Title 12, Banks and BankingRelease 119-102
§2701 Congressional Findings and Declaration of Purpose
Title 12 › CHAPTER 28 — EMERGENCY MORTGAGE RELIEF › § 2701
Summary
Creates a backup program the government can use to give emergency loans and payments to homeowners. The help is to pay mortgage costs so people can avoid losing their homes during hard times. Congress found the country is in a deep recession with many people losing jobs and income. Because of that, many homeowners can’t keep up with mortgage payments but could stay in their homes with short-term financial help.
Full Legal Text
Title 12, §2701
Banks and Banking, Source: USLM XML via OLRC
(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.
Legislative History
Notes & Related Subsidiaries
Statutory Notes and Related Subsidiaries
Short Title
Pub. L. 94–50, § 1,
July 2, 1975, 89 Stat. 249, provided: “That this Act [enacting this chapter, amending section 1723e and 1735b of this title and section 1452 and 4106 of Title 42, The Public Health and Welfare, enacting provisions set out as a note under this section, and amending provisions set out as a note under section 1723e of this title] may be cited as the ‘Emergency Housing Act of 1975’.” Pub. L. 94–50, title I, § 101,
July 2, 1975, 89 Stat. 249, provided that: “This title [enacting this chapter] may be cited as the ‘Emergency Homeowners’ Relief Act’.”
Reference
Citations & Metadata
Citation
12 U.S.C. § 2701
Title 12, Banks and Banking
Last Updated
Aug 21, 2026
Release point: 119-102