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12 U.S.C. § 1701 — Information regarding early defaults and foreclosures on insured mortgages

Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 1701 — Information regarding early defaults and foreclosures on insured mortgages

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Source file: Laws/federal/codes/united-states-code/title-12/section-1701-information-regarding-early-defaults-and-foreclosures-on-insured-mortgag--3d26540aea.md
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Source location: Title 12, Chapter 13, § 1701; chapter-013-national-housing.md

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**(a) In general** The Secretary of Housing and Urban Development shall collect and maintain information regarding early defaults on mortgages as provided under this section. The Secretary shall make such information available for public inspection upon request. Information shall be collected quarterly with respect to each applicable collection period (as such term is defined in subsection (c)) and shall be available for inspection not more than 30 days after the conclusion of the calendar quarter relating to each such period. Information shall first be made available under this section for the applicable collection period relating to the first calendar quarter ending more than 180 days after November 28, 1990. **(b) Contents** (1) **Mortgage lender analysis** — Information collected under this section shall include, for each lender originating mortgages during the applicable collection period that are insured pursuant to [section 1709 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1709&num=0&edition=prelim) and secured by property in a designated census tract, the following information with respect to such mortgages: (A) The name of the lender and the number of each designated census tract in which the lender originated 1 or more such mortgages during the applicable collection period. (B) The total number of such mortgages originated by such lender during the applicable collection period in each designated census tract and the number of mortgages originated each year in each designated census tract. (C) The total number of defaults and foreclosures on such mortgages during the applicable collection period in each designated census tract and the number of defaults and foreclosures in each designated census tract in each year of the period. (D) For each designated census tract, the percentage of such lender’s total insured mortgages originated during each year of the applicable collection period (with respect to properties within such census tract) on which defaults or foreclosures have occurred during the applicable collection period. (E) The total of all such originations, defaults, and foreclosures on insured mortgages originated by such lender during the applicable collection period for all designated census tracts and the percentage of the total number of such lender’s insured mortgage originations on which defaults or foreclosures have occurred during the applicable collection period. (2) **Other information** — Information collected under this section shall also include the following: (A) For each lender referred to under paragraph (1), the total number of insured mortgages originated by the lender secured by properties not located in a designated census tract, the total number of defaults and foreclosures on such mortgages, and the percentage of such mortgages originated on which defaults or foreclosures occurred during the applicable collection period. (B) For each designated census tract, the total number of mortgages originated during the applicable collection period that are insured pursuant to [section 1709 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1709&num=0&edition=prelim), the number of defaults and foreclosures occurring on such mortgages during such period, and the percentage of the total insured mortgage originations during the period on which defaults or foreclosures occurred. **(c) Annual reports** The Secretary shall submit to the Congress annually a report containing the information collected and maintained under subsection (b) for the relevant year. **(d) Definitions** For purposes of this section: (1) **Applicable collection period** — The term “applicable collection period” means the 5-year period ending on the last day of the calendar quarter for which information under this section is collected. (2) **Designated census tract** — The term “designated census tract” means a census tract located within a metropolitan statistical area, as defined pursuant to regulations issued by the Secretary of Commerce.

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 1709 — Transfer of New Communities Fund assets and liabilities

The Secretary shall transfer all assets and liabilities of the fund established pursuant to section 717 of the Housing and Urban Development Act of 1970, as amended ([42 U.S.C. 4518](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section4518&num=0&edition=prelim)), to the Revolving fund (liquidating programs) established pursuant to title II of the Independent Offices Appropriation Act, 1955, as amended ([12 U.S.C. 1701g–5](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1701g-5&num=0&edition=prelim)).

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Federal law — U.S. Code and appendices · legal_authorities

11 U.S.C. § 361 — Adequate protection

When adequate protection is required under section 362, 363, or 364 of this title of an interest of an entity in property, such adequate protection may be provided by— (1) requiring the trustee to make a cash payment or periodic cash payments to such entity, to the extent that the stay under [section 362 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section362&num=0&edition=prelim), use, sale, or lease under [section 363 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section363&num=0&edition=prelim), or any grant of a lien under [section 364 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section364&num=0&edition=prelim) results in a decrease in the value of such entity’s interest in such property; (2) providing to such entity an additional or replacement lien to the extent that such stay, use, sale, lease, or grant results in a decrease in the value of such entity’s interest in such property; or (3) granting such other relief, other than entitling such entity to compensation allowable under [section 503(b)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section503/b/1&num=0&edition=prelim) as an administrative expense, as will result in the realization by such entity of the indubitable equivalent of such entity’s interest in such property.

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Federal law — U.S. Code and appendices · legal_authorities

11 U.S.C. § 362 — Automatic stay

**(a)** Except as provided in subsection (b) of this section, a petition filed under section 301, 302, or 303 of this title, or an application filed under section 5(a)(3) of the Securities Investor Protection Act of 1970, operates as a stay, applicable to all entities, of— (1) the commencement or continuation, including the issuance or employment of process, of a judicial, administrative, or other action or proceeding against the debtor that was or could have been commenced before the commencement of the case under this title, or to recover a claim against the debtor that arose before the commencement of the case under this title; (2) the enforcement, against the debtor or against property of the estate, of a judgment obtained before the commencement of the case under this title; (3) any act to obtain possession of property of the estate or of property from the estate or to exercise control over property of the estate; (4) any act to create, perfect, or enforce any lien against property of the estate; (5) any act to create, perfect, or enforce against property of the debtor any lien to the extent that such lien secures a claim that arose before the commencement of the case under this title; (6) any act to collect, assess, or recover a claim against the debtor that arose before the commencement of the case under this title; (7) the setoff of any debt owing to the debtor that arose before the commencement of the case under this title against any claim against the debtor; and (8) the commencement or continuation of a proceeding before the United States Tax Court concerning a tax liability of a debtor that is a corporation for a taxable period the bankruptcy court may determine or concerning the tax liability of a debtor who is an individual for a taxable period end

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 1430b — Advances to nonmember mortgagee; terms and conditions

**(a) In general** Each Federal Home Loan Bank is authorized to make advances to nonmember mortgagees approved under title II of the National Housing Act [[12 U.S.C. 1707](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1707&num=0&edition=prelim) et seq.]. Such mortgagees must be chartered institutions having succession and subject to the inspection and supervision of some governmental agency, and whose principal activity in the mortgage field must consist of lending their own funds. Such advances shall not be subject to the other provisions and restrictions of this chapter, but shall be made upon the security of insured mortgages, insured under title II of the National Housing Act. Advances made under the terms of this section shall be at such rates of interest and upon such terms and conditions as shall be determined by the Director, but no advance may be for an amount in excess of 90 per centum of the unpaid principal of the mortgage loan given as security. **(b) Exception** An advance made to a State housing finance agency for the purpose of facilitating mortgage lending that benefits individuals and families that meet the income requirements set forth in section 142(d) or 143(f) of title 26, need not be collateralized by a mortgage insured under title II of the National Housing Act [[12 U.S.C. 1707](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1707&num=0&edition=prelim) et seq.] or otherwise, if— (1) such advance otherwise meets the requirements of this subsection; and (2) such advance meets the requirements of [section 1430(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1430/a&num=0&edition=prelim), and any real estate collateral for such loan comprises sin

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 1441a–1 — Definitions

For purposes of [section 1441a–2 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1441a-2&num=0&edition=prelim): (1) **State housing finance authority** — The term “State housing finance authority” means any public agency, authority, or corporation which— (A) serves as an instrumentality of any State or any political subdivision of any State; and (B) functions as a source of residential mortgage loan financing in that State. (2) **Nonprofit entity** — The term “nonprofit entity” means any not-for-profit corporation chartered under State law that is exempt from Federal taxation under [section 501(c) of title 26](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section501/c&num=0&edition=prelim) and no part of the net earnings of which inures to the benefit of any member, founder, contributor, or individual (including any nonprofit entity established by the corporation established under title IX of the Housing and Urban Development Act of 1968 [[42 U.S.C. 3931](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section3931&num=0&edition=prelim) et seq.]). (3) **Mortgage-related assets** — The term “mortgage-related assets” means— (A) residential mortgage loans secured by 1- to 4-family or multifamily dwellings; and (B) real property improved with 1- to 4-family or multifamily residential dwellings, which are located within the jurisdiction of the applicable State housing finance authority or within the geographical area served by the nonprofit entity. (4) **Net income** — The term “net income” means income after deduction of all associated expenses calculated in accordance with generally accepted accounting principles.

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 1451 — Definitions

As used in this chapter— **(a)** The term “Board of Directors” means the Board of Directors of the Corporation. **(b)** The term “Corporation” means the Federal Home Loan Mortgage Corporation created by this chapter. **(c)** The term “law” includes any law of the United States or of any State (including any rule of law or of equity). **(d)** The term “mortgage” includes such classes of liens as are commonly given or are legally effective to secure advances on, or the unpaid purchase price of, real estate under the laws of the State in which the real estate is located or a manufactured home that is personal property under the laws of the State in which the manufactured home is located together with the credit instruments, if any, secured thereby, and includes interests in mortgages. **(e)** The term “organization” means any corporation, partnership, association, business trust, or business entity. **(f)** The term “prescribe” means to prescribe by regulations or otherwise. **(g)** The term “property” includes any property, whether real, personal, mixed, or otherwise, including without limitation on the generality of the foregoing choses in action and mortgages, and includes any interest in any of the foregoing. **(h)** The term “residential mortgage” means a mortgage which (1) is a mortgage on real estate, in fee simple or under a leasehold having such term as may be prescribed by the Corporation, upon which there is located a structure or structures designed in whole or in part for residential use, or which comprises or includes one or more condominium units or dwelling units (as defined by the Corporation) and (2) has such characteristics and meets such requirements as to amount, term, repayment provisions, number of families, status as a lien on such real esta

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 1454 — Purchase and sale of mortgages; residential mortgages; conventional mortgages; terms and conditions of sale or other disposition; authority to enter into, perform, and carry out transactions

**(a) Authority for purchase and sale; residential mortgages; conventional mortgages; terms and conditions of sale or other disposition; lending activities** (1) The Corporation is authorized to purchase, and make commitments to purchase, residential mortgages. The Corporation may hold and deal with, and sell or otherwise dispose of, pursuant to commitments or otherwise, any such mortgage or interest therein. The operations of the Corporation under this section shall be confined so far as practicable to residential mortgages which are deemed by the Corporation to be of such quality, type, and class as to meet generally the purchase standards imposed by private institutional mortgage investors. The Corporation may establish requirements, and impose charges or fees, which may be regarded as elements of pricing, for different classes of sellers or servicers, and for such purposes the Corporation is authorized to classify sellers or servicers according to type, size, location, assets, or, without limitation on the generality of the foregoing, on such other basis or bases of differentiation as the Corporation may consider necessary or appropriate to effectuate the purposes or provisions of this chapter. The Corporation may specify requirements concerning among other things, (A) minimum net worth; (B) supervisory mechanisms; (C) warranty compensation mechanisms; (D) prior approval of facilities; (E) prior origination and servicing experience with respect to different types of mortgages; (F) capital contributions and substitutes; (G) mortgage purchase volume limits; and (H) reduction of mortgage purchases during periods of borrowing. With respect to any particular type of seller, the Corporation shall not be required to make available programs involving prior approval of mort

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 1464 — Federal savings associations

**(a) In general** In order to provide thrift institutions for the deposit of funds and for the extension of credit for homes and other goods and services, the Comptroller of the Currency is authorized, under such regulations as the Comptroller of the Currency may prescribe— (1) to provide for the organization, incorporation, examination, operation, and regulation of associations to be known as Federal savings associations (including Federal savings banks), and (2) to issue charters therefor, giving primary consideration of the best practices of thrift institutions in the United States. The lending and investment powers conferred by this section are intended to encourage such institutions to provide credit for housing safely and soundly. **(b) Deposits and related powers** (1) **Deposit accounts** (A) Subject to the terms of its charter and regulations of the Comptroller of the Currency, a Federal savings association may— (i) raise funds through such deposit, share, or other accounts, including demand deposit accounts (hereafter in this section referred to as “accounts”); and (ii) issue passbooks, certificates, or other evidence of accounts. (B) A Federal savings association may not permit any overdraft (including an intraday overdraft) on behalf of an affiliate, or incur any such overdraft in such savings association’s account at a Federal reserve bank or Federal home loan bank on behalf of an affiliate.All savings accounts and demand accounts shall have the same priority upon liquidation. Holders of accounts and obligors of a Federal savings association shall, to such extent as may be provided by its charter or by regulations of the Comptroller of the Currency, be members of the savings association, and shall have such voting rights and such other

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12 U.S.C. § 1701a — Partial payment of claims on defaulted mortgages and in connection with mortgage restructuring

**(a) Defaulted mortgages** Notwithstanding any other provision of law, if the Secretary is requested to accept assignment of a mortgage insured by the Secretary that covers a multifamily housing project (as such term is defined in [section 1701z–11(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1701z–11/b&num=0&edition=prelim)) or a health care facility (including a nursing home, intermediate care facility, or board and care home (as those terms are defined in [section 1715w of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1715w&num=0&edition=prelim)), a hospital (as that term is defined in [section 1715z–7 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1715z-7&num=0&edition=prelim)), or a group practice facility (as that term is defined in [section 1749aaa–5 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1749aaa-5&num=0&edition=prelim))) and the Secretary determines that partial payment would be less costly to the Federal Government than other reasonable alternatives for maintaining the low-income character of the project, or for keeping the health care facility operational to serve community needs, the Secretary may request the mortgagee, in lieu of assignment, to— (1) accept partial payment of the claim under the mortgage insurance contract; and (2) recast the mortgage, under such terms and conditions as the Secretary may determine. **(b) Existing mortgages** Notwithstanding any other provision of law, the Secretary, in connection with a mortgage restructuring under section 514 of the Multifamily Assisted Housing Reform and Affordability Act of 1997, may make a one time, nondefault partial

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 1701c — Mortgage relief for homeowners who are unemployed as result of closing of Federal installation

**(a) Definitions** For the purposes of this section— (1) The term “mortgage” means a mortgage which (A) is insured under the National Housing Act [[12 U.S.C. 1701](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1701&num=0&edition=prelim) et seq.], or (B) secures a home loan guaranteed or insured under the Servicemen’s Readjustment Act of 1944 or chapter 37 of title 38. (2) The term “Federal mortgage agency” means— (A) The Secretary of Housing and Urban Development when used in connection with mortgages insured under the National Housing Act, and (B) the Secretary of Veterans Affairs when used in connection with mortgages securing home loans guaranteed or insured under the Servicemen’s Readjustment Act of 1944 or chapter 37 of title 38. (3) The term “distressed mortgagor” means an individual who— (A) was employed by the Federal Government at, or was assigned as a serviceman to, a military base or other Federal installation and whose employment or service at such base or installation was terminated subsequent to November 1, 1964, as the result of the closing (in whole or in part) of such base or installation; and (B) is the owner-occupant of a dwelling situated at or near such base or installation and upon which there is a mortgage securing a loan which is in default because of the inability of such individual to make payments due under such mortgage. **(b) Application for, issuance and expiration of certificate of moratorium** (1) Any distressed mortgagor, for the purpose of avoiding foreclosure of his mortgage, may apply to the appropriate Federal mortgage agency for a determination that suspension of his obligation to make payments due under such mortgage during a temporary period is necessary in order to avoid such forecl

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