Sec. 4. Early period delinquencies
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/bill/113/hr/1145/ih/section-4·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Subsection
(a)of section 202 of the National Housing Act ( 12 U.S.C. 1708(a) ) is amended by adding at the end the following new paragraphs: The Secretary shall establish and maintain a program— to review the cause of each early period delinquency on a mortgage that is an obligation of the Mutual Mortgage Insurance Fund; to require indemnification of the Secretary for a loss associated with any such early period delinquency that is the result of a material violation, as determined by the Secretary, of any provision, regulation, or other guideline established or promulgated pursuant to this title; and to publicly report— a summary of the results of all early period delinquencies reviewed under subparagraph (A); any indemnifications required under subparagraph (B); and the financial impact on the Mutual Mortgage Insurance Fund of any such indemnifications. For purposes of this section, the term early period delinquency means, with respect to a mortgage, that the mortgage becomes 90 or more days delinquent within 24 months of the origination of such mortgage. .
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Sec. 4
Early period delinquencies
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