§ 2709. — Waiver and relaxation by institutions and approved mortgagees of limitations with respect to mortgage delinquencies; notification to Federal supervisory agency prior to foreclosure proceedings.
[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. 2709. Waiver and relaxation by institutions and approved
mortgagees of limitations with respect to mortgage
delinquencies; notification to Federal supervisory agency prior
to foreclosure proceedings
Each Federal supervisory agency with respect to financial
institutions subject to its jurisdiction, and the Secretary, with
respect to other approved mortgagees, shall (1) prior to October 1,
1977, take appropriate action, not inconsistent with laws relating to
the safety or soundness of such institutions or mortgagee, as the case
may be, to waive or relax limitations pertaining to the operations of
such institutions or mortgagees with respect to mortgage delinquencies
in order to cause or encourage forebearance in residential mortgage loan
foreclosures, and (2) until one year from July 2, 1975, request each
such institution or mortgagee to notify that Federal supervisory agency,
the Secretary, and the mortgagor, at least thirty days prior to
instituting foreclosure proceedings in connection with any mortgage
loan. As used in this chapter the term ``Federal supervisory agency''
means the Board of Governors of the Federal Reserve System, the Board of
Directors of the Federal Deposit Insurance Corporation, the Comptroller
of the Currency, the Federal Home Loan Bank Board, the Federal Savings
and Loan Insurance Corporation, and the National Credit Union
(Pub. L. 94-50, title I, Sec. 110, July 2, 1975, 89 Stat. 253; Pub. L.
94-375, Sec. 13(b), Aug. 3, 1976, 90 Stat. 1075; Pub. L. 98-479, title
II, Sec. 204(m)(2), Oct. 17, 1984, 98 Stat. 2234.)
1984--Pub. L. 98-479 struck out subsection ``(a)'' designation.
1976--Subsec. (a). Pub. L. 94-375 substituted ``Each'' for ``Until
one year from July 2, 1975, each'', and inserted ``prior to October 1,
1977'' after ``(1)'', and ``until one year from July 2, 1975'' after
Transfer of Functions
Federal Home Loan Bank Board and Federal Savings and Loan Insurance
Corporation abolished and functions transferred, see sections 401 to 406
of Pub. L. 101-73, set out as a note under section 1437 of this title.