§ 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.