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Title 12, Banks and BankingRelease 119-73not60

§1701z–7 Studies to Determine Extent of Need for Counseling to Mortgagors; Report to Congress

Title 12 › Chapter 13— NATIONAL HOUSING › § 1701z–7

Last updated Apr 3, 2026|Official source

Summary

The Secretary must run studies and demonstration projects in at least three metropolitan areas. The work must find how much homebuyers and homeowners need, and whether it is cost-effective, to get counseling before buying and help when payments are late or a loan is in default, for single-family homes insured under the unsubsidized mortgage programs of the National Housing Act. Within one year from August 3, 1976, the Secretary must send Congress an interim report on the progress and must give an estimated date when the final report will be ready.

Full Legal Text

Title 12, §1701z–7

Banks and Banking, Source: USLM XML via OLRC

(a)In carrying out activities under section 1701z–1 of this title, the Secretary is directed to undertake programs of studies and demonstrations within at least three standard metropolitan statistical areas to determine the extent of need for and cost effectiveness of providing pre-purchase, default and delinquency counseling and related services to owners and purchasers of single-family dwellings insured or to be insured under the unsubsidized mortgage insurance programs of the National Housing Act [12 U.S.C. 1701 et seq.].
(b)Within one year from August 3, 1976, the Secretary shall submit an interim report to the Congress with respect to the progress made under such studies and demonstrations, including an estimate as to the date when a final report on the results of such demonstrations will be made available to the Congress.

Legislative History

Notes & Related Subsidiaries

Editorial Notes

References in Text

The National Housing Act, referred to in subsec. (a), is act June 27, 1934, ch. 847, 48 Stat. 1246, which is classified principally to this chapter (§ 1701 et seq.). For complete classification of this Act to the Code, see section 1701 of this title and Tables. Codification Section was enacted as part of the Housing and Urban Development Act of 1970, and not as part of the National Housing Act which comprises this chapter.

Reference

Citations & Metadata

Citation

12 U.S.C. § 1701z–7

Title 12, Banks and Banking

Last Updated

Apr 3, 2026

Release point: 119-73not60