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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
in plain englishAI-generated · not legal advice
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 actual law source: uscode.house.gov ↗public domain
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.)
history & why it existsrecord from the source credit
- 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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