§2705 — Title 12 Banks and Banking | U.S. Code

Summary

The Secretary may make repayable emergency mortgage relief payments directly to a lender on behalf of homeowners who are behind on their mortgage payments when that lender could join the program under section 2704 but either cannot get an advance under section 2712 or sections 1430, 1430b, or 1431 or chooses not to join. Those payments are allowed only for mortgages that meet the rules in section 2702 and only on the terms the Secretary sets, subject to section 2703. The Secretary can also give others authority and accept certifications to help process the payments quickly and efficiently.

Title 12, §2705

Banks and Banking — Source: USLM XML via OLRC

(a)In the case of any mortgagee which would otherwise be eligible to participate in the program authorized under section 2704 of this title but does not qualify for an advance or advances as authorized by section 2712 11 See References in Text note below. of this title or under section 1430, 1430b, or 1431 of this title or otherwise elects not to participate in the program authorized under section 2704 of this title, the Secretary is authorized to make repayable emergency mortgage relief payments directly to such mortgagee on behalf of homeowners whose mortgages are held by such financial institution and who are delinquent in their mortgage payments.

(b)Emergency mortgage relief payments shall be made under this section only with respect to a mortgage which meets the requirements of section 2702 of this title and only on such terms and conditions as the Secretary may prescribe, subject to the provisions of section 2703 of this title.

(c)The Secretary may make such delegations and accept such certifications with respect to the processing of mortgage relief payments provided under this section as he deems appropriate to facilitate the prompt and efficient implementation of the assistance authorized under this section.

Editorial Notes

References in Text

section 2712 of this title, referred to in subsec. (a), was repealed by Pub. L. 111–203, title XIV, § 1496(b)(7), July 21, 2010, 124 Stat. 2209.

§2705 Emergency mortgage relief payments

Summary

Title 12, §2705

Notes & Related Subsidiaries

Editorial Notes

References in Text

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