12 USC 5116 – Study and reports on defaults and foreclosures
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(a) Study required
The Director shall conduct an extensive study of the root causes of default and foreclosure of home loans, using as much empirical data as is available.
(b) Preliminary report to Congress
Terms Used In 12 USC 5116
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
Not later than 6 months after July 30, 2008, the Director shall submit to Congress a preliminary report regarding the study required by this section.
(c) Final report to Congress
Not later than 12 months after July 30, 2008, the Director shall submit to Congress a final report regarding the results of the study required by this section, which shall include any recommended legislation relating to the study, and recommendations for best practices and for a process to provide targeted assistance to populations with the highest risk of potential default or foreclosure.