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12 U.S.C. § 1743 — Mortgage modification data collecting and reporting
Federal law — U.S. Code and appendices · legal_authorities
**(a) Reporting requirements** Not later than 120 days after May 20, 2009, and quarterly thereafter, the Comptroller of the Currency and the Director of the Office of Thrift Supervision,11 So in original. The comma probably should not appear. shall jointly submit a report to the Committee on Banking, Housing, and Urban Affairs of the Senate,22 So in original. The word “and” probably should appear instead of the comma. the Committee on Financial Services of the House of Representatives on the volume of mortgage modifications reported to the Office of the Comptroller of the Currency and the Office of Thrift Supervision, under the mortgage metrics program of each such Office, during the previous quarter, including the following:
(1) A copy of the data collection instrument currently used by the Office of the Comptroller of the Currency and the Office of Thrift Supervision to collect data on loan modifications.
(2) The total number of mortgage modifications in each State that result in each of the following:
(A) Additions of delinquent payments and fees to loan balances.
(B) Interest rate reductions and freezes.
(C) Term extensions.
(D) Reductions of principal.
(E) Deferrals of principal.
(F) Combinations of modifications described in subparagraph (A), (B), (C), (D), or (E).
(3) The total number of mortgage modifications in each State for which the total monthly principal and interest payment resulted in the following:
(A) An increase.
(B) Remained the same.
(C) Decreased less than 10 percent.
(D) Decreased between 10 percent and 20 percent.
(E) Decreased 20 percent or more.
(4) The total number of loans in each State that have been modified and then entered into default, where the loan modification resulted in—
(A) higher monthly pay
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Source file: Laws/federal/codes/united-states-code/title-12/section-1743-mortgage-modification-data-collecting-and-reporting--579fc85f10.md
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Source location: Title 12, Chapter 13, § 1743; chapter-013-national-housing.md
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**(a) Reporting requirements** Not later than 120 days after May 20, 2009, and quarterly thereafter, the Comptroller of the Currency and the Director of the Office of Thrift Supervision,11 So in original. The comma probably should not appear. shall jointly submit a report to the Committee on Banking, Housing, and Urban Affairs of the Senate,22 So in original. The word “and” probably should appear instead of the comma. the Committee on Financial Services of the House of Representatives on the volume of mortgage modifications reported to the Office of the Comptroller of the Currency and the Office of Thrift Supervision, under the mortgage metrics program of each such Office, during the previous quarter, including the following:
(1) A copy of the data collection instrument currently used by the Office of the Comptroller of the Currency and the Office of Thrift Supervision to collect data on loan modifications.
(2) The total number of mortgage modifications in each State that result in each of the following:
(A) Additions of delinquent payments and fees to loan balances.
(B) Interest rate reductions and freezes.
(C) Term extensions.
(D) Reductions of principal.
(E) Deferrals of principal.
(F) Combinations of modifications described in subparagraph (A), (B), (C), (D), or (E).
(3) The total number of mortgage modifications in each State for which the total monthly principal and interest payment resulted in the following:
(A) An increase.
(B) Remained the same.
(C) Decreased less than 10 percent.
(D) Decreased between 10 percent and 20 percent.
(E) Decreased 20 percent or more.
(4) The total number of loans in each State that have been modified and then entered into default, where the loan modification resulted in—
(A) higher monthly payments by the homeowner;
(B) equivalent monthly payments by the homeowner;
(C) lower monthly payments by the homeowner of up to 10 percent;
(D) lower monthly payments by the homeowner of between 10 percent to 20 percent; or
(E) lower monthly payments by the homeowner of more than 20 percent.
**(b) Data collection**
(1) **Required**
(A) *In general* — Not later than 60 days after May 20, 2009, the Comptroller of the Currency and the Director of the Office of Thrift Supervision,1 shall issue mortgage modification data collection and reporting requirements to institutions covered under the reporting requirement of the mortgage metrics program of the Comptroller or the Director. Not later than 60 days after the date of the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Comptroller of the Currency and the Director of the Office of Thrift Supervision shall update such requirements to reflect amendments made to this section by such Act.
(B) *Inclusiveness of collections* — The requirements under subparagraph (A) shall provide for the collection of all mortgage modification data needed by the Comptroller of the Currency and the Director of the Office of Thrift Supervision to fulfill the reporting requirements under subsection (a).
(2) **Report** — The Comptroller of the Currency shall report all requirements established under paragraph (1) to each committee receiving the report required under subsection (a).
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** The Secretary is authorized to promulgate regulations to implement and administer the grant programs and undertakings authorized by this subchapter.
**(b) Regulatory authority** Regulations prescribed under this section may contain such classifications, differentiations, or other provisions, and may provide for such adjustments and exceptions for any class of grant programs, undertakings, or eligible entities, as, in the judgment of the Secretary, are necessary or proper to effectuate the purposes of this subchapter, to prevent circumvention or evasion of this subchapter, or to facilitate compliance with this subchapter.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5301
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Informed use of credit** The Congress finds that economic stabilization would be enhanced and the competition among the various financial institutions and other firms engaged in the extension of consumer credit would be strengthened by the informed use of credit. The informed use of credit results from an awareness of the cost thereof by consumers. It is the purpose of this subchapter to assure a meaningful disclosure of credit terms so that the consumer will be able to compare more readily the various credit terms available to him and avoid the uninformed use of credit, and to protect the consumer against inaccurate and unfair credit billing and credit card practices.
**(b) Terms of personal property leases** The Congress also finds that there has been a recent trend toward leasing automobiles and other durable goods for consumer use as an alternative to installment credit sales and that these leases have been offered without adequate cost disclosures. It is the purpose of this subchapter to assure a meaningful disclosure of the terms of leases of personal property for personal, family, or household purposes so as to enable the lessee to compare more readily the various lease terms available to him, limit balloon payments in consumer leasing, enable comparison of lease terms with credit terms where appropriate, and to assure meaningful and accurate disclosures of lease terms in advertisements.
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 1601
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Relief of housing shortage; eligibility; limitations on time and amount** In order to assist in relieving the acute shortage of housing which now exists and to increase the supply of housing accommodations available to veterans of World War II at prices within their reasonable ability to pay, the Secretary is authorized, upon application by the mortgagee, to insure as hereinafter provided any mortgage which is eligible for insurance as hereinafter provided, and, upon such terms as the Secretary may prescribe, to make commitments for the insuring of such mortgages prior to the date of their execution or disbursement thereon: Provided, That the aggregate amount of principal obligations of all mortgages insured under this subchapter shall not exceed $6,150,000,000 except that with the approval of the President such aggregate amount may be increased to not to exceed $6,650,000,000: Provided further, That no mortgage shall be insured under this section after April 30, 1948, except (A) pursuant to a commitment to insure issued on or before April 30, 1948, or (B) a mortgage given to refinance an existing mortgage insured under this section and which does not exceed the original principal amount and unexpired term of such existing mortgage, and no mortgage shall be insured under [section 1743 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1743&num=0&edition=prelim) after March 1, 1950, except (i) pursuant to a commitment to insure issued on or before March 1, 1950, or (ii) a mortgage given to refinance an existing mortgage insured under [section 1743 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1743&num=0&edition=prelim) and which does not exceed the original principal amount and une
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1701d–3
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Federal law — U.S. Code and appendices · legal_authorities
Notwithstanding any of the provisions of this subchapter, the Secretary is authorized, upon application by the mortgagee, to insure or to make commitments to insure under section 1738 or [section 1743 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1743&num=0&edition=prelim) any mortgage executed in connection with the sale by the Government, or any agency or official thereof, of any housing acquired or constructed under Public Law 849, Seventy-sixth Congress, as amended; Public Law 781, Seventy-sixth Congress, as amended; or Public Laws 9, 73, or 353, Seventy-seventh Congress, as amended (including any property acquired, held or constructed in connection with such housing or to serve the inhabitants thereof), without regard to—
(1) any limit as to the time when any mortgage may be insured under this subchapter;
(2) any limit as to the aggregate amount of principal obligations of all mortgages insured under this subchapter, but the aggregate amount of principal obligations of all mortgages insured pursuant to this section shall not exceed $750,000,000;
(3) any requirement that the obligation be approved for mortgage insurance prior to the beginning of construction or that the construction be new construction;
(4) any of the provisions of subsections (b)(2) or (b)(5) of [section 1738 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1738&num=0&edition=prelim) or paragraphs (B) and (C) of the first sentence of [section 1743(b)(3) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1743/b/3&num=0&edition=prelim):
The Secretary is further authorized to insure or to make commitments to insure in accordance with the provisions of this section any mort
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1701g–5a
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Additional authorization; encouragement of cost-reduction techniques; advances** In addition to mortgages insured under other sections of this subchapter, and in order to assist and encourage the application of cost-reduction techniques through large-scale modernized site construction of housing and the erection of houses produced by modern industrial processes, the Secretary is authorized to insure mortgages (including advances on such mortgages during construction) which are eligible for insurance as hereinafter provided.
**(b) Eligibility requirements** To be eligible for insurance under this section, a mortgage shall—
(1) have been made to and be held by a mortgagee approved by the Secretary as responsible and able to service the mortgage properly;
(2) cover property, held by a mortgagor approved by the Secretary, upon which there is to be constructed or erected dwelling units for not less than twenty-five families consisting of a group of single-family dwellings approved by the Secretary for mortgage insurance prior to the beginning of construction: Provided, That during the course of construction there may be located upon the mortgaged property a plant for the fabrication or storage of such dwellings or sections or parts thereof, and the Secretary may consent to the removal or release of such plant from the lien of the mortgage upon such terms and conditions as he may approve;
(3) involve a principal obligation in an amount—
(A) not to exceed 85 per centum of the amount which the Secretary estimates will be the value of the completed property or project, exclusive of any plant of the character described in paragraph (2) of this subsection located thereon, and
(B) not to exceed a sum computed on the individual dwellings comprising the total project
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1701g–5b
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Authorization** In addition to mortgages insured under [section 1750b of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1750b&num=0&edition=prelim), the Secretary is authorized to insure mortgages as defined in [section 1750 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1750&num=0&edition=prelim) (including advances on such mortgages during construction) which are eligible for insurance as hereinafter provided.
**(b) Eligibility requirements; release of part of property** To be eligible for insurance under this section a mortgage shall meet the following conditions:
(1) The mortgaged property shall be held by a mortgagor approved by the Secretary. The Secretary may, in his discretion, require such mortgagor to be regulated or restricted as to rents or sales, charges, capital structure, rate of return, and methods of operation. The Secretary may make such contracts with, and acquire for not to exceed $100 stock or interest in any such mortgagor, as the Secretary may deem necessary to render effective such restriction or regulation. Such stock or interest shall be paid for out of the General Insurance Fund, and shall be redeemed by the mortgagor at par upon the termination of all obligations of the Secretary under the insurance.
(2) The mortgage shall involve a principal obligation in an amount—
(A) not to exceed $5,000,000; and
(B) not to exceed 90 per centum of the amount which the Secretary estimates will be the value of the property or project when the proposed improvements are completed: Provided, That such mortgage shall not in any event exceed the amount which the Secretary estimates will be the cost of the completed physical improvements on the property or project
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1701z–16
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Federal law — U.S. Code and appendices · legal_authorities
The Act of May 26, 1942, ch. 319, 56 Stat. 301, may be cited as the “National Housing Act Amendments of 1942”.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1703
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** The Secretary shall not insure under section 1713 or [section 1715a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1715a&num=0&edition=prelim) or under [section 1743 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1743&num=0&edition=prelim) pursuant to any application for insurance filed subsequent to the effective date of this section, or under [section 1715e of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1715e&num=0&edition=prelim), or under subchapter VII pursuant to any application filed subsequent to sixty days after April 20, 1950, or under section 1748b or 1748h–2 of this title, or under [section 1750g of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1750g&num=0&edition=prelim), a mortgage or investment which covers property on which there is or is to be located a dwelling or dwellings, or a housing project, the construction of which was or is to be commenced subsequent to such date, unless the principal contractor files a certificate or certificates (at such times, in course of construction or otherwise, as the Secretary may prescribe) certifying that the laborers and mechanics employed in the construction of the dwelling or dwellings or the housing project involved have been paid not less than the wages prevailing in the locality in which the work was performed for the corresponding classes of laborers and mechanics employed on construction of a similar character, as determined by the Secretary of Labor, in accordance with sections 3141–3144, 3146, and 3147 of title 40, prior to the beginning of construction and after the date of the filing of the application for insurance. The provi
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1723
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section, act June 27, 1934, ch. 847, title II, § 218, as added July 14, 1952, ch. 723, § 8, 66 Stat. 603, authorized a credit for application fees paid in cases where an application for mortgage insurance under [section 1743 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1743&num=0&edition=prelim) was received on or before March 1, 1950, and the mortgagee applied for insurance of a mortgage under [section 1713 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1713&num=0&edition=prelim) with respect to the same property or project.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1723f
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Federal law — U.S. Code and appendices · legal_authorities
As used in this chapter—
(1) “mortgage” means a deed of trust, mortgage, deed to secure debt, security agreement, or any other form of instrument under which any interest in property, real, personal or mixed, or any interest in property including leaseholds, life estates, reversionary interests, and any other estates under applicable State law, is conveyed in trust, mortgaged, encumbered, pledged, or otherwise rendered subject to a lien, for the purpose of securing the payment of money or the performance of an obligation;
(2) “multifamily mortgage” means a mortgage held by the Secretary pursuant to—
(A) section 608 or 801, or title II or X, of the National Housing Act [[12 U.S.C. 1743](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1743&num=0&edition=prelim), 1748, 1707 et seq., 1749aa et seq.];
(B) section 312 of the Housing Act of 1964 [[42 U.S.C. 1452b](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1452b&num=0&edition=prelim)], as it existed immediately before its repeal by section 289 of the Cranston-Gonzalez National Affordable Housing Act;
(C) section 202 of the Housing Act of 1959 [[12 U.S.C. 1701q](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1701q&num=0&edition=prelim)], as it existed immediately before its amendment by section 801 of the Cranston-Gonzalez National Affordable Housing Act;
(D) section 202 of the Housing Act of 1959 [[12 U.S.C. 1701q](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1701q&num=0&edition=prelim)], as amended by section 801 of the Cranston-Gonzalez National Affordable Housing Act;
(E) section 811 of the Cranston-Gonzalez National Affordable Housing Act [[42 U.S.C. 8013](https://uscode.house.gov/view.x
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 3702
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