§5116 — Title 12 Banks and Banking | U.S. Code

Summary

The Director must do a thorough study of what causes people to default on home loans and lose homes. The study must use as much real-world data as possible. Within 6 months after July 30, 2008, the Director must send Congress a preliminary report. Within 12 months after July 30, 2008, the Director must send a final report that includes suggested laws, recommended best practices, and a plan to give targeted help to people or groups at highest risk of default or foreclosure.

Title 12, §5116

Banks and Banking — Source: USLM XML via OLRC

(a)The Director shall conduct an extensive study of the root causes of default and foreclosure of home loans, using as much empirical data as is available.

(b)Not later than 6 months after July 30, 2008, the Director shall submit to Congress a preliminary report regarding the study required by this section.

(c)Not later than 12 months after July 30, 2008, the Director shall submit to Congress a final report regarding the results of the study required by this section, which shall include any recommended legislation relating to the study, and recommendations for best practices and for a process to provide targeted assistance to populations with the highest risk of potential default or foreclosure.

Notes & Related Subsidiaries

Editorial Notes

Amendments

2010—Pub. L. 111–203 substituted “Director” for “Secretary” wherever appearing.

Statutory Notes and Related Subsidiaries

Effective Date

of 2010 AmendmentAmendment by Pub. L. 111–203 effective on the designated transfer date, see section 1100H of Pub. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees.

§5116 Study and reports on defaults and foreclosures