On foreclosure, which of the following loans is subject to the reporting requirements for foreclosed and abandoned property?
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A. B. C. D.C
The reporting requirements for foreclosed and abandoned property are established under the Community Reinvestment Act (CRA) and its implementing regulations, which are enforced by various regulatory agencies such as the Federal Reserve, the OCC, and the FDIC.
According to these regulations, certain loans secured by real property are subject to reporting requirements if they are foreclosed upon or if the property is found to be abandoned. These reporting requirements are intended to help regulatory agencies and the public understand how well financial institutions are meeting the credit needs of the communities they serve, particularly low- and moderate-income neighborhoods.
In this case, the loan made to purchase a residence and secured by the residence is the only loan that is subject to the reporting requirements for foreclosed and abandoned property. This is because it is a real estate-secured loan and therefore falls within the scope of the CRA reporting requirements.
Option A, a loan made to purchase a family car and secured by the car, is not subject to the CRA reporting requirements for foreclosed and abandoned property because it is not a real estate-secured loan.
Option B, an unsecured loan made to purchase a computer used in the borrower's business, is also not subject to the CRA reporting requirements for foreclosed and abandoned property because it is neither a real estate-secured loan nor a personal property-secured loan.
Option D, a loan made to purchase a home computer and secured by the computer, is not subject to the CRA reporting requirements for foreclosed and abandoned property because it is a personal property-secured loan and not a real estate-secured loan.
Therefore, the correct answer to this question is Option C, a loan made to purchase a residence and secured by the residence.