12-U.S.C.-2701
§2701 – Congressional Findings and Declaration of Purpose
Pathway
Title 12 > Chapter 28 > Section 2701
Details
- Reference: Section 2701
- Legend: §2701 – Congressional Findings and Declaration of Purpose
- USCode Year: 2013
Provision Content
(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.
(Pub. L. 94–50, title I, §102, July 2, 1975, 89 Stat. 249.)
Short Title
Pub. L. 94–50, §1, July 2, 1975, 89 Stat. 249, provided: That this Act [enacting this chapter, amending sections 1723e and 1735b of this title and sections 1452 and 4106 of Title 42, The Public Health and Welfare, enacting provisions set out as a note under this section, and amending provisions set out as a note under section 1723e of this title] may be cited as the ‘Emergency Housing Act of 1975’.
Pub. L. 94–50, title I, §101, July 2, 1975, 89 Stat. 249, provided that: This title [enacting this chapter] may be cited as the ‘Emergency Homeowners’ Relief Act’.
U.S. Encyclopedia of Law Coverage
12-U.S.C.-2615 in the Legal Encyclopedia: Banking Law
In this entry about 12-U.S.C.-2615, find legal reference material, bibliographies and premiere content related to banking law in the American Encyclopedia of Law, presenting a comprehensive view of the United States banking law-specific issues, written by authorities in the field.
12-U.S.C.-2279AA in the Legal Encyclopedia: Mortgage
In this entry about 12-U.S.C.-2279AA, find legal reference material, bibliographies and premiere content related to mortgage in the American Encyclopedia of Law, presenting a comprehensive view of the United States mortgage-specific issues, written by authorities in the field.
12-U.S.C.-1748 in the Legal Encyclopedia: Housing
In this entry about 12-U.S.C.-1748, find legal reference material, bibliographies and premiere content related to housing in the American Encyclopedia of Law, presenting a comprehensive view of the United States housing-specific issues, written by authorities in the field.
Leave a Reply