H.R.4243 - Residential Mortgage Investment Act of 198398th Congress (1983-1984)
|Sponsor:||Rep. Wyden, Ron [D-OR-3] (Introduced 10/27/1983)|
|Committees:||House - Education and Labor; Ways and Means|
|Latest Action:||House - 04/30/1984 Executive Comment Received From Pension Guaranty Corp. (All Actions)|
This bill has the status Introduced
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Summary: H.R.4243 — 98th Congress (1983-1984)All Information (Except Text)
Introduced in House (10/27/1983)
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."