; and (ii) the opportunity for a short sale or a deed in lieu of foreclosure. (B) The specific formula, calculations, waterfall steps, and other terms for appropriate loss mitigation options described in subparagraph (A) shall be published by the Corporation, made available to the public, and included in a written notice given to borrowers before any acceleration or foreclosure is initiated after a loan sale. (4) With respect to a transferee, including any subsequent transferee, of a covered mortgage that is sold by the Corporation under this section— (A) the transferee shall certify in writing to the Corporation that the transferee will comply with the provisions of this section in the marketing and transfer of any property received in the disposition of any transferred loan; (B) the transferee shall provide to the Corporation records documenting that the transfers of those properties are in compliance with this subsection; and (C) the failure of the Corporation or the transferee to comply with the requirements under this subsection for a loan in default shall be a defense to foreclosure, and a transferee shall not execute a foreclosure judgment or order of sale, or conduct a foreclosure sale, until the transferee has complied with all requirements under this subsection. (5) With respect to covered mortgages that are sold by the Corporation under this section and foreclosed upon by the buyer, not less than 90 percent of the properties that are the subject of the covered mortgages in an auction shall be— (A) sold to owner-occupants; (B) operated or transferred to an entity that will operate the property as affordable rental housing for households below 80 percent of the area median income for a period of not less than 15 years; or (C) transferred or donated to a nonprofit agency that is certified by the Corporation and will redevelop the property for owner occupancy or affordable rental housing. (6) The Corporation shall implement policies, procedures, and controls to— (A) identify and recruit community partners