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Section 106 Of The Secondary Mortgage Market Enhancement Act Of 1984 And The Need For Overriding State Legislation, David J. Bleckner
Section 106 Of The Secondary Mortgage Market Enhancement Act Of 1984 And The Need For Overriding State Legislation, David J. Bleckner
Fordham Urban Law Journal
Title I of the 1984 the Secondary Mortgage Market Enhancement Act (SMMEA) was designed to remove some of the regulatory barriers that previously inhibited the development of a private market for mortgage-backed securities. Section 106 of Title I, which provided for federal regulation, preempted blue sky laws requiring registration of mortgage-backed securities and regulatory statutes affecting investment in mortgage-backed securities by state-chartered financial institutions. This Note examines whether the states should enact legislation to override the federal preemptions. Initially, this Note provides an overview of the secondary market for home mortgages by examining the factors leading to the enactment of …