12 U.S.C. § 2701 — Congressional findings and declaration of purpose
submitted 51 years ago by Pub. L. 94-50 to r/title-12-BANKS-AND-BANKING · 150 words · no verdicts yet
A translation hasn’t been published for this section yet. The official text below is complete and authoritative.
The Congress finds that—
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;
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
many of these homeowners could retain their homes with temporary financial assistance until economic conditions improve.
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 credit: (Pub. L. 94–50, title I, § 102, July 2, 1975, 89 Stat. 249.)
- 1975Enacted · Pub. L. 94-50 · 89 Stat. 249
A history note hasn’t been published yet. The record shows enactment by Pub. L. 94-50 on 1975-07-02.
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