Page:United States Statutes at Large Volume 104 Part 5.djvu/822

 104 STAT. 4144 PUBLIC LAW 101-625—NOV. 28, 1990 of the calendar quarter for which information under this section is collected. "(2) DESIGNATED CENSUS TRACT. — The term 'designated census tract' means a census tract located within a metropolitan statistical area, as defined pursuant to regulations issued by the Secretary of Commerce.'. 12 USC I735f-18 (b) AVAILABILITY OF INFORMATION DURING TRANSITION.— During "o*^- the period beginning on the date of the enactment of this Act and ending on the date of the initial availability of information under section 540 of the National Housing Act (as added by subsection (a)), the Secretary of Housing and Urban Development shall make publicly available all reports regarding Default/Claim Rates per Regional Office for Fiscal Year 1990 Endorsements that are produced by the Department of Housing and Urban Development during such period. SEC. 336. AUCTION OF MULTIFAMILY MORTGAGES. Section 221(g)(4) of the National Housing Act (12 U.S.C. 17151(g)(4)) is amended by adding after subparagraph (B) the following new subparagraph: (C)(i) In lieu of accepting assignment of the original credit instrument and the mortgage securing the credit instrument under subparagraph (A) in exchange for receipt of debentures, the Secretary shall arrange for the sale of the beneficisd interests in the mortgage loan through an auction and sale of the (I) mortgage loans, or (II) participation certificates, or other mortgage-backed obligations in a form acceptable to the Secretary (in this subparagraph referred to as 'participation certificates'). The Secretary shall arrange the auction and sale at a price, to be paid to the mortgagee, of par plus accrued interest to the date of sale. The sale price shall also include the right to a subsidy payment described in clause (iii). (iiXD The Secretary shall conduct a public auction to determine the lowest interest rate necessary to accomplish a sale of the beneficigil interests in the original credit instrument and mortgage securing the credit instrument. "(II) A mortgagee who elects to assign a mortgage shall provide the Secretary emid persons bidding at the auction a description of the characteristics of the original credit instrument and mortgage securing the original credit instrument, which shall include the principal mortgage balance, original stated interest rate, service fees, real estate and tenant characteristics, the level and duration of applicable Federal subsidies, and any other information determined by the Secretary to be appropriate. The Secretary shall also provide information regarding the status of the property with respect to the provisions of the Emergency Low Income Housing Preservation Act of 1987 or any subsequent Act with respect to eligibility to prepay the mortgage, a statement of whether the owner has filed a notice of intent to prepay or a plan of action under the Emergency Low Income Housing Preservation Act of 1987 or any subsequent Act, and the details with respect to incentives provided under the Emergency Low Income Housing Preservation Act of 1987 or any subsequent Act in lieu of exercising prepayment rights.

�