§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 defaults and foreclosures on mortgages insured under section 1709. The data must be gathered every quarter for a 5-year "applicable collection period" (the five years ending on the last day of the quarter). The records must be open to the public on request and must be available no more than 30 days after the quarter ends. The first set of data had to cover the first calendar quarter that ended more than 180 days after November 28, 1990. HUD must also send Congress a report each year with the collected information. For each lender and for each "designated census tract" (a census tract inside a metropolitan area), HUD must record the lender’s name; how many insured mortgages the lender made in each tract during the period and each year; how many of those mortgages went into default or foreclosure during the period and each year; the percentage of the lender’s insured loans in the tract that defaulted or were foreclosed; totals across all designated tracts; and similar totals for mortgages outside designated tracts and for each tract as a whole.