us/statute/42/1487/d/3

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1 rule

Each loan made by the Secretary or other lenders under this subchapter that is insured or guaranteed in accordance with this subsection shall, when offered for sale to the public, be accompanied by agreements for the benefit of the borrower under the loan that provide that—

(A) the purchaser or any assignee of the loan shall not diminish any substantive or procedural right of the borrower arising under this subchapter;

(B) upon any substantial default of the borrower, but prior to foreclosure, the loan shall be assigned to the Secretary for the purpose of avoiding foreclosure; and

(C) following any assignment under subparagraph (B) and before commencing any action to foreclose or otherwise dispossess the borrower, the Secretary shall afford the borrower all substantive and procedural rights arising under this subchapter, including consideration for interest subsidy, moratorium, reamortization, refinancing, and appeal of any adverse decision to an impartial officer.

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Encodings · 1

public_sale_borrower_protection_agreements_required42 USC § 1487 (d)(3) · derived

42 USC 1487(d)(3)

name: public_sale_borrower_protection_agreements_required
kind: derived
entity: LoanSale
dtype: Judgment
period: Year
source: 42 USC 1487(d)(3)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: condition
        source:
          corpus_citation_path: us/statute/42/1487
versions:
  - effective_from: '0001-01-01'
    formula: >-
      loan_made_under_this_subchapter_and_insured_or_guaranteed_in_accordance_with_subsection_d

      and loan_offered_for_sale_to_public

      and
      agreement_protects_borrower_rights_from_purchaser_or_assignee_diminution

      and
      agreement_requires_assignment_to_secretary_after_substantial_default_before_foreclosure

      and
      agreement_requires_secretary_to_afford_subchapter_rights_before_foreclosure_or_dispossession_after_assignment

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▸rulespec code

Shown source

statutes/42/1487.yaml

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Rules

public_loan_sale_reserve_minimum_rate

Parameter

source: 42 USC 1487(d)(4)

- name: public_loan_sale_reserve_minimum_rate
  kind: parameter
  dtype: Rate
  source: 42 USC 1487(d)(4)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us/statute/42/1487
            excerpt: not less than 5 percent of the outstanding face amount
  versions:
    - effective_from: '0001-01-01'
      formula: '0.05'

public_loan_sale_reserve_minimum_amount

Derived

source: 42 USC 1487(d)

- name: public_loan_sale_reserve_minimum_amount
  kind: derived
  entity: LoanSale
  dtype: Money
  period: Year
  unit: USD
  source: 42 USC 1487(d)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/42/1487
            excerpt: shall set aside as a reserve against future losses not less than 5 percent
        - path: versions[0].formula
          kind: import
          import:
            target: us:statutes/42/1487#public_loan_sale_reserve_minimum_rate
            output: public_loan_sale_reserve_minimum_rate
            hash: sha256:local
  versions:
    - effective_from: '0001-01-01'
      formula: public_loan_sale_reserve_minimum_rate * outstanding_face_amount_of_loans_held_by_public

public_sale_interest_subsidy_rate_difference

Derived

source: 42 USC 1487(d)(2)

- name: public_sale_interest_subsidy_rate_difference
  kind: derived
  entity: LoanSale
  dtype: Rate
  period: Year
  source: 42 USC 1487(d)(2)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/42/1487
            excerpt: >-
              the difference between the rate of interest paid by the borrower ... and the market
              rate of interest
  versions:
    - effective_from: '0001-01-01'
      formula: >-
        if loan_made_under_this_subchapter_and_insured_or_guaranteed_in_accordance_with_subsection_d
        and loan_offered_for_sale_to_public:
        market_rate_of_interest_on_comparable_obligations_on_sale_date - borrower_interest_rate
        else: 0

public_sale_borrower_protection_agreements_required

Derived

source: 42 USC 1487(d)(3)

- name: public_sale_borrower_protection_agreements_required
  kind: derived
  entity: LoanSale
  dtype: Judgment
  period: Year
  source: 42 USC 1487(d)(3)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us/statute/42/1487
  versions:
    - effective_from: '0001-01-01'
      formula: >-
        loan_made_under_this_subchapter_and_insured_or_guaranteed_in_accordance_with_subsection_d

        and loan_offered_for_sale_to_public

        and agreement_protects_borrower_rights_from_purchaser_or_assignee_diminution

        and agreement_requires_assignment_to_secretary_after_substantial_default_before_foreclosure

        and
        agreement_requires_secretary_to_afford_subchapter_rights_before_foreclosure_or_dispossession_after_assignment

loan_commitment_authorized

Derived

source: 42 USC 1487(l)

- name: loan_commitment_authorized
  kind: derived
  entity: LoanCommitment
  dtype: Judgment
  period: Year
  source: 42 USC 1487(l)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us/statute/42/1487
  versions:
    - effective_from: '0001-01-01'
      formula: |-
        applicant_is_lender_builder_or_seller
        and applicant_complies_with_secretary_requirements
        and commitment_terms_and_conditions_are_prescribed_by_secretary

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us/statute/42/1487/d/3 · Axiom

1 rule

Official source

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(A) the purchaser or any assignee of the loan shall not diminish any substantive or procedural right of the borrower arising under this subchapter;

(B) upon any substantial default of the borrower, but prior to foreclosure, the loan shall be assigned to the Secretary for the purpose of avoiding foreclosure; and

in view

Whole section

Encodings · 1

public_sale_borrower_protection_agreements_required42 USC § 1487 (d)(3) · derived

42 USC 1487(d)(3)

name: public_sale_borrower_protection_agreements_required
kind: derived
entity: LoanSale
dtype: Judgment
period: Year
source: 42 USC 1487(d)(3)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: condition
        source:
          corpus_citation_path: us/statute/42/1487
versions:
  - effective_from: '0001-01-01'
    formula: >-
      loan_made_under_this_subchapter_and_insured_or_guaranteed_in_accordance_with_subsection_d

      and loan_offered_for_sale_to_public

      and
      agreement_protects_borrower_rights_from_purchaser_or_assignee_diminution

      and
      agreement_requires_assignment_to_secretary_after_substantial_default_before_foreclosure

      and
      agreement_requires_secretary_to_afford_subchapter_rights_before_foreclosure_or_dispossession_after_assignment

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▸rulespec code

Shown source

statutes/42/1487.yaml

Displaying the canonical repository encoding.

This encoding covers the parent provision us/statute/42/1487; no dedicated encoding exists for this exact provision yet.

View on GitHub

Rules

public_loan_sale_reserve_minimum_rate

Parameter

source: 42 USC 1487(d)(4)

- name: public_loan_sale_reserve_minimum_rate
  kind: parameter
  dtype: Rate
  source: 42 USC 1487(d)(4)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us/statute/42/1487
            excerpt: not less than 5 percent of the outstanding face amount
  versions:
    - effective_from: '0001-01-01'
      formula: '0.05'

public_loan_sale_reserve_minimum_amount

Derived

source: 42 USC 1487(d)

- name: public_loan_sale_reserve_minimum_amount
  kind: derived
  entity: LoanSale
  dtype: Money
  period: Year
  unit: USD
  source: 42 USC 1487(d)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/42/1487
            excerpt: shall set aside as a reserve against future losses not less than 5 percent
        - path: versions[0].formula
          kind: import
          import:
            target: us:statutes/42/1487#public_loan_sale_reserve_minimum_rate
            output: public_loan_sale_reserve_minimum_rate
            hash: sha256:local
  versions:
    - effective_from: '0001-01-01'
      formula: public_loan_sale_reserve_minimum_rate * outstanding_face_amount_of_loans_held_by_public

public_sale_interest_subsidy_rate_difference

Derived

source: 42 USC 1487(d)(2)

- name: public_sale_interest_subsidy_rate_difference
  kind: derived
  entity: LoanSale
  dtype: Rate
  period: Year
  source: 42 USC 1487(d)(2)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/42/1487
            excerpt: >-
              the difference between the rate of interest paid by the borrower ... and the market
              rate of interest
  versions:
    - effective_from: '0001-01-01'
      formula: >-
        if loan_made_under_this_subchapter_and_insured_or_guaranteed_in_accordance_with_subsection_d
        and loan_offered_for_sale_to_public:
        market_rate_of_interest_on_comparable_obligations_on_sale_date - borrower_interest_rate
        else: 0

public_sale_borrower_protection_agreements_required

Derived

source: 42 USC 1487(d)(3)

- name: public_sale_borrower_protection_agreements_required
  kind: derived
  entity: LoanSale
  dtype: Judgment
  period: Year
  source: 42 USC 1487(d)(3)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us/statute/42/1487
  versions:
    - effective_from: '0001-01-01'
      formula: >-
        loan_made_under_this_subchapter_and_insured_or_guaranteed_in_accordance_with_subsection_d

        and loan_offered_for_sale_to_public

        and agreement_protects_borrower_rights_from_purchaser_or_assignee_diminution

        and agreement_requires_assignment_to_secretary_after_substantial_default_before_foreclosure

        and
        agreement_requires_secretary_to_afford_subchapter_rights_before_foreclosure_or_dispossession_after_assignment

loan_commitment_authorized

Derived

source: 42 USC 1487(l)

- name: loan_commitment_authorized
  kind: derived
  entity: LoanCommitment
  dtype: Judgment
  period: Year
  source: 42 USC 1487(l)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us/statute/42/1487
  versions:
    - effective_from: '0001-01-01'
      formula: |-
        applicant_is_lender_builder_or_seller
        and applicant_complies_with_secretary_requirements
        and commitment_terms_and_conditions_are_prescribed_by_secretary