§ 2702. Mortgages eligible for assistance

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1975

   Pub. L. 94–50 title I § 103 · 89 Stat. 249

   Enacted · 12 U.S.C. § 2702

   Pub. L. 94–50, title I, § 103, July 2, 1975, 89 Stat. 249

   Source evidence

   Code source credit
   Pub. L. 94–50, title I, § 103, July 2, 1975, 89 Stat. 249

   Enacted provision · exact public law section
   Sec. 103. mortgages eligible for assistance No assistance shall be extended with respect to any mortgage 12 USC 2702. under this title unless— (1) the holder of the mortgage has indicated to the mortgagor its intention to foreclose; (2) the mortgagor and holder of the mortgage have indicated in writing to the Secretary of Housing and Urban Development (hereinafter referred to as the “Secretary”) and to any agency or department of the Federal Government responsible for the regulation of the holder that circumstances (such as the volume of delinquent loans in its portfolio) make it probable that there will be a foreclosure and that the mortgagor is in need of emergency mortgage relief as authorized by this title, except that such statement by the holder of the mortgage may be waived by the Secretary if in his judgment such waiver would further the purposes of this title; (3) payments under the mortgage have been delinquent for at least three months; (4) the mortgagor has incurred a substantial reduction in income as a result of involuntary unemployment or under-employment due to adverse economic conditions and is financially unable to make full mortgage payments; (5) there is a reasonable prospect that the mortgagor will be able to make the adjustments necessary for a full resumption of mortgage payments; and (6) the mortgaged property is the principal residence of the mortgagor.

2. 2010

   Mortgage Reform and Anti-Predatory Lending Act

   Pub. L. 111–203 § 1496(b)(1)(A) · 124 Stat. 1376

   1. Substituted · 12 U.S.C. § 2702(2)

      Pub. L. 111–203, § 1496(b)(1)(A), substituted “have certified” for “have indicated in writing to the Secretary of Housing and Urban Development (hereinafter referred to as the ‘Secretary’) and to any agency or department of the Federal Government responsible for the regulation of the holder”

   2. Struck · 12 U.S.C. § 2702(2)

      Pub. L. 111–203, § 1496(b)(1)(A), struck out “(such as the volume of delinquent loans in its portfolio)” after “circumstances” and “, except that such statement by the holder of the mortgage may be waived by the Secretary if in his judgment such waiver would further the purposes of this chapter” after “by this chapter”

   Source evidence

   Code amendment note
   Par. (2). Pub. L. 111–203, § 1496(b)(1)(A), substituted “have certified” for “have indicated in writing to the Secretary of Housing and Urban Development (hereinafter referred to as the ‘Secretary’) and to any agency or department of the Federal Government responsible for the regulation of the holder” and struck out “(such as the volume of delinquent loans in its portfolio)” after “circumstances” and “, except that such statement by the holder of the mortgage may be waived by the Secretary if in his judgment such waiver would further the purposes of this chapter” after “by this chapter”.

   Enacted provision · exact public law section
   (A) in paragraph (2)— (i) by striking “have indicated” and all that follows through “regulation of the holder” and insert “have certified”; (ii) by striking “(such as the volume of delinquent loans in its portfolio)”; and (iii) by striking “, except that such statement” and all that follows through “purposes of this title”; and

   Effective date note
   Amendment by Pub. L. 111–203 effective on the date on which final regulations implementing that amendment take effect, or on the date that is 18 months after the designated transfer date if such regulations have not been issued by that date, see section 1400(c) of Pub. L. 111–203, set out as a note under section 1601 of Title 15, Commerce and Trade.

3. 2010

   Mortgage Reform and Anti-Predatory Lending Act

   Pub. L. 111–203 § 1496(b)(1)(B) · 124 Stat. 1376

   Inserted · 12 U.S.C. § 2702(4)

   Pub. L. 111–203, § 1496(b)(1)(B), inserted “or medical conditions” after “adverse economic conditions”

   Source evidence

   Code amendment note
   Par. (4). Pub. L. 111–203, § 1496(b)(1)(B), inserted “or medical conditions” after “adverse economic conditions”.

   Enacted provision · exact public law section
   (B) in paragraph (4), by inserting “or medical conditions” after “adverse economic conditions”;

   Effective date note
   Amendment by Pub. L. 111–203 effective on the date on which final regulations implementing that amendment take effect, or on the date that is 18 months after the designated transfer date if such regulations have not been issued by that date, see section 1400(c) of Pub. L. 111–203, set out as a note under section 1601 of Title 15, Commerce and Trade.

4 of 4 references resolved to an enrolled provision