Tag Archives: HR 4173
Section 1447 of the law calls for the Department of Housing and Urban Development to establish and maintain a comprehensive national database on foreclosures and defaults on mortgages and to make the information publicly available. The data is supposed to drill down to the census tract level and include the number and percentage of loans that are delinquent by more than 30 days; those that are in the foreclosure process; and those that are underwater.
… (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).
…For example: “47% of the mortgages in the Charlottesville MSA are more than 30 days delinquent (if it’s that high, I’ll eat one of my flip flops; I’d wager that number is less than 7%). Continue reading