Secondary Mortgage Market Enhancement Act
Pub. L. 98–440 | |
| Statutes at Large | 98 Stat. 1689 |
|---|---|
| Legislative history | |
| |
The Secondary Mortgage Market Enhancement Act of 1984 (SMMEA) was an Act of Congress intended to improve the marketability of private label mortgage-backed security passthroughs.[1] It is mentioned as a significant contributing factor in the subprime mortgage crisis.[2]
It declared
federal savings banks, federal savings associations, etc.), state-chartered financial institutions (such as depository banks and insurance companies) unless overridden by state law before October 1991 (of which 21 states did so),[3] and Department of Labor-regulated pension funds.[4]
References
- ^ Fabozzi & Modigliani 1992, p. 31.
- ^ Beer & Faulkner 2011, p. 50.
- ^ The 21 states that utilized the exemption provisions were Alaska, Arkansas, Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Kansas, Maryland, Michigan, Missouri, Nebraska, New Hampshire, New York, North Carolina, Ohio, South Dakota, Utah, Virginia, and West Virginia.
- ^ Fabozzi & Modigliani 1992, p. 32.
- Fabozzi, Frank J.; Modigliani, Franco (1992). Mortgage and Mortgage-backed Securities Markets. ISBN 0-87584-322-0.
- Beer, Andrew; Faulkner, Debbie (2011). Housing Transitions Through The Life Course: Aspirations, Needs and Policy. Policy Press. ISBN 978-1-847-42428-0.
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