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§ 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]
[CITE: 12USC2701]

                       TITLE 12--BANKS AND BANKING
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.)

                               Short Title

    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' 
Relief Act'.''