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12 U.S.C. § 2701 — Congressional findings and declaration of purpose
Federal law — U.S. Code and appendices · legal_authorities
**(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.
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Stable record: federal_law:legal_authorities:record_usc_8725a649d06f2557b4d8cc27
Source file: Laws/federal/codes/united-states-code/title-12/section-2701-congressional-findings-and-declaration-of-purpose--3a5bb3bdaa.md
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Source location: Title 12, Chapter 28, § 2701; chapter-028-emergency-mortgage-relief.md
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**(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.
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section, act June 27, 1934, ch. 847, title II, § 217, as added Sept. 1, 1951, ch. 378, title VI, § 607, 65 Stat. 315; amended July 14, 1952, ch. 723, § 2, 66 Stat. 601; June 30, 1953, ch. 170, § 7, 67 Stat. 123; Aug. 2, 1954, ch. 649, title I, § 121, 68 Stat. 596; Mar. 11, 1955, ch. 10, 69 Stat. 11; Aug. 11, 1955, ch. 783, title I, § 102(f), 69 Stat. 636; Aug. 7, 1956, ch. 1029, title I, § 106, 70 Stat. 1094; June 4, 1958, Pub. L. 85–442, 72 Stat. 176; Sept. 23, 1959, Pub. L. 86–372, title I, § 107, 73 Stat. 657; May 25, 1961, Pub. L. 87–38, 75 Stat. 85; June 30, 1961, Pub. L. 87–70, title VI, § 604(c), 75 Stat. 177; Aug. 10, 1965, Pub. L. 89–117, title II, § 202(b), 79 Stat. 465; Sept. 30, 1969, Pub. L. 91–78, § 2(b), 83 Stat. 125; Dec. 24, 1969, Pub. L. 91–152, title I, § 101(b), 83 Stat. 379; Oct. 2, 1970, Pub. L. 91–432, § 1(b), 84 Stat. 887; Oct. 21, 1970, Pub. L. 91–473, § 1(b), 84 Stat. 1064; Dec. 1, 1970, Pub. L. 91–525, § 1(b), 84 Stat. 1384; Dec. 31, 1970, Pub. L. 91–609, title I, § 101(b), 84 Stat. 1770; Oct. 18, 1972, Pub. L. 92–503, § 1(b), 86 Stat. 906; Aug. 10, 1973, Pub. L. 93–85, § 1(b), 87 Stat. 220; Oct. 2, 1973, Pub. L. 93–117, § 1(b), 87 Stat. 421; Aug. 22, 1974, Pub. L. 93–383, title III, § 316(b), 88 Stat. 685; June 30, 1977, Pub. L. 95–60, § 1(b), 91 Stat. 257; July 31, 1977, Pub. L. 95–80, § 1(b), 91 Stat. 339; Oct. 12, 1977, Pub. L. 95–128, title III, § 301(b), 91 Stat. 1131; Sept. 30, 1978, Pub. L. 95–406, § 1(b), 92 Stat. 879; Oct. 31, 1978, Pub. L. 95–557, title III, § 301(b), 92 Stat. 2096; Sept. 28, 1979, Pub. L. 96–71, § 1(b), 93 Stat. 501; Nov. 8, 1979, Pub. L. 96–105, § 1(b), 93 Stat. 794; Dec. 21, 1979, Pub. L. 96–153, title III, § 301(b), 93 Stat. 1111; Oct. 3, 1980, Pub. L. 96–372, § 1(b), 94 Stat. 1363; Oct. 8,
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1723e
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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 1457
TITLE 12—BANKS AND BANKING
§ 2701
1 Probably should be ‘‘The Bureau’’.
tions, and to grant such reasonable exemptions
for classes of transactions, as may be necessary
to achieve the purposes of this chapter.
(b) Liability for acts done in good faith in con-
formity with rule, regulation, or interpreta-
tion
No provision of this chapter or the laws of any
State imposing any liability shall apply to any
act done or omitted in good faith in conformity
with any rule, regulation, or interpretation
thereof by the Bureau or the Attorney General,
notwithstanding that after such act or omission
has occurred, such rule, regulation, or interpre-
tation is amended, rescinded, or determined by
judicial or other authority to be invalid for any
reason.
(c) Investigations; hearings; failure to obey
order; contempt
(1) The Secretary 1 may investigate any facts,
conditions, practices, or matters that may be
deemed necessary or proper to aid in the en-
forcement of the provisions of this chapter, in
prescribing of rules and regulations thereunder,
or in securing information to serve as a basis for
recommending further legislation concerning
real estate settlement practices. To aid in the
investigations, the Bureau is authorized to hold
such hearings, administer such oaths, and re-
quire by subpena the attendance and testimony
of such witnesses and production of such docu-
ments as the Bureau deems advisable.
(2) Any district court of the United States
within the jurisdiction of which an inquiry is
carried on may, in the case of contumacy or re-
fusal to obey a subpena of the Bureau issued
under this section, issue an order requiring com-
pliance therewith; and any failure to obey such
order of the court may be punished by such
court as a contempt t
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 2701
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