Sec. 405. 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). . In this section— the terms consumer report has the meaning given the term in section 603 of the Fair Credit Reporting Act ( 15 U.S.C. 1681a ); and the term Federally backed mortgage loan has the meaning given the term in section 4022 of the CARES Act ( 15 U.S.C. 9056 ).
For purposes of qualifying for a Federally backed mortgage loan for which a consumer report is furnished to a creditor by a consumer reporting agency described in section 603(p) of the Fair Credit Reporting Act ( 15 U.S.C. 1681a(p) ), a first-time homebuyer shall be defined as a borrower whose consumer report does not indicate that the borrower has or had a loan with a consumer purpose that is secured by a 1- to 4-unit residential real property. 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 subsection (b)(2); 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. 405
FHA reporting requirements on safety and soundness
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