Secondary Mortgage Market Enhancement Act of 1983

[AI summary unavailable — showing source text] Secondary Mortgage Market Enhancement Act of 1983 - Title I: Securities Laws Amendments - Amends the Securities Act of 1933 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). Permits broker-dealers to extend credit to buyers of mortgage-related securities on the same basis as they may for government agency securities. Amends the net capital requirements applied to broker-dealers to direct the Securities and Exchange Commission to require for investment grade mortgage securities held in a dealer's inventory only the same amount of capital as government securities of a comparable maturity. Amends …