Sec. 602. FHA reporting requirements on safety and soundness
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Section 202(a) of the National Housing Act ( 12 U.S.C. 1708(a) ) is amended by adding at the end the following: The Secretary shall— submit to Congress monthly reports on the capital ratio required under section 205(f)(2); and notify Congress as soon as practicable after the Fund falls below the capital ratio required under section 205(f)(2). . Section 202(a)(4) of the National Housing Act ( 12 U.S.C. 1708(a)(4) ) is amended— by striking The Secretary and inserting the following:
In this paragraph, the term first-time homebuyer means a borrower for whom no consumer report (as defined in section 603 of the Fair Credit Reporting Act ( 15 U.S.C. 1681a )) indicates that the borrower has or had a loan with a consumer purpose that is secured by a 1- to 4-unit residential real property. The Secretary ; and in subparagraph (B), as so designated, by striking also and inserting detail how many loans were originated in each census tract to first-time homebuyers, as well as .
Section 203(w)(2) of the National Housing Act ( 12 U.S.C. 1709(w) )(2) is amended by inserting and first-time homebuyers (as defined in section 202(a)(4)(A)) after minority borrowers . Not later than 180 days after the date of enactment of this Act, the Comptroller General of the United States shall conduct a study and submit to Congress a report on— the value for the Federal Housing Administration of defining what is sustainable homeownership in way that considers borrower default, refinancing to a non-insured mortgage product, paying off a mortgage loan and transitioning back to renting, and other factors that demonstrate whether insurance provided under title II of the National Housing Act ( 12 U.S.C. 1707 et seq. ) has successfully served a borrower, including for first-time homebuyers (as defined in section 202(a)(4)(A) of the National Housing Act, as added by subsection (b)(1)); and the feasibility of the Federal Housing Administration developing a scorecard using the metrics described in paragraph
(1)to measure borrower performance and reporting the scorecard data to Congress.
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Sec. 602
FHA reporting requirements on safety and soundness
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