§1735f–18 Information regarding early defaults and foreclosures on insured mortgages

Summary

The Secretary of Housing and Urban Development must collect and keep data about early mortgage defaults and foreclosures on loans insured under section 1709 that are on properties in certain census tracts. HUD must gather the data every quarter for a 5-year period that ends on the last day of that quarter. The data must be available for public inspection no more than 30 days after the quarter ends. The first public release covered the first calendar quarter that ended more than 180 days after November 28, 1990. For each lender, the data must show the lender’s name; which designated census tracts it made insured loans in; how many insured loans it made in each tract and each year; how many of those loans went into default or foreclosure in each tract and each year; percentages of the lender’s insured loans in each tract that defaulted or were foreclosed; and totals and percentages across all designated tracts. HUD must also report the lender’s totals, defaults, and percentages for insured loans outside designated tracts, and for each designated census tract the total insured originations, defaults, and default/foreclosure percentage. HUD must send Congress a yearly report with this information. A “designated census tract” means a census tract inside a metropolitan statistical area as defined by the Secretary of Commerce.