8000 - Miscellaneous Statutes and Regulations
EMERGENCY HOUSING ACT OF 1975
To authorize temporary assistance to help defray mortgage payments on homes owned by persons who are temporarily unemployed or underemployed as the result of adverse economic conditions.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled.
SEC. 110. 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 the date of enactment of this title, 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 title 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 Housing Finance Agency, and the National Credit Union Administration.
[Codified to 12 U.S.C. 2709]
[Source: Section 110 of title I of the Act of July 2, 1975 (Pub. L. No. 94-50; 89 Stat. 253), effective July 2, 1975, as amended by section 13(b) of the Act of August 3, 1976 (Pub. L. No. 94-375; 90 Stat. 1075), effective August 3, 1976; and section 204(m)(2) of title II of the Act of October 17, 1984 (Pub. L. No. 98-479; 98 Stat. 2234), effective October 17, 1984; section 361 of title III of the Act of July 21, 2010 (Pub. L. No. 111--203; 124 Stat. 1549), and section 149(b)(7) of title XIV of the Act of July 21, 2010 (Pub. L. No. 111--203; 124 Stat. 2209), effective July 21, 2010]
FEDERAL DEPOSIT INSURANCE CORPORATION ADVANCES
SEC. 113. Notwithstanding any other provision of law, the Federal Deposit Insurance Corporation is authorized, upon such terms and conditions as the Corporation may prescribe, to make such advances to any insured bank as the Corporation determines may be necessary or appropriate to facilitate participation by such bank in the program authorized by this title. For the purpose of obtaining such funds as it determines are necessary for such advances, the Corporation may borrow from the Treasury as authorized in section 14 of the Federal Deposit Insurance Act (12 U.S.C. 1824; 64 Stat. 890), and the Secretary of the Treasury is authorized and directed to make loans to the Corporation for such purpose in the same manner as loans may be made for insurance purposes under such section, subject to the maximum limitation on outstanding aggregate loans there provided.
[Codified to 12 U.S.C. 2712]
[Source: Section 113 of title I of the Act of July 2, 1975 (Pub. L. No. 94-50; 89 Stat. 254), effective July 2, 1975]