Sec. 221. Review of loan documents; disclosures
140 words·~1 min read·
/bill/113/s/1217/rs/section-221·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The Corporation shall, by rule— require that approved issuers— grant access to private market investors seeking to take the first loss position in a covered security to all— documents relating to eligible mortgage loans collateralizing that covered security; and servicing reports of the approved servicer relating to such mortgages; and disclose any other material information that a reasonable investor would want to know, and make no material omission of such information, relating to eligible mortgage loans collateralizing a covered security; and establish the timing, frequency, and manner in which such access and disclosures are made.
In prescribing the rules required under this section, the Corporation shall take into consideration issues of consumer privacy and all statutes, rules, and regulations related to privacy of consumer credit information and personally identifiable information. Such rules shall expressly prohibit the identification of specific borrowers.