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12 U.S.C. § 2704 — Insurance for emergency mortgage loans and advances
Federal law — U.S. Code and appendices · legal_authorities
**(a) Institutions eligible** The Secretary is authorized, upon such terms and conditions as the Secretary may prescribe, to insure banks, trust companies, finance companies, mortgage companies, savings and loan associations, insurance companies, credit unions, and such other financial institutions, which the Secretary finds to be qualified by experience and facilities and approves as eligible for insurance, against losses which they may sustain as a result of emergency loans or advances of credit made in accordance with the provisions of [section 2703 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2703&num=0&edition=prelim) and this section with respect to mortgages eligible for assistance under this chapter.
**(b) Premium charge; amount** The Secretary is authorized to fix a premium charge or charges for the insurance granted under this section, but in the case of any loan or advance of credit, such charge or charges shall not exceed an amount equivalent to one-half of 1 per centum per annum of the principal obligation of such loan or advance of credit outstanding at any time.
**(c) Waiver of compliance with rules and regulations; finality and incontestability of payment for loss; transfer of insurance** The Secretary is authorized and empowered to waive compliance with any rule or regulation prescribed by the Secretary for the purposes of this section if, in the Secretary’s judgment, the enforcement of such rule or regulation would impose an injustice upon an insured lending institution which has substantially complied with such regulations in good faith. Any payment for loss made to an insured financial institution under this section shall be final and incontestable after two years from the date the claim was certified f
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Stable record: federal_law:legal_authorities:record_usc_09c7a591dc064915156f6f96
Source file: Laws/federal/codes/united-states-code/title-12/section-2704-insurance-for-emergency-mortgage-loans-and-advances--f1e5eec5ae.md
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Source location: Title 12, Chapter 28, § 2704; chapter-028-emergency-mortgage-relief.md
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**(a) Institutions eligible** The Secretary is authorized, upon such terms and conditions as the Secretary may prescribe, to insure banks, trust companies, finance companies, mortgage companies, savings and loan associations, insurance companies, credit unions, and such other financial institutions, which the Secretary finds to be qualified by experience and facilities and approves as eligible for insurance, against losses which they may sustain as a result of emergency loans or advances of credit made in accordance with the provisions of [section 2703 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2703&num=0&edition=prelim) and this section with respect to mortgages eligible for assistance under this chapter.
**(b) Premium charge; amount** The Secretary is authorized to fix a premium charge or charges for the insurance granted under this section, but in the case of any loan or advance of credit, such charge or charges shall not exceed an amount equivalent to one-half of 1 per centum per annum of the principal obligation of such loan or advance of credit outstanding at any time.
**(c) Waiver of compliance with rules and regulations; finality and incontestability of payment for loss; transfer of insurance** The Secretary is authorized and empowered to waive compliance with any rule or regulation prescribed by the Secretary for the purposes of this section if, in the Secretary’s judgment, the enforcement of such rule or regulation would impose an injustice upon an insured lending institution which has substantially complied with such regulations in good faith. Any payment for loss made to an insured financial institution under this section shall be final and incontestable after two years from the date the claim was certified for payment by the Secretary, in the absence of fraud or misrepresentation on the part of such institution unless a demand for repurchase of the obligation shall have been made on behalf of the United States prior to the expiration of such two-year period. The Secretary is authorized to transfer to any financial institution approved for insurance under this chapter any insurance in connection with any loan which may be sold to it by another insured financial institution.
**(d) Maximum aggregate amount of loans and advances insured** The aggregate amount of loans and advances insured under this section and emergency mortgage relief payments made under [section 2705 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2705&num=0&edition=prelim) shall not exceed $3,000,000,000.
**(e) Underwriting guidelines and procedures** The Secretary shall establish underwriting guidelines or procedures to allocate amounts made available for loans and advances insured under this section and for emergency relief payments made under [section 2705 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2705&num=0&edition=prelim) based on the likelihood that a mortgagor will be able to resume mortgage payments, pursuant to the requirement under [section 2702(5) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2702/5&num=0&edition=prelim).
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Direct payments to mortgagee** In the case of any mortgagee which would otherwise be eligible to participate in the program authorized under [section 2704 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2704&num=0&edition=prelim) but does not qualify for an advance or advances as authorized by section 2712 11 See References in Text note below. of this title or under section 1430, 1430b, or 1431 of this title or otherwise elects not to participate in the program authorized under [section 2704 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2704&num=0&edition=prelim), the Secretary is authorized to make repayable emergency mortgage relief payments directly to such mortgagee on behalf of homeowners whose mortgages are held by such financial institution and who are delinquent in their mortgage payments.
**(b) Mortgages eligible; terms and conditions** Emergency mortgage relief payments shall be made under this section only with respect to a mortgage which meets the requirements of [section 2702 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2702&num=0&edition=prelim) and only on such terms and conditions as the Secretary may prescribe, subject to the provisions of [section 2703 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2703&num=0&edition=prelim).
**(c) Processing of relief payments; power of Secretary** The Secretary may make such delegations and accept such certifications with respect to the processing of mortgage relief payments provided under this section as he deems appropriate to facilitate the prompt and efficient implementation of the assistance authorized under this section.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2705
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Informed use of credit** The Congress finds that economic stabilization would be enhanced and the competition among the various financial institutions and other firms engaged in the extension of consumer credit would be strengthened by the informed use of credit. The informed use of credit results from an awareness of the cost thereof by consumers. It is the purpose of this subchapter to assure a meaningful disclosure of credit terms so that the consumer will be able to compare more readily the various credit terms available to him and avoid the uninformed use of credit, and to protect the consumer against inaccurate and unfair credit billing and credit card practices.
**(b) Terms of personal property leases** The Congress also finds that there has been a recent trend toward leasing automobiles and other durable goods for consumer use as an alternative to installment credit sales and that these leases have been offered without adequate cost disclosures. It is the purpose of this subchapter to assure a meaningful disclosure of the terms of leases of personal property for personal, family, or household purposes so as to enable the lessee to compare more readily the various lease terms available to him, limit balloon payments in consumer leasing, enable comparison of lease terms with credit terms where appropriate, and to assure meaningful and accurate disclosures of lease terms in advertisements.
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 1601
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Form of assistance** Assistance under this chapter with respect to a mortgage which meets the requirements of [section 2702 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2702&num=0&edition=prelim) may be provided in the form of emergency mortgage relief loans and advances of credit insured pursuant to [section 2704 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2704&num=0&edition=prelim) or in the form of emergency mortgage relief payments made by the Secretary pursuant to [section 2705 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2705&num=0&edition=prelim).
**(b) Amount of assistance** Assistance under this chapter on behalf of a homeowner may be made available in an amount up to the amount of the principal, interest, taxes, ground rents, hazard insurance, and mortgage insurance premiums due under the homeowner’s mortgage. The amount of assistance provided to a homeowner under this chapter shall be an amount that the Secretary determines is reasonably necessary to supplement such amount as the homeowner is capable of contributing toward such mortgage payment, except that the aggregate amount of such assistance provided for any homeowner shall not exceed $50,000.
**(c) Monthly payments; extension of time; report of increase in income** Monthly payments may be provided under this chapter either with the proceeds of an insured loan or advance of credit or with emergency mortgage relief payments for up to twelve months, and, in accordance with criteria prescribed by the Secretary, such monthly payments may be extended once for up to twelve additional months. A mortgagor receiving the benefit of mortgage relief assistance pursuant to
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2703
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Federal law — U.S. Code and appendices · legal_authorities
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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2704&num=0&edition=prelim);
(2) for making emergency mortgage relief payments under [section 2705 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2705&num=0&edition=prelim);
(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.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2706
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Federal law — U.S. Code and appendices · legal_authorities
Page 1459
TITLE 12—BANKS AND BANKING
§ 2704
cept that (1) the rate of interest on any loan or
advance of credit insured under this chapter
shall be fixed for the life of the loan or advance
of credit and shall not exceed the rate of inter-
est that is generally charged for mortgages on
single-family housing insured by the Secretary
of Housing and Urban Development under title
II of the National Housing Act [12 U.S.C. 1707 et
seq.] at the time such loan or advance of credit
is made, and (2) no interest shall be charged on
interest which is deferred on a loan or advance
of credit made under this chapter. In estab-
lishing rates, terms and conditions for loans or
advances of credit made under this chapter, the
Secretary shall take into account a home-
owner’s ability to repay such loan or advance of
credit.
(e) Deferral of commencement of repayment; se-
curity for repayment
The Secretary may provide for the deferral of
the commencement of the repayment of a loan
or advance insured under section 2704 of this
title or emergency mortgage relief payments
made under section 2705 of this title until one
year following the date of the last disbursement
of the proceeds of the loan or advance or pay-
ments or for such longer period as the Secretary
determines would further the purpose of this
chapter. Any eligible homeowner who receives a
grant or an advance of credit under this chapter
may repay the loan in full, without penalty, by
lump sum or by installment payments at any
time before the loan becomes due and payable.
The Secretary shall by regulation require such
security for the repayment of insured loans or
advances of credit or emergency mortgage relief
payments as he deems appropriate and may re-
quire that such repayment be secured by a lien
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 2704
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