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12 U.S.C. § 3751 — Findings and purpose
Federal law — U.S. Code and appendices · legal_authorities
**(a) Findings** The Congress finds that—
(1) the disparate State laws under which mortgages are foreclosed on behalf of the Secretary covering 1- to 4-family residential properties—
(A) burden certain programs administered by the Secretary;
(B) increase the costs of collecting obligations; and
(C) generally are a detriment to the community in which the properties are located;
(2) the long periods required to complete the foreclosure of such mortgages under certain State laws—
(A) lead to deterioration in the condition of the properties involved;
(B) necessitate substantial Federal holding expenditures;
(C) increase the risk of vandalism, fire loss, depreciation, damage, and waste with respect to the properties; and
(D) adversely affect the neighborhoods in which the properties are located;
(3) these conditions seriously impair the ability of the Secretary to protect the Federal financial interest in the affected properties and frustrate attainment of the objectives of the underlying Federal program authority;
(4) the availability of uniform and more expeditious procedures, with no right of redemption in the mortgagor or others, for the foreclosure of these mortgages by the Secretary will tend to ameliorate these conditions; and
(5) providing the Secretary with a nonjudicial foreclosure procedure will reduce unnecessary litigation by removing many foreclosures from the courts if they contribute to overcrowded calendars.
**(b) Purpose** The purpose of this chapter is to create a uniform Federal foreclosure remedy for single family mortgages that—
(1) are held by the Secretary pursuant to title I or title II of the National Housing Act [[12 U.S.C. 1702](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1702&num=0&editi
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Source location: Title 12, Chapter 38A, § 3751; chapter-38a-single-family-mortgage-foreclosure.md
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**(a) Findings** The Congress finds that—
(1) the disparate State laws under which mortgages are foreclosed on behalf of the Secretary covering 1- to 4-family residential properties—
(A) burden certain programs administered by the Secretary;
(B) increase the costs of collecting obligations; and
(C) generally are a detriment to the community in which the properties are located;
(2) the long periods required to complete the foreclosure of such mortgages under certain State laws—
(A) lead to deterioration in the condition of the properties involved;
(B) necessitate substantial Federal holding expenditures;
(C) increase the risk of vandalism, fire loss, depreciation, damage, and waste with respect to the properties; and
(D) adversely affect the neighborhoods in which the properties are located;
(3) these conditions seriously impair the ability of the Secretary to protect the Federal financial interest in the affected properties and frustrate attainment of the objectives of the underlying Federal program authority;
(4) the availability of uniform and more expeditious procedures, with no right of redemption in the mortgagor or others, for the foreclosure of these mortgages by the Secretary will tend to ameliorate these conditions; and
(5) providing the Secretary with a nonjudicial foreclosure procedure will reduce unnecessary litigation by removing many foreclosures from the courts if they contribute to overcrowded calendars.
**(b) Purpose** The purpose of this chapter is to create a uniform Federal foreclosure remedy for single family mortgages that—
(1) are held by the Secretary pursuant to title I or title II of the National Housing Act [[12 U.S.C. 1702](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1702&num=0&edition=prelim) et seq., 1707 et seq.]; or
(2) secure loans obligated by the Secretary under section 1452b 11 See References in Text note below. of title 42.
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Federal law — U.S. Code and appendices · legal_authorities
This chapter may be cited as the “National Housing Act.”
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section, Pub. L. 88–560, title III, § 312, Sept. 2, 1964, 78 Stat. 790; Pub. L. 89–117, title III, §§ 311(e), 312, Aug. 10, 1965, 79 Stat. 479; Pub. L. 90–19, § 21(b), May 25, 1967, 81 Stat. 25; Pub. L. 90–448, title V, § 509, title VIII, § 807(b), Aug. 1, 1968, 82 Stat. 523, 544; Pub. L. 91–152, title II, § 207, Dec. 24, 1969, 83 Stat. 387; Pub. L. 93–85, § 4, Aug. 10, 1973, 87 Stat. 221; Pub. L. 93–117, § 10, Oct. 2, 1973, 87 Stat. 423; Pub. L. 93–383, title I, § 116(e), Aug. 22, 1974, 88 Stat. 652; Pub. L. 94–50, title III, § 301, July 2, 1975, 89 Stat. 256; Pub. L. 94–375, § 12, Aug. 3, 1976, 90 Stat. 1074; Pub. L. 95–128, title I, § 111, Oct. 12, 1977, 91 Stat. 1127; Pub. L. 95–557, title I, § 101(a), (b), Oct. 31, 1978, 92 Stat. 2080, 2081; Pub. L. 96–71, § 4, Sept. 28, 1979, 93 Stat. 502; Pub. L. 96–105, § 4, Nov. 8, 1979, 93 Stat. 795; Pub. L. 96–153, title I, § 101, Dec. 21, 1979, 93 Stat. 1101; Pub. L. 96–372, § 5, Oct. 3, 1980, 94 Stat. 1364; Pub. L. 96–399, title I, § 114, Oct. 8, 1980, 94 Stat. 1622; Pub. L. 97–35, title III, § 311, Aug. 13, 1981, 95 Stat. 397; Pub. L. 98–109, § 3, Oct. 1, 1983, 97 Stat. 746; Pub. L. 98–181, title I [title I, § 124], Nov. 30, 1983, 97 Stat. 1174; Pub. L. 99–120, § 2, Oct. 8, 1985, 99 Stat. 503; Pub. L. 99–156, § 2, Nov. 15, 1985, 99 Stat. 816; Pub. L. 99–219, § 2, Dec. 26, 1985, 99 Stat. 1731; Pub. L. 99–267, § 2, Mar. 27, 1986, 100 Stat. 74; Pub. L. 99–272, title III, § 3008, Apr. 7, 1986, 100 Stat. 105; Pub. L. 99–289, § 1(b), May 2, 1986, 100 Stat. 412; Pub. L. 99–345, § 1, June 24, 1986, 100 Stat. 673; Pub. L. 99–430, Sept. 30, 1986, 100 Stat. 986; Pub. L. 100–122, § 1, Sept. 30, 1987, 101 Stat. 793; Pub. L. 100–154, Nov. 5, 1987, 101 Stat. 890; Pub. L. 100–170, Nov. 17, 1987, 101 Stat. 914; Pub. L.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** The Secretary of Housing and Urban Development shall collect and maintain information regarding early defaults on mortgages as provided under this section. The Secretary shall make such information available for public inspection upon request. Information shall be collected quarterly with respect to each applicable collection period (as such term is defined in subsection (c)) and shall be available for inspection not more than 30 days after the conclusion of the calendar quarter relating to each such period. Information shall first be made available under this section for the applicable collection period relating to the first calendar quarter ending more than 180 days after November 28, 1990.
**(b) Contents**
(1) **Mortgage lender analysis** — Information collected under this section shall include, for each lender originating mortgages during the applicable collection period that are insured pursuant to [section 1709 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1709&num=0&edition=prelim) and secured by property in a designated census tract, the following information with respect to such mortgages:
(A) The name of the lender and the number of each designated census tract in which the lender originated 1 or more such mortgages during the applicable collection period.
(B) The total number of such mortgages originated by such lender during the applicable collection period in each designated census tract and the number of mortgages originated each year in each designated census tract.
(C) The total number of defaults and foreclosures on such mortgages during the applicable collection period in each designated census tract and the number of defaults and foreclosures in each designated census tract in
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Federal law — U.S. Code and appendices · legal_authorities
Page 517
TITLE 12—BANKS AND BANKING
§ 1702
Editorial Notes
REFERENCES IN TEXT
The National Housing Act, referred to in subsecs.
(a)(2)(A), (D), (3)(A), (4)(C), and (c)(1), is act June 27,
1934, ch. 847, 48 Stat. 1246. Title II of the Act is classi-
fied generally to subchapter II (§ 1707 et seq.) of this
chapter. For complete classification of this Act to the
Code, see section 1701 of this title and Tables.
CODIFICATION
Section was enacted as part of the Energy Policy Act
of 1992, and not as part of the National Housing Act
which comprises this chapter.
Section was formerly classified as a note under sec-
tion 12712 of Title 42, The Public Health and Welfare.
AMENDMENTS
2008—Subsec. (a)(2)(C). Pub. L. 110–289, § 2123(1),
amended subpar. (C) generally. Prior to amendment,
text read as follows: ‘‘The cost of cost-effective energy
efficiency improvements shall not exceed the greater
of—
‘‘(i) 5 percent of the property value (not to exceed
$8,000); or
‘‘(ii) $4,000.’’
Subsec. (a)(2)(D). Pub. L. 110–289, § 2123(2), added sub-
par. (D).
Statutory Notes and Related Subsidiaries
SIMILAR PROVISIONS
Similar provisions were contained in Pub. L. 102–550,
title V, § 513, Oct. 28, 1992, 106 Stat. 3786.
§ 1701z–17. Increasing access and understanding
of energy efficient mortgages
(a) Definition
As used in this section, the term ‘‘energy effi-
cient mortgage’’ has the same meaning as given
that term in paragraph (24) of section 12704 of
title 42.
(b) Recommendations to eliminate barriers to
use of energy efficient mortgages
(1) In general
Not later than 180 days after July 30, 2008,
the Secretary of Housing and Urban Develop-
ment, in conjunction with the Secretary of
Energy and the Administrator of the Environ-
mental Protection Agency, shall consult
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 1702
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Federal law — U.S. Code and appendices · legal_authorities
Page 1562
TITLE 12—BANKS AND BANKING
§ 3751
1 See References in Text note below.
CHAPTER 38A—SINGLE FAMILY MORTGAGE
FORECLOSURE
Sec.
3751.
Findings and purpose.
3752.
Definitions.
3753.
Applicability.
3754.
Designation of foreclosure commissioner.
3755.
Prerequisites to foreclosure.
3756.
Commencement of foreclosure.
3757.
Notice of default and foreclosure sale.
3758.
Service of notice of foreclosure sale.
3759.
Presale reinstatement.
3760.
Conduct of sale; adjournment.
3761.
Foreclosure costs.
3762.
Disposition of sale proceeds.
3763.
Transfer of title and possession.
3764.
Record of foreclosure and sale.
3765.
Effect of sale.
3766.
Computation of time.
3767.
Severability.
3768.
Deficiency judgment.
§ 3751. Findings and purpose
(a) Findings
The Congress finds that—
(1) the disparate State laws under which
mortgages are foreclosed on behalf of the Sec-
retary covering 1- to 4-family residential prop-
erties—
(A) burden certain programs administered
by the Secretary;
(B) increase the costs of collecting obliga-
tions; and
(C) generally are a detriment to the com-
munity in which the properties are located;
(2) the long periods required to complete the
foreclosure of such mortgages under certain
State laws—
(A) lead to deterioration in the condition
of the properties involved;
(B) necessitate substantial Federal holding
expenditures;
(C) increase the risk of vandalism, fire
loss, depreciation, damage, and waste with
respect to the properties; and
(D) adversely affect the neighborhoods in
which the properties are located;
(3) these conditions seriously impair the
ability of the Secretary to protect the Federal
financial interest in the affected properties
and frustrate attainment of the objectives of
the underlyin
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 3751
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