendment by Voice Vote.
Source: Floor
21 February 1984
Introduced
Referred to House Committee on Banking, Finance and Urban Affairs.
Source: IntroReferral
28 February 1984
Referred
Referred to Subcommittee on Telecommunications, Consumer Protection and Finance.
Source: Committee
1 March 1984
Referred
Referred to Subcommittee on Housing and Community Development.
Source: Committee
11 September 1984
Passed
Passed House (Amended) by Voice Vote.
Source: Floor
11 September 1984
Passed
Passed/agreed to in House: Passed House (Amended) by Voice Vote.
Source: Floor
11 September 1984
Floor
Called up by House Under Suspension of Rules.
Source: Floor
26 September 1984
Passed
Senate agreed to the House amendments by Unanimous Consent.
Source: ResolvingDifferences
26 September 1984
Passed
Resolving differences -- Senate actions: Senate agreed to the House amendments by Unanimous Consent.
Source: NotUsed
1 October 1984
Floor
Presented to President.
Source: Floor
1 October 1984
President
Presented to President.
Source: President
1 October 1984
Floor
Measure Signed in Senate.
Source: Floor
3 October 1984
Became law
Became Public Law No: 98-440.
Source: President
3 October 1984
Became law
Signed by President.
Source: BecameLaw
3 October 1984
President
Signed by President.
Source: President

Votes

No vote records are attached yet.

Versions

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Documents

3 official files

Public Law (PDF)

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Public Law (PDF)
Public Law · EN · 4 October 1984
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Passed House amended
summary · EN · 11 September 1984
Open at official source
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Introduced in Senate
summary · EN · 2 November 1983
Open at official source
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