Page:United States Statutes at Large Volume 101 Part 3.djvu/613

 PUBLIC LAW 100-242—FEB. 5, 1988

101 STAT. 1911

other persons as the Secretary determines to be necessary or desirable to carry out the purposes of this section; and "(2) make such investigations and studies of data, and publish and distribute such reports, as the Secretary determines to be appropriate.

Reports.

"(i) PROTECTION OF HOMEOWNER AND LENDER.—

"(1) Notwithstanding any other provision of law, and in order to further the purposes of the demonstration program authorized in this section, the Secretary shall take any action necessary— "(A) to provide any mortgagor under this section with Contracts. funds to which the mortgagor is entitled under the insured • mortgage or ancillary contracts but that the mortgagor has not received because of the default of the party responsible for payment; "(B) to obtain repayment of disbursements provided under subparagraph (A) from any source; and .,.,. "(C) to provide any mortgagee under this section with Contracts. funds not to exceed the limitations in subsection (g) to which the mortgagee is entitled under the terms of the insured mortgage or ancillary contracts authorized in this section. "(2) Actions under paragraph (1) may include— "(A) disbursing funds to the mortgagor or mortgagee from the General Insurance Fund; "(B) accepting an assignment of the insured mortgage notwithstanding that the mortgagor is not in default under its terms, and calculating the amount and making the payment of the insurance claim on such assigned mortgage; '(C) requiring a subordinate mortgage from the mortgagor at any time in order to secure repayments of any funds advanced or to be advanced to the mortgagor; "(D) requiring a subrogation to the Secretary of the rights of any parties to the transaction against any defaulting parties; and "(E) imposing premium charges, "(j) SAFEGUARD TO PREVENT DISPLACEMENT OF HOMEOWNER.—The

Loans.

Secretary may not insure a home equity conversion mortgage under this section unless such mortgage provides that the homeowner's obligation to satisfy the loan obligation is deferred until the homeowner's death, the sale of the home, or the occurrence of other events specified in regulations of the Secretary. For purposes of this subsection, the term 'homeowner' includes the spouse of a homeowner. "(k) REPORTS TO CONGRESS.—

"(1) The Secretary shall, not later than September 30, 1989, submit an interim report to Congress describing— "(A) design and implementation of the demonstration; "(B) number and types of reverse mortgages written to date; "(C) profile of participant homeowner-borrowers, including incomes, home equity, and regional distribution; and "(D) problems encountered in implementation, including impediments associated with State or Federal laws or regulations governing taxes, insurance, securities, public benefits, banking, and any other problems in implementation that the Secretary encounters.

Taxes. Insurance. Securities. Banks and banking.

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