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Title 12 — Banks and BankingRelease 119-73not60

§2705 Emergency Mortgage Relief Payments

Title 12 › Chapter 28— EMERGENCY MORTGAGE RELIEF › § 2705

Last updated Apr 3, 2026|Official source

Summary

The Secretary can make repayable emergency mortgage relief payments directly to a lender that would otherwise be eligible under section 2704 but either cannot get advances under section 2712 or under sections 1430, 1430b, or 1431, or chooses not to take part in the section 2704 program. These payments are for homeowners whose loans are held by that lender and who are behind on payments, but only for mortgages that meet the rules in section 2702 and on the terms the Secretary sets, subject to section 2703. The Secretary may delegate processing and accept certifications to help make the payments quickly.

Full Legal Text

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.

Legislative History

Notes & Related Subsidiaries

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 (a), was repealed by Pub.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.

Reference

Citations & Metadata

Citation

12 U.S.C. § 2705

Title 12 — Banks and Banking

Last Updated

Apr 3, 2026

Release point: 119-73not60