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8000 - Miscellaneous Statutes and Regulations
{{12-31-07 p.8547}}
EMERGENCY HOUSING ACT OF 1975
AN ACT
To 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.
Be it enacted by the Senate and House of Representatives of
the United States of America in Congress assembled.
* * * * *
NOTIFICATION
SEC. 110. Each Federal supervisory agency with respect to financial
institutions subject to its jurisdiction, and the Secretary, with
respect to other approved mortgagees, shall (1) prior to October 1,
1977, take appropriate action, not inconsistent with laws relating to
the safety or soundness of such institutions or mortgagee, as the case
may be, to waive or relax limitations pertaining to the operations of
such institutions or mortgagees with respect to mortgage delinquencies
in order to cause or encourage forebearance in residential mortgage
loan foreclosures, and (2) until one year from the date of enactment of
this title, request each such institution or mortgagee to notify that
Federal supervisory agency, the Secretary, and the mortgagor, at least
thirty days prior to instituting foreclosure proceedings in connection
with any mortgage loan. As used in this title the term "Federal
supervisory agency" means the Board of Governors of the Federal
Reserve System, the Board of Directors of the Federal Deposit Insurance
Corporation, the Comptroller of the Currency, the Federal Home Loan
Bank Board, the Federal Savings and Loan Insurance Corporation, and the
National Credit Union Administration.
[Codified to 12 U.S.C. 2709]
[Source: Section 110 of title I of the Act of July 2, 1975 (Pub.
L. No. 94-50; 89 Stat. 253), effective July 2, 1975, as amended by
section 13(b) of the Act of August 3, 1976 (Pub. L. No. 94-375; 90
Stat. 1075), effective August 3, 1976; and section 204(m)(2) of title
II of the Act of October 17, 1984 (Pub. L. No. 98-479; 98 Stat. 2234),
effective October 17, 1984]
* * * * *
FEDERAL DEPOSIT INSURANCE CORPORATION
ADVANCES
SEC. 113. Notwithstanding any other provision of law, the Federal
Deposit Insurance Corporation is authorized, upon such terms and
conditions as the Corporation may prescribe, to make such advances to
any insured bank as the Corporation determines may be necessary or
appropriate to facilitate participation by such bank in the program
authorized by this title. For the purpose of obtaining such funds as it
determines are necessary for such advances, the Corporation may borrow
from the Treasury as authorized in section 14 of the Federal Deposit
Insurance Act (12 U.S.C.
1824; 64 Stat. 890), and the Secretary of the Treasury is
authorized and directed to make loans to the Corporation for such
purpose in the same manner as loans may be made for insurance purposes
under such section, subject to the maximum limitation on outstanding
aggregate loans there provided.
[Codified to 12 U.S.C. 2712]
[Source: Section 113 of title I of the Act of July 2, 1975 (Pub.
L. No. 94-50; 89 Stat. 254), effective July 2, 1975]
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