§ 2701. — Congressional findings and declaration of purpose.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
TITLE 12--BANKS AND BANKING
CHAPTER 28--EMERGENCY MORTGAGE RELIEF
Sec. 2701. Congressional findings and declaration of purpose
(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.
(Pub. L. 94-50, title I, Sec. 102, July 2, 1975, 89 Stat. 249.)
Section 1 of Pub. L. 94-50 provided: ``That this Act [enacting this
chapter, amending sections 1723e and 1735b of this title and sections
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'.''
Section 101 of title I of Pub. L. 94-50 provided that: ``This title
[enacting this chapter] may be cited as the `Emergency Homeowners'