Collapse to view only § 2704. Insurance for emergency mortgage loans and advances
- § 2701. Congressional findings and declaration of purpose
- § 2702. Mortgages eligible for assistance
- § 2703. Manner of assistance and repayment
- § 2704. Insurance for emergency mortgage loans and advances
- § 2705. Emergency mortgage relief payments
- § 2706. Emergency Homeowners’ Relief Fund
- § 2707. Authority of Secretary
- § 2708. Expiration date
- §§ 2709, 2710. Repealed.
- § 2711. Nonapplicability of other laws
- § 2712. Repealed.
§ 2701. Congressional findings and declaration of purpose
(a) The Congress finds that—
(1) the Nation is in a severe recession and that the sharp downturn in economic activity has driven large numbers of workers into unemployment and has reduced the incomes of many others;
(2) as a result of these adverse economic conditions the capacity of many homeowners to continue to make mortgage payments has deteriorated and may further deteriorate in the months ahead, leading to the possibility of widespread mortgage foreclosures and distress sales of homes; and
(3) many of these homeowners could retain their homes with temporary financial assistance until economic conditions improve.
(b) It is the purpose of this chapter to provide a standby authority which will prevent widespread mortgage foreclosures and distress sales of homes resulting from the temporary loss of employment and income through a program of emergency loans and advances and emergency mortgage relief payments to homeowners to defray mortgage expenses.
(Pub. L. 94–50, title I, § 102, July 2, 1975, 89 Stat. 249.)
§ 2702. Mortgages eligible for assistance
No assistance shall be extended with respect to any mortgage under this chapter unless—
(1) the holder of the mortgage has indicated to the mortgagor its intention to foreclose;
(2) the mortgagor and holder of the mortgage have certified that circumstances make it probable that there will be a foreclosure and that the mortgagor is in need of emergency mortgage relief as authorized by this chapter;
(3) payments under the mortgage have been delinquent for at least three months;
(4) the mortgagor has incurred a substantial reduction in income as a result of involuntary unemployment or underemployment due to adverse economic conditions or medical conditions and is financially unable to make full mortgage payments;
(5) there is a reasonable prospect that the mortgagor will be able to make the adjustments necessary for a full resumption of mortgage payments; and
(6) the mortgaged property is the principal residence of the mortgagor.
(Pub. L. 94–50, title I, § 103, July 2, 1975, 89 Stat. 249; Pub. L. 111–203, title XIV, § 1496(b)(1), July 21, 2010, 124 Stat. 2207.)
§ 2703. Manner of assistance and repayment
(a) Form of assistance
(b) Amount of assistance
(c) Monthly payments; extension of time; report of increase in income
(d) Conditions and terms of repayment; interest rate
(e) Deferral of commencement of repayment; security for repayment
(Pub. L. 94–50, title I, § 104, July 2, 1975, 89 Stat. 250; Pub. L. 111–203, title XIV, § 1496(b)(2), July 21, 2010, 124 Stat. 2208.)
§ 2704. Insurance for emergency mortgage loans and advances
(a) Institutions eligible
(b) Premium charge; amount
(c) Waiver of compliance with rules and regulations; finality and incontestability of payment for loss; transfer of insurance
(d) Maximum aggregate amount of loans and advances insured
(e) Underwriting guidelines and procedures
(Pub. L. 94–50, title I, § 105, July 2, 1975, 89 Stat. 251; Pub. L. 111–203, title XIV, § 1496(b)(3), July 21, 2010, 124 Stat. 2208.)
§ 2705. Emergency mortgage relief payments
(a) Direct payments to mortgagee
(b) Mortgages eligible; terms and conditions
(c) Processing of relief payments; power of Secretary
(Pub. L. 94–50, title I, § 106, July 2, 1975, 89 Stat. 251.)
§ 2706. Emergency Homeowners’ Relief Fund
To carry out the purposes of this chapter, the Secretary is authorized to establish in the Treasury of the United States an Emergency Homeowners’ Relief Fund (hereinafter in this chapter referred to as the “fund”) which shall be available to the Secretary without fiscal year limitation—
(1) for making payments in connection with defaulted loans or advances of credit insured under section 2704 of this title;
(2) for making emergency mortgage relief payments under section 2705 of this title;
(3) to pay such administrative expenses (or portion of such expenses) of carrying out the provisions of this chapter as the Secretary may deem necessary.
(Pub. L. 94–50, title I, § 107, July 2, 1975, 89 Stat. 252; Pub. L. 98–479, title II, § 204(m)(1), Oct. 17, 1984, 98 Stat. 2234; Pub. L. 111–203, title XIV, § 1496(b)(4), July 21, 2010, 124 Stat. 2208.)
§ 2707. Authority of Secretary
(a) Rules and regulations
(b) Payment of expenses and charges relating to acquisition, handling, improvement, or disposal of real and personal property
(c) Powers with respect to property rights held by Secretary
In the performance of, with respect to, the functions, powers, and duties vested in the Secretary by this chapter, the Secretary shall—
(1) have the power, notwithstanding any other provision of law, whether before or after default, to provide by contract or otherwise for the extinguishment upon default of any redemption, equitable, legal, or other right, title in any mortgage, deed, trust, or other instrument held by or held on behalf of the Secretary under the provisions of this chapter; and
(2) have the power to foreclose on any property or commence any action to protect or enforce any right conferred upon the Secretary by law, contract, or other agreement, and bid for and purchase at any foreclosure or other sale any property in connection with which assistance has been provided pursuant to this chapter. In the event of any such acquisition, the Secretary may, notwithstanding any other provision of law relating to the acquisition, handling, or disposal of real property by the United States, complete, remodel and convert, dispose of, lease, and otherwise deal with, such property. Notwithstanding any other provision of law, the Secretary also shall have power to pursue to final collection by way of compromise or otherwise all claims acquired by him in connection with any security, subrogation, or other rights obtained by him in administering this chapter.
(d) Coverage of existing programs
(Pub. L. 94–50, title I, § 108, July 2, 1975, 89 Stat. 252; Pub. L. 111–203, title XIV, § 1496(b)(5), July 21, 2010, 124 Stat. 2208.)
§ 2708. Expiration date
No loans or advance of credit shall be insured and no emergency mortgage relief payments made under this chapter after September 30, 2011, except if such loan or advance or such payments are made with respect to a mortgagor receiving the benefit of a loan or advance insured, or emergency mortgage relief payments made, under this chapter on such date.
(Pub. L. 94–50, title I, § 109, July 2, 1975, 89 Stat. 253; Pub. L. 94–375, § 13(a), Aug. 3, 1976, 90 Stat. 1075; Pub. L. 111–203, title XIV, § 1496(b)(6), July 21, 2010, 124 Stat. 2209.)
§§ 2709, 2710. Repealed. Pub. L. 111–203, title XIV, § 1496(b)(7), July 21, 2010, 124 Stat. 2209
§ 2711. Nonapplicability of other laws
Notwithstanding any provision of law which limits the nature, amount, term, form, or rate of interest, or the nature, amount, or form of security of loans or advances of credit, loans, or advances of credit may be made in accordance with the provisions of this chapter without regard to such provision of law.
(Pub. L. 94–50, title I, § 110, formerly § 112, July 2, 1975, 89 Stat. 254; renumbered § 110, Pub. L. 111–203, title XIV, § 1496(b)(8), July 21, 2010, 124 Stat. 2209.)
§ 2712. Repealed. Pub. L. 111–203, title XIV, § 1496(b)(7), July 21, 2010, 124 Stat. 2209