Sec. 5. Report on owner financing
220 words·~1 min read·
/bill/118/hr/3464/ih/section-5A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The Secretary of Housing and Urban Development and the Secretary of the Treasury shall jointly carry out a study on— the number of homes bought for under $150,000 or 60 percent of the median home value in a given community, whichever is lower, in the United States by utilizing owner financing; the number of homes described under paragraph
(1)financed by licensed mortgage brokers; the potential number of homes described under paragraph
(1)which could be sold but aren’t, because owner financiers are unwilling, or from a practical standpoint unable, to comply with mortgage broker rules; and the potential benefit to home values and wealth creation if more homes were to be sold utilizing owner finance. Not later than the end of the 1-year period beginning on the date of the enactment of this Act, the Secretary of Housing and Urban Development and the Secretary of the Treasury shall jointly issue a report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate containing— all findings and determinations made in carrying out the study required under subsection (a); and data on the number of transactions utilizing owner financing 20 years, 15 years, 10 years, and 5 years prior to the date of the enactment of this Act.