The Mortgage Finance Act of 2011

Former real estate broker and current Senator of Georgia, Johnny Isakson, has shared a new finance act to transform the secondary market to the Dodd-Frank legislation. The Mortgage Finance Act of 2011 has some changes for the secondary market including:

• Eliminating Fannie Mae and Freddie Mac
• Creates a catastrophic fund in case of any future issues
• Full privatization within 10 years

The Act is endorsed by the Association of Realtors and willcontinue to keep a low 5 percent down payment which may become a problem with correlating to Dodd-Frank. To view the purpose and details of the Act, click HERE