§1735f–18 Information Regarding Early Defaults and Foreclosures on Insured Mortgages

Summary

HUD must collect and keep data about early defaults and foreclosures on mortgages insured under section 1709 that are tied to homes in certain census tracts. The data is gathered every quarter and must be available to the public no more than 30 days after the quarter ends. The first data covered the five-year period that includes the first quarter ending more than 180 days after November 28, 1990. HUD also must send Congress an annual report with the collected information. For each lender during each 5-year collection period, HUD must list the lender’s name, which designated census tracts they made loans in, how many insured loans they made in each tract and each year, how many of those loans went into default or foreclosure in each tract and each year, and the percentage of that lender’s insured loans in each tract that defaulted or were foreclosed. HUD must also give totals and percentages for all designated tracts combined, for loans outside designated tracts, and for each designated tract overall. Definitions: Applicable collection period = the 5-year period ending on the last day of the quarter for which data is collected. Designated census tract = a census tract inside a metropolitan statistical area as defined by the Secretary of Commerce.