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12 U.S.C. § 2706 — Emergency Homeowners’ Relief Fund
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.
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Stable record: federal_law:legal_authorities:record_usc_f124c5ea9dfcdb1b20301388
Source file: Laws/federal/codes/united-states-code/title-12/section-2706-emergency-homeowners-relief-fund--9cc1250017.md
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Source location: Title 12, Chapter 28, § 2706; chapter-028-emergency-mortgage-relief.md
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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.
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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
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2704
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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)** 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.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2701
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Federal law — U.S. Code and appendices · legal_authorities
Page 1460
TITLE 12—BANKS AND BANKING
§ 2705
1 See References in Text note below.
under this section shall be final and incontest-
able 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 re-
purchase of the obligation shall have been made
on behalf of the United States prior to the expi-
ration of such two-year period. The Secretary is
authorized to transfer to any financial institu-
tion approved for insurance under this chapter
any insurance in connection with any loan
which may be sold to it by another insured fi-
nancial institution.
(d) Maximum aggregate amount of loans and ad-
vances insured
The aggregate amount of loans and advances
insured under this section and emergency mort-
gage relief payments made under section 2705 of
this title 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 pay-
ments made under section 2705 of this title 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.
(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.)
Editorial Notes
AMENDMENTS
2010—Subsecs.
(b)
to
(d).
Pub.
L.
111–203,
§ 1496(b)(3)(A), (C), redesignated subsecs. (c) to (e) as (b)
to (d), respectively, and struck out former subsec. (b).
Prior to amendment, text of subsec. (b) read as follows:
‘‘In no case shall the insurance granted by the Sec
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 2706
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