§ 1735f-18. — Information regarding early defaults and foreclosures on insured mortgages.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1735f-18]
TITLE 12--BANKS AND BANKING
CHAPTER 13--NATIONAL HOUSING
SUBCHAPTER V--MISCELLANEOUS
Sec. 1735f-18. Information regarding early defaults and
foreclosures on insured mortgages
(a) In general
The Secretary of Housing and Urban Development shall collect and
maintain information regarding early defaults on mortgages as provided
under this section. The Secretary shall make such information available
for public inspection upon request. Information shall be collected
quarterly with respect to each applicable collection period (as such
term is defined in subsection (c) of this section) and shall be
available for inspection not more than 30 days after the conclusion of
the calendar quarter relating to each such period. Information shall
first be made available under this section for the applicable collection
period relating to the first calendar quarter ending more than 180 days
after November 28, 1990.
(b) Contents
(1) Mortgage lender analysis
Information collected under this section shall include, for each
lender originating mortgages during the applicable collection period
that are insured pursuant to section 1709 of this title and secured
by property in a designated census tract, the following information
with respect to such mortgages:
(A) The name of the lender and the number of each designated
census tract in which the lender originated 1 or more such
mortgages during the applicable collection period.
(B) The total number of such mortgages originated by such
lender during the applicable collection period in each
designated census tract and the number of mortgages originated
each year in each designated census tract.
(C) The total number of defaults and foreclosures on such
mortgages during the applicable collection period in each
designated census tract and the number of defaults and
foreclosures in each designated census tract in each year of the
period.
(D) For each designated census tract, the percentage of such
lender's total insured mortgages originated during each year of
the applicable collection period (with respect to properties
within such census tract) on which defaults or foreclosures have
occurred during the applicable collection period.
(E) The total of all such originations, defaults, and
foreclosures on insured mortgages originated by such lender
during the applicable collection period for all designated
census tracts and the percentage of the total number of such
lender's insured mortgage originations on which defaults or
foreclosures have occurred during the applicable collection
period.
(2) Other information
Information collected under this section shall also include the
following:
(A) For each lender referred to under paragraph (1), the
total number of insured mortgages originated by the lender
secured by properties not located in a designated census tract,
the total number of defaults and foreclosures on such mortgages,
and the percentage of such mortgages originated on which
defaults or foreclosures occurred during the applicable
collection period.
(B) For each designated census tract, the total number of
mortgages originated during the applicable collection period
that are insured pursuant to section 1709 of this title, the
number of defaults and foreclosures occurring on such mortgages
during such period, and the percentage of the total insured
mortgage originations during the period on which defaults or
foreclosures occurred.
(c) Annual reports
The Secretary shall submit to the Congress annually a report
containing the information collected and maintained under subsection (b)
of this section for the relevant year.
(d) Definitions
For purposes of this section:
(1) Applicable collection period
The term ``applicable collection period'' means the 5-year
period ending on the last day of the calendar quarter for which
information under this section is collected.
(2) Designated census tract
The term ``designated census tract'' means a census tract
located within a metropolitan statistical area, as defined pursuant
to regulations issued by the Secretary of Commerce.
(June 27, 1934, ch. 847, title V, Sec. 540, as added Pub. L. 101-625,
title III, Sec. 335(a), Nov. 28, 1990, 104 Stat. 4142.)
Availability of Information Regarding Default/Claim Rates During
Transition
Section 335(b) of Pub. L. 101-625 provided that: ``During the period
beginning on the date of the enactment of this Act [Nov. 28, 1990] and
ending on the date of the initial availability of information under
section 540 of the National Housing Act [12 U.S.C. 1735f-18] (as added
by subsection (a)), the Secretary of Housing and Urban Development shall
make publicly available all reports regarding Default/Claim Rates per
Regional Office for Fiscal Year 1990 Endorsements that are produced by
the Department of Housing and Urban Development during such period.''
Section Referred to in Other Sections
This section is referred to in section 1709 of this title; title 42
section 3535.
