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Subtitle D -- Office of Housing Counseling
Within HUD, director appointed by Secretary, career-reserved position in SES
Homeownership and rental counseling procedures mandated in connection with any
HUD program
9304 Grants for housing counseling assistance
9305 Requirements to use HUD-certified counselors under HUD programs
Applies to any organization receiving assistance for counseling activities
9306 Study of defaults and foreclosures
HUD Secretary to conduct extensive study of root causes and submit to Congress w/
in 24 months of enactment
9307 Default and foreclosure database
On a census tract basis, to be established and maintained on a website by HUD.
9309 Accountability and transparency for grant recipients
9311 Home Inspection Counseling
9313 Warnings to homeowners of foreclosure rescue scams
Subtitle E – Mortgage Servicing
Solari Report - Notes on
Wall Street Reform and Consumer Protection Act
of 2009 (HR 4173)
9401 Escrow and impound accounts relating to certain consumer credit transactions
[first mortgages on principal dwellings]
Covers requirements for escrow and impound accounts for taxes and insurance on
first mortgages (other than reverse mortgages and HELs) – prohibits except when
required by law, loan is made/guaranteed by government or insuring agency or
transaction is secured by first mortgage and has an original principal amount higher
than as set forth in FHLB rules [20%?]
Duration – minimum 5 years until enough equity in dwelling so as to no longer be
required to maintain private mortgage insurance
Escrow/impound accounts must be held at federally-insured depository institution
and consumer must receive interest as required by state or federal law.
© 2010 Solari, Inc. Page 36