§ 2701. Congressional findings and declaration of purpose
272 words·~1 min read·
/usc/title-12/section-2701A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(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.)
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Cited by 25 sections · top 18
statutes-at-large
- Public Law 94–116Making appropriations for the Department of Housing and Urban Development, and for sundry Independent executive agencies, boards, bureaus, commissions, corporations, and offices for the fiscal year ending June 30, 1976, and the period ending September 30, 1976, and for other purposes
- Public Law 95–26Making supplemental appropriations for the fiscal year ending September 30, 1977, and for other purposes
- Public Law 94–50To authorize temporary assistance to help defray mortgage payments on homes owned by persons who are temporarily unemployed or underemployed as the result of adverse economic conditions
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- Pub. L. 94–50, title I, § 102
- 89 Stat. 249
- Pub. L. 94–50, § 1
- Pub. L. 94–50, title I, § 101
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§ 2701
Congressional findings and declaration of purpose
Fed. Reg.×14
Stat.×5
Stat. Comp.×3
C.F.R.×2
U.S.C.×1
Pub. L.Pub. L. 94–50, title I, § 102
Stat.89 Stat. 249
Pub. L.Pub. L. 94–50, § 1
Pub. L.Pub. L. 94–50, title I, § 101
Cites 5Cited by 25 across 5 sources