12 U.S.C. § 1701l–1 — Mortgage proceeds fraudulently misappropriated by mortgagor; recovery of deficiency after foreclosure
submitted 52 years ago by Pub. L. 93-383 to r/title-12-BANKS-AND-BANKING · 46 words · no verdicts yet
This section directs the Secretary to secure payment of a foreclosure deficiency when mortgage proceeds were fraudulently misappropriated by the mortgagor.
The Secretary of Housing and Urban Development shall act to secure payment of any deficiency remaining after foreclosure on a mortgage insured or assisted under Federal law when the Secretary has reason to believe the mortgagor fraudulently misappropriated the mortgage proceeds.
The Secretary of Housing and Urban Development shall take action to secure the payment of any deficiency after foreclosure on a mortgage insured or assisted under Federal law where the Secretary has reason to believe that the mortgage proceeds have been fraudulently misappropriated by the mortgagor.
Source credit: (Pub. L. 93–383, title VIII, § 819, Aug. 22, 1974, 88 Stat. 740.)
- 1974Enacted · Pub. L. 93-383 · 88 Stat. 740
A history note hasn’t been published yet. The record shows enactment by Pub. L. 93-383 on 1974-08-22.
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