Title 12 — Banks and Banking
Part B · Chapter 46 — Government Sponsored Enterprises
§ 4544. Annual housing report
Statutory text
In general
After 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.
Contents
The report required under subsection (a) shall—
discuss—
the extent to and manner in which—
each enterprise is achieving the annual housing goals established under subpart 2;
each enterprise is complying with its duty to serve underserved markets, as established under section 4565 of this title;
each enterprise is complying with section 4567 of this title;
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
each enterprise is achieving the purposes of the enterprise established by law; and
the actions that each enterprise could undertake to promote and expand the purposes of the enterprise;
aggregate and analyze relevant data on income to assess the compliance of each enterprise with the housing goals established under subpart 2;
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;
identify the extent to which each enterprise is involved in mortgage purchases and secondary market activities involving subprime and nontraditional loans;
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
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—
the purchase price of the property that secures the mortgage;
the loan-to-value ratio of the mortgage, which shall reflect any secondary liens on the relevant property;
the terms of the mortgage;
the creditworthiness of the borrower; and
any other relevant data, as determined by the Director.
Data collection and reporting
In general
To 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.
Data points
Each monthly survey conducted by the Director under paragraph (1) shall collect data on—
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—
the price of the house that secures the mortgage;
the loan-to-value ratio of the mortgage, which shall reflect any secondary liens on the relevant property;
the terms of the mortgage;
the creditworthiness of the borrower or borrowers; and
whether the mortgage, in the case of a conforming mortgage, was purchased by an enterprise;
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
such other matters as the Director determines to be appropriate.
Public availability
The 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—
is not released in an identifiable form; and
is not otherwise obtainable from other publicly available data sets.
Definition
For 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.
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Federal Housing Enterprises Financial Safety and Soundness Act of 1992
Pub. L. 102–550 title XIII § 1324 · 106 Stat. 3672
Enacted · 12 U.S.C. § 4544
(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.)
Source evidence
Code source credit
(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.)Enacted provision · exact public law section
SEC. 1324. ANNUAL HOUSING REPORT. (a) In General.— After reviewing and analyzing the reports submitted under section 309(n) of the Federal National Mortgage Association Charter Act and section 307(f) of the Federal Home Loan Mortgage Corporation Act, the Secretary shall submit a report, as part of the annual report under section 1328(a) of this title, on the extent to which each enterprise is achieving the annual housing goals established under subpart B of this part and the purposes of the enterprise established by law. (b) Contents.— The report shall— (1) aggregate and analyze census tract data to assess the compliance of each enterprise with the central cities, rural areas, and other underserved areas housing goal and to deter-mine levels of business in central cities, rural areas, under-served areas, low- and moderate-income census tracts, minority census tracts, and other geographical areas deemed appropriate by the Secretary; (2) aggregate and analyze data on income to assess the compliance or each enterprise with the low- and moderateincome and special affordable housing goals; (3) aggregate and analyze data on income, race, and gender by census tract and compare such data with larger demo-graphic, housing, and economic trends; (4) examine actions that each enterprise has undertaken or could undertake to promote and expand, the„annual goals established under sections 1332, 1333, and 1334, and the purposes of the enterprise established by law; (5) examine the primary and secondary multifamily housing mortgage markets and describe— (A) the availability and liquidity of mortgage credit; (B) the status of efforts to provide standard credit terms and underwriting guidelines for multifamily housing and to securitize such mortgage products; and (C) any factors inhibiting such standardization and securitization; (6) examine actions each enterprise has undertaken and could undertake to promote and expand opportunities for first-time homebuyers; and (7) describe any actions taken under section 1325(5) with respect to originators found to violate fair lending procedures.
1 of 1 references resolved to an enrolled provision
Editorial Notes
Prior Provisions
A prior section 4544, Pub. L. 102–550, title XIII, § 1324, , 106 Stat. 3954, related to annual housing report, prior to repeal by Pub. L. 110–289, div. A, title I, § 1125(a), , 122 Stat. 2693.
Credits
(Pub. L. 102–550, title XIII, § 1324, as added Pub. L. 110–289, div. A, title I, § 1125(b), , 122 Stat. 2693.)