§ 2706. — Emergency Homeowners' Relief Fund.
[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. 2706. Emergency Homeowners' Relief Fund
(a) To carry out the purposes of this chapter, the Secretary is
authorized to establish in the Treasury of the United States an
Emergency Homeowners' Relief Fund (hereinafter in this chapter referred
to as the ``fund'') which shall be available to the Secretary without
fiscal year limitation--
(1) for making payments in connection with defaulted loans or
advances of credit insured under section 2704 of this title;
(2) for making emergency mortgage relief payments under section
2705 of this title;
(3) to pay such administrative expenses (or portion of such
expenses) of carrying out the provisions of this chapter as the
Secretary may deem necessary.
(b) The fund shall be credited with--
(1) all amounts received by the Secretary as premium charges for
insurance or as repayment for emergency mortgage relief payments
under this chapter and all receipts, earnings, collections, or
proceeds derived from any claim or other assets acquired by the
Secretary under this Act; and
(2) such amounts as may be appropriated for the purposes of this
(Pub. L. 94-50, title I, Sec. 107, July 2, 1975, 89 Stat. 252; Pub. L.
98-479, title II, Sec. 204(m)(1), Oct. 17, 1984, 98 Stat. 2234.)
References in Text
This Act, referred to in subsec. (b)(1), is Pub. L. 94-50, July 2,
1975, 89 Stat. 249, as amended, known as the Emergency Housing Act of
1975, which in addition to enacting this chapter, amended sections
1723e, 1723e note and 1735b of this title, and sections 1452 and 4106 of
Title 42, The Public Health and Welfare. For complete classification of
this Act to the Code, see Short Title note set out under section 2701 of
this title and Tables.
1984--Subsec. (a). Pub. L. 98-479, Sec. 204(m)(1)(A), (B),
redesignated subsec. (a)(1) as subsec. (a) and subpars. (A), (B), and
(C) as pars. (1), (2), and (3), respectively.
Subsec. (b). Pub. L. 98-479, Sec. 204(m)(1)(C), (D), redesignated
subsec. (a)(2) as subsec. (b) and subpars. (A) and (B) as pars. (1) and