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§ 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.



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