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12 U.S.C. § 2708 — Expiration date

Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 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.

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Source location: Title 12, Chapter 28, § 2708; chapter-028-emergency-mortgage-relief.md

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 2705 — Emergency mortgage relief payments

**(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.

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 1601 — Congressional findings and declaration of purpose

**(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.

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 2708 — Expiration date

Page 1461 TITLE 12—BANKS AND BANKING § 2708 emergency mortgage relief payments under this chapter and all receipts, earnings, collections, or pro- ceeds derived from any claim or other assets acquired by the Secretary under this Act; and ‘‘(2) such amounts as may be appropriated for the purposes of this chapter.’’ 1984—Subsec. (a). Pub. L. 98–479, § 204(m)(1)(A), (B), re- designated subsec. (a)(1) as subsec. (a) and subpars. (A), (B), and (C) as pars. (1), (2), and (3), respectively. Subsec. (b). Pub. L. 98–479, § 204(m)(1)(C), (D), redesig- nated subsec. (a)(2) as subsec. (b) and subpars. (A) and (B) as pars. (1) and (2), respectively. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2010 AMENDMENT Amendment by Pub. L. 111–203 effective on the date on which final regulations implementing that amend- ment take effect, or on the date that is 18 months after the designated transfer date if such regulations have not been issued by that date, see section 1400(c) of Pub. L. 111–203, set out as a note under section 1601 of Title 15, Commerce and Trade. EMERGENCY MORTGAGE RELIEF Pub. L. 111–203, title XIV, § 1496(a), July 21, 2010, 124 Stat. 2207, provided that: ‘‘Effective October 1, 2010, and notwithstanding any other provision of law, there is hereby made available to the Secretary of Housing and Urban Development such sums as are necessary to pro- vide $1,000,000,000 in assistance through the Emergency Homeowners’ Relief Fund, which such Secretary shall establish pursuant to section 107 of the Emergency Housing Act of 1975 (12 U.S.C. 2706), as such Act is amended by this section, for use for emergency mort- gage assistance in accordance with title I of such Act [12 U.S.C. 2701 et seq.].’’ § 2707. Authority of Secretary (a) Rules and regu

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