Secondary Mortgage Market Enhancement Act of 1984

Law Financial services Law

Date: 3rd Oct, 1984 Source: Congress.gov Country: USA Original Source

Brief

The Secondary Mortgage Market Enhancement Act of 1984 was signed into law on October 3, 1984. This act amended the Securities Exchange Act of 1934 to include mortgage-backed securities and increased the authority of the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. It also established limitations on participation agreements for these organizations and authorized them to purchase conventional mortgages with subordinate liens against one-to-four-family residences and multifamily properties. The act further required a study on prepayment penalties and their impact on the secondary mortgage market.

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