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Code · STATUTE-COMPILATIONS · Dodd-Frank Wall Street Reform and Consumer Protection Act · Sec. 1447

Sec. 1447. DEFAULT AND FORECLOSURE DATABASE

374 words·~2 min read·/statute-compilations/comps-9515/sec-1447

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## SEC. 1447 DEFAULT AND FORECLOSURE DATABASE **[**[12 U.S.C. 1701p-2](/us/usc/t12/s1701p-2)**]** ###
(a)Establishment The Secretary of Housing and Urban Development and the Director of the Bureau, in consultation with the Federal agencies responsible for regulation of banking and financial institutions involved in residential mortgage lending and servicing, shall establish and maintain a database of information on foreclosures and defaults on mortgage loans for one- to four-unit residential properties and shall make such information publicly available, subject to subsection (e). ###
(b)Census Tract Data Information in the database may be collected, aggregated, and made available on a census tract basis. ###
(c)Requirements Information collected and made available through the database shall include— ####
(1)the number and percentage of such mortgage loans that are delinquent by more than 30 days; ####
(2)the number and percentage of such mortgage loans that are delinquent by more than 90 days; ####
(3)the number and percentage of such properties that are real estate-owned; ####
(4)number and percentage of such mortgage loans that are in the foreclosure process; ####
(5)the number and percentage of such mortgage loans that have an outstanding principal obligation amount that is greater than the value of the property for which the loan was made; and ####
(6)such other information as the Secretary of Housing and Urban Development and the Director of the Bureau consider appropriate. ###
(d)Rule of Construction Nothing in this section shall be construed to encourage discriminatory or unsound allocation of credit or lending policies or practices. ###
(e)Privacy and Confidentiality In establishing and maintaining the database described in subsection (a), the Secretary of Housing and Urban Development and the Director of the Bureau shall— ####
(1)be subject to the standards applicable to Federal agencies for the protection of the confidentiality of personally identifiable information and for data security and integrity; ####
(2)implement the necessary measures to conform to the standards for data integrity and security described in paragraph (1); and ####
(3)collect and make available information under this section, in accordance with paragraphs
(5)and
(6)of section 1022(c) and the rules prescribed under such paragraphs, in order to protect privacy and confidentiality. * * * * * * *
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Sec. 1447
DEFAULT AND FORECLOSURE DATABASE
U.S.C.§ 1701p–2
Cites 1Cited by 0 across 0 sources
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