§4544 — Title 12 Banks and Banking | U.S. Code

Summary

The Director must send a report each year by October 30 to the Senate Committee on Banking, Housing, and Urban Affairs and the House Committee on Financial Services. The report comes after the Director reviews reports from the enterprises. It must say how each enterprise is meeting annual housing goals, serving underserved markets, following other legal duties, getting credit toward goals from certain transactions, and achieving its legal purpose. It must also suggest actions each enterprise could take to better reach those goals. The report must include data analysis. That includes aggregated income information to check goal compliance, and income, race, and gender data by census tract compared with broader trends. It must show how much each enterprise deals with subprime and nontraditional loans and compare those loans’ features to other loans. It must compare high-cost loans that were securitized but not kept by the enterprise to loans that were kept or repurchased, looking at things like property price, loan-to-value (including second liens), loan terms, and borrower credit. To help with this, the Director must run a monthly mortgage market survey collecting those mortgage details and information on subprime and nontraditional borrowers (including whether they would qualify for prime loans). The Director must make the survey data public quickly but may change it to avoid identifying any borrower or releasing data already publicly available. "Identifiable form" means any data that would let someone figure out who the borrower is.

Title 12, §4544

Banks and Banking — Source: USLM XML via OLRC

(a)After reviewing and analyzing the reports submitted under section 1723a(n) of this title and section 1456(f) of this title, the Director shall submit a report, not later than October 30 of each year, to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives, on the activities of each enterprise.

(b)The report required under subsection (a) shall—

(1)discuss—

(A)the extent to and manner in which—

(i)each enterprise is achieving the annual housing goals established under subpart 2;

(ii)each enterprise is complying with its duty to serve underserved markets, as established under section 4565 of this title;

(iii)each enterprise is complying with section 4567 of this title;

(iv)each enterprise received credit towards achieving each of its goals resulting from a transaction or activity pursuant to section 4561(b)(2) of this title; and

(v)each enterprise is achieving the purposes of the enterprise established by law; and

(B)the actions that each enterprise could undertake to promote and expand the purposes of the enterprise;

(2)aggregate and analyze relevant data on income to assess the compliance of each enterprise with the housing goals established under subpart 2;

(3)aggregate and analyze data on income, race, and gender by census tract and other relevant classifications, and compare such data with larger demographic, housing, and economic trends;

(4)identify the extent to which each enterprise is involved in mortgage purchases and secondary market activities involving subprime and nontraditional loans;

(5)compare the characteristics of subprime and nontraditional loans both purchased and securitized by each enterprise to other loans purchased and securitized by each enterprise; and

(6)compare the characteristics of high-cost loans purchased and securitized, where such securities are not held on portfolio to loans purchased and securitized, where such securities are either retained on portfolio or repurchased by the enterprise, including such characteristics as—

(A)the purchase price of the property that secures the mortgage;

(B)the loan-to-value ratio of the mortgage, which shall reflect any secondary liens on the relevant property;

(C)the terms of the mortgage;

(D)the creditworthiness of the borrower; and

(E)any other relevant data, as determined by the Director.

(c)(1)To assist the Director in analyzing the matters described in subsection (b), the Director shall conduct, on a monthly basis, a survey of mortgage markets in accordance with this subsection.

(2)Each monthly survey conducted by the Director under paragraph (1) shall collect data on—

(A)the characteristics of individual mortgages that are eligible for purchase by the enterprises and the characteristics of individual mortgages that are not eligible for purchase by the enterprises including, in both cases, information concerning—

(i)the price of the house that secures the mortgage;

(ii)the loan-to-value ratio of the mortgage, which shall reflect any secondary liens on the relevant property;

(iii)the terms of the mortgage;

(iv)the creditworthiness of the borrower or borrowers; and

(v)whether the mortgage, in the case of a conforming mortgage, was purchased by an enterprise;

(B)the characteristics of individual subprime and nontraditional mortgages that are eligible for purchase by the enterprises and the characteristics of borrowers under such mortgages, including the creditworthiness of such borrowers and determination whether such borrowers would qualify for prime lending; and

(C)such other matters as the Director determines to be appropriate.

(3)The Director shall make any data collected by the Director in connection with the conduct of a monthly survey available to the public in a timely manner, provided that the Director may modify the data released to the public to ensure that the data—

(A)is not released in an identifiable form; and

(B)is not otherwise obtainable from other publicly available data sets.

(4)For purposes of this subsection, the term “identifiable form” means any representation of information that permits the identity of a borrower to which the information relates to be reasonably inferred by either direct or indirect means.

Editorial Notes

Prior Provisions

A prior section 4544, Pub. L. 102–550, title XIII, § 1324, Oct. 28, 1992, 106 Stat. 3954, related to annual housing report, prior to repeal by Pub. L. 110–289, div. A, title I, § 1125(a), July 30, 2008, 122 Stat. 2693.

§4544 Annual Housing Report

Summary

Title 12, §4544

Notes & Related Subsidiaries

Editorial Notes

Prior Provisions

Citations & Metadata