|
|
U.S. Code, Title 12, Banks and Banking
Contents:
Show Summary
Hide Summary
General SummaryThe U.S. Code is a consolidation and codification by subject matter of the general and permanent laws of the United States. While every effort has been made to ensure that this reproduction of the Code is accurate, those using it for legal purposes should verify their results against the printed version of the Code available through the Government Printing Office.
§ 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, § 102, July 2, 1975, 89 Stat. 249.)
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’."
Contents:
Chicago: "U.S. Congress, Office of the Law Revision Counsel", "§ 2701. Congressional Findings and Declaration of Purpose," U.S. Code, Title 12, Banks and Banking in U.S. Code, Title 12, Banks and Banking (Washington, D.C.: Government Printing Office, 2002), Original Sources, accessed December 26, 2024, http://originalsources.com/Document.aspx?DocID=8NSVKVAJYAM3TPK.
MLA: "U.S. Congress, Office of the Law Revision Counsel". "§ 2701. Congressional Findings and Declaration of Purpose." U.S. Code, Title 12, Banks and Banking, in U.S. Code, Title 12, Banks and Banking, Washington, D.C., Government Printing Office, 2002, Original Sources. 26 Dec. 2024. http://originalsources.com/Document.aspx?DocID=8NSVKVAJYAM3TPK.
Harvard: "U.S. Congress, Office of the Law Revision Counsel", '§ 2701. Congressional Findings and Declaration of Purpose' in U.S. Code, Title 12, Banks and Banking. cited in 2002, U.S. Code, Title 12, Banks and Banking, Government Printing Office, Washington, D.C.. Original Sources, retrieved 26 December 2024, from http://originalsources.com/Document.aspx?DocID=8NSVKVAJYAM3TPK.
|