Title 12, Banks and BankingRelease 119-110
§5116 Study and Reports on Defaults and Foreclosures
Title 12 › CHAPTER 51 — SECURE AND FAIR ENFORCEMENT FOR MORTGAGE LICENSING › § 5116
Summary
Director must study why home loans default and foreclose using available data. Preliminary report due 6 months after July 30, 2008. Final report due 12 months after July 30, 2008 and must include proposed laws, best practices, and a plan to help highest-risk groups.
Full Legal Text
Title 12, §5116
Banks and Banking, Source: USLM XML via OLRC
(a)Study required
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)Preliminary report to Congress
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)Final report to Congress
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.
Legislative History
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.
Reference
Citations & Metadata
Citation
12 U.S.C. § 5116
Title 12, Banks and Banking
Last Updated
Sep 22, 2026
Release point: 119-110