Housing Securities Act

Housing Security Act - Provides that transactions involving offers or sales of promissory notes directly secured by a first lien on a single parcel of real estate upon which is located a dwelling or other residential or commercial structure, and participation interests in such notes: (1) where such securities are originated by a savings and loan association, savings bank, commercial bank, or similar banking institution which is supervised and examined by a Federal or State authority, and are offered and sold subject to specified conditions, or (2) where such securities are originated by a mortgage approved by the Secretary of Housing and Urban Development and are offered or sold to any institution described above; are exempted from the provisions of the Securities Act which prohibit use of interstate commerce and the mails for the sale of securities unless the securities are registered.