12 U.S.C. § 1701 — Information regarding early defaults and foreclosures on insured mortgages

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12 U.S.C. § 1701 — Information regarding early defaults and foreclosures on insured mortgages

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Source location: Title 12, Chapter 13, § 1701; chapter-013-national-housing.md

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**(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)) 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1709&num=0&edition=prelim) 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1709&num=0&edition=prelim), 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) 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.

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 1701 — Short title

§ 1701. Short title This chapter may be cited as the ‘‘National Housing Act.’’ Page 425 TITLE 12—BANKS AND BANKING § 1701 (June 27, 1934, ch. 847, 48 Stat. 1246.) Editorial Notes REFERENCES IN TEXT This chapter, referred to in text, was in the original ‘‘this Act’’, meaning act June 27, 1934, ch. 847, 48 Stat. 1246, which is classified principally to this chapter (§ 1701 et seq.). For complete classification of this Act to the Code, see Tables. Statutory Notes and Related Subsidiaries SHORT TITLE OF 2019 AMENDMENT Pub. L. 116–33, § 1, July 25, 2019, 133 Stat. 1038, pro- vided that: ‘‘This Act [amending section 1721 of this title and section 3709 of Title 38, Veterans’ Benefits, and enacting provisions set out as a note under section 1721 of this title] may be cited as the ‘Protecting Af- fordable Mortgages for Veterans Act of 2019’.’’ SHORT TITLE OF 2013 AMENDMENT Pub. L. 113–29, § 1, Aug. 9, 2013, 127 Stat. 509, provided that: ‘‘This Act [amending section 1715z–20 of this title] may be cited as the ‘Reverse Mortgage Stabilization Act of 2013’.’’ SHORT TITLE OF 2011 AMENDMENT Pub. L. 111–372, § 1(a), Jan. 4, 2011, 124 Stat. 4077, pro- vided that: ‘‘This Act [amending sections 1701q and 1701q–2 of this title and section 1437f of Title 42, The Public Health and Welfare, and amending provisions set out as notes under section 1701q of this title] may be cited as the ‘Section 202 Supportive Housing for the Elderly Act of 2010’.’’ SHORT TITLE OF 2010 AMENDMENT Pub. L. 111–203, title XIV, § 1441, July 21, 2010, 124 Stat. 2163, provided that: ‘‘This subtitle [subtitle D (§§ 1441–1452) of title XIV of Pub. L. 111–203, enacting sections 1701p–2 and 1701x–1 of this title and section 8108 of Title 42, The Public Health and Welfare, and amend- ing secti

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