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§ 1701l-1. —  Mortgage proceeds fraudulently misappropriated by mortgagor; recovery of deficiency after foreclosure.



[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
  January 24, 2002 and December 19, 2002]
[CITE: 12USC1701l-1]

 
                       TITLE 12--BANKS AND BANKING
 
                      CHAPTER 13--NATIONAL HOUSING
 
Sec. 1701l-1. Mortgage proceeds fraudulently misappropriated by 
        mortgagor; recovery of deficiency after foreclosure
        
    The Secretary of Housing and Urban Development shall take action to 
secure the payment of any deficiency after foreclosure on a mortgage 
insured or assisted under Federal law where the Secretary has reason to 
believe that the mortgage proceeds have been fraudulently 
misappropriated by the mortgagor.

(Pub. L. 93-383, title VIII, Sec. 819, Aug. 22, 1974, 88 Stat. 740.)

                          Codification

    Section was enacted as part of the Housing and Community Development 
Act of 1974, and not as part of the National Housing Act which comprises 
this chapter.



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