24 C.F.R. § 15.109 How will HUD respond to a request for information from Form HUD–92410 (Statement of Profit and Loss)?
Title 24 - Housing and Urban Development
(a) To whom will HUD disclose the information? HUD will release information from Form HUD–92410 (or a HUD approved substitute form that the mortgagor may have submitted) only to eligible potential purchasers and only during the period specified by HUD for the mortgage sale. (b) Under what conditions will HUD release such information? HUD will release the information only if all of the following three conditions are met: (1) The information concerns a project that is subject to a HUD-held mortgage which HUD is selling under the authority of sections 207 (k) and (l) of the National Housing Act (12 U.S.C. 1713 (k) and (l)) or section 7(i)(3) of the Department of Housing and Urban Development Act (42 U.S.C. 3535(i)(3)). (2) The eligible potential purchasers have agreed to: (i) Keep the information confidential; (ii) Disclose the information only to potential investors in the mortgage and only for the period specified by HUD for the mortgage sale and to notify those potential purchasers of their obligations under this section; (iii) Use the information only to evaluate the mortgage in connection with the mortgage sale; and (iv) To follow disclosure procedures for that sale that have been established by the Secretary. (3) The potential investors in the mortgage have agreed to keep the information confidential and to use the information only to evaluate the mortgage in connection with their investment decision. (c) To whom may potential investors disclose such information? Potential investors in the mortgage may disclose the information to other entities only if the disclosure is: (1) Necessary for the investor's evaluation of the mortgage; (2) Made in accordance with disclosure procedures for the specific sale that have been established by HUD; and (3) Limited to the period specified by HUD for the mortgage sale. (d) What sanctions are available for improper disclosure of such information? An eligible potential purchaser or a potential investor (who has received the information from a potential purchaser and has been notified by that entity of its obligations under paragraph (b) of this section), who discloses information from Form HUD–92410 in violation of this section, may be subject to sanctions under part 24 of this title.
Title 24: Housing and Urban Development
PART 15—PUBLIC ACCESS TO HUD RECORDS UNDER THE FREEDOM OF INFORMATION ACT AND TESTIMONY AND PRODUCTION OF INFORMATION BY HUD EMPLOYEES
Subpart B—FOIA Disclosure of Information
§ 15.109 How will HUD respond to a request for information from Form HUD–92410 (Statement of Profit and Loss)?
