Section 4544 - Annual housing report(a) In generalAfter reviewing and analyzing the reports submitted under section 1723a(n) of this title and section 1456(f) of this title, the Director shall submit a report, not later than October 30 of each year, to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives, on the activities of each enterprise.
(b) ContentsThe report required under subsection (a) shall-
(1) discuss-(A) the extent to and manner in which-(i) each enterprise is achieving the annual housing goals established under subpart 2;(ii) each enterprise is complying with its duty to serve underserved markets, as established under section 4565 of this title;(iii) each enterprise is complying with section 4567 of this title;(iv) each enterprise received credit towards achieving each of its goals resulting from a transaction or activity pursuant to section 4561(b)(2) of this title; and(B) the actions that each enterprise could undertake to promote and expand the purposes of the enterprise;(2) aggregate and analyze relevant data on income to assess the compliance of each enterprise with the housing goals established under subpart 2;(3) aggregate and analyze data on income, race, and gender by census tract and other relevant classifications, and compare such data with larger demographic, housing, and economic trends;(4) identify the extent to which each enterprise is involved in mortgage purchases and secondary market activities involving subprime and nontraditional loans;(5) compare the characteristics of subprime and nontraditional loans both purchased and securitized by each enterprise to other loans purchased and securitized by each enterprise; and(6) compare the characteristics of high-cost loans purchased and securitized, where such securities are not held on portfolio to loans purchased and securitized, where such securities are either retained on portfolio or repurchased by the enterprise, including such characteristics as-(A) the purchase price of the property that secures the mortgage;(B) the loan-to-value ratio of the mortgage, which shall reflect any secondary liens on the relevant property;(C) the terms of the mortgage;(D) the creditworthiness of the borrower; and(E) any other relevant data, as determined by the Director.(c) Data collection and reporting(1) In generalTo assist the Director in analyzing the matters described in subsection (b), the Director shall conduct, on a monthly basis, a survey of mortgage markets in accordance with this subsection.
(2) Data pointsEach monthly survey conducted by the Director under paragraph (1) shall collect data on-
(A) the characteristics of individual mortgages that are eligible for purchase by the enterprises and the characteristics of individual mortgages that are not eligible for purchase by the enterprises including, in both cases, information concerning-(i) the price of the house that secures the mortgage;(ii) the loan-to-value ratio of the mortgage, which shall reflect any secondary liens on the relevant property;(iii) the terms of the mortgage;(iv) the creditworthiness of the borrower or borrowers; and(B) the characteristics of individual subprime and nontraditional mortgages that are eligible for purchase by the enterprises and the characteristics of borrowers under such mortgages, including the creditworthiness of such borrowers and determination whether such borrowers would qualify for prime lending; and(C) such other matters as the Director determines to be appropriate.(3) Public availabilityThe Director shall make any data collected by the Director in connection with the conduct of a monthly survey available to the public in a timely manner, provided that the Director may modify the data released to the public to ensure that the data-
(A) is not released in an identifiable form; and(B) is not otherwise obtainable from other publicly available data sets.(4) DefinitionFor purposes of this subsection, the term "identifiable form" means any representation of information that permits the identity of a borrower to which the information relates to be reasonably inferred by either direct or indirect means.
Pub. L. 102-550, title XIII, §1324, as added Pub. L. 110-289, div. A, title I, §1125(b), July 30, 2008, 122 Stat. 2693.EDITORIAL NOTES
PRIOR PROVISIONSA prior section 4544,Pub. L. 102-550, title XIII, §13244544,, 106 Stat. 3954, related to annual housing report, prior to repeal by Pub. L. 110-289, div. A, title I, §1125(a), July 30, 2008, 122 Stat. 2693.
- Director
- The term "Director" means the Director of the Bureau.
- conforming mortgage
- The term "conforming mortgage" means, with respect to an enterprise, a conventional mortgage having an original principal obligation that does not exceed the dollar amount limitation in effect at the time of such origination and applicable to such mortgage, under, as applicable-(A) section 302(b)(2) of the Federal National Mortgage Association Charter Act [ 12 U.S.C. 1717(b)(2) ]; or(B) section 305(a)(2) of the Federal Home Loan Mortgage Corporation Act [ 12 U.S.C. 1454(a)(2) ].
- credit
- The term "credit" means the right granted by a person to a consumer to defer payment of a debt, incur debt and defer its payment, or purchase property or services and defer payment for such purchase.
- enterprise
- The term "enterprise" means-(A) the Federal National Mortgage Association and any affiliate thereof; and(B) the Federal Home Loan Mortgage Corporation and any affiliate thereof.
- mortgage purchases
- The term "mortgage purchases" includes mortgages purchased for portfolio or securitization.