Housing Trust Fund Elimination Act of 2011 - Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to abolish the HOPE Reserve Fund, Housing Trust Fund, and Capital Magnet Fund and make available any amounts in such funds to the Secretary of the Treasury for use in reducing the federal budget deficit.
Repeals requirements that the Federal Loan Mortgage Corporation (Freddie Mac) and the Federal National Mortgage Association (Fannie Mae) make allocations for the Housing Trust Fund and the Capital Magnet Fund.
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