Fha Reporting Requirements on Safety and Soundness
Section 702 · Sec. 702 ·
What this chapter is about
This part adds a reporting duty to an older housing law. The housing agency must report to Congress each month on one measure. That measure is the capital ratio of a mortgage insurance fund. If the fund drops below the mark, Congress must be told as soon as possible.
The document says “shall”Who acts: Secretary of Housing and Urban DevelopmentHow: statuteSec. 702 in the PDF
What the document says
“``(A) submit to Congress monthly reports on the capital ratio required under section 205(f)(2); and”
The section adds a new paragraph (8) to section 202(a) of the National Housing Act requiring the Secretary to send Congress monthly reports on the capital ratio required under section 205(f)(2).
What the document actually says
“``(A) submit to Congress monthly reports on the capital ratio required under section 205(f)(2); and”
That sentence, in plain words
The housing agency must report to Congress every month. The report covers one figure. That figure is a ratio set by an older law.
What this is about
A capital ratio measures how much a fund holds against what it insures. A low ratio means a thin cushion. Monthly reports let Congress watch it.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.
The document says “shall”Who acts: Secretary of Housing and Urban DevelopmentHow: statuteSec. 702 in the PDF
What the document says
“``(B) notify Congress as soon as practicable after the Fund falls below the capital ratio required under section 205(f)(2).''.”
The section requires the Secretary to notify Congress as soon as practicable after the Fund falls below the capital ratio required under section 205(f)(2).
What the document actually says
“``(B) notify Congress as soon as practicable after the Fund falls below the capital ratio required under section 205(f)(2).''.”
That sentence, in plain words
The fund can drop below the required mark. When that happens, Congress must be told. It must be told as soon as it can be done.
What this is about
The monthly reports would show it in time. This does not wait for the next one. It requires word right away.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.
The two things the section does: the monthly report on the capital ratio and the notice to Congress when the Fund falls below it.
Nothing the section does is left out.
The section works by amending section 202(a) of the National Housing Act, which is not indexed here, so nothing is recorded about what the capital ratio required under section 205(f)(2) is or which Fund is meant.
