§ 2705. — Emergency mortgage relief payments.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC2705]
TITLE 12--BANKS AND BANKING
CHAPTER 28--EMERGENCY MORTGAGE RELIEF
Sec. 2705. Emergency mortgage relief payments
(a) Direct payments to mortgagee
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 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) Mortgages eligible; terms and conditions
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) Processing of relief payments; power of Secretary
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.
(Pub. L. 94-50, title I, Sec. 106, July 2, 1975, 89 Stat. 251.)
Section Referred to in Other Sections
This section is referred to in sections 2703, 2706, 2708 of this
title.