Title 12 — Banks and Banking
Chapter 28 — Emergency Mortgage Relief
§ 2706. Emergency Homeowners’ Relief Fund
Statutory text
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—
for making payments in connection with defaulted loans or advances of credit insured under section 2704 of this title;
for making emergency mortgage relief payments under section 2705 of this title;
to pay such administrative expenses (or portion of such expenses) of carrying out the provisions of this chapter as the Secretary may deem necessary.
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.
Pub. L. 94–50 title I § 107 · 89 Stat. 249
Enacted · 12 U.S.C. § 2706
Pub. L. 94–50, title I, § 107, July 2, 1975, 89 Stat. 252
Source evidence
Code source credit
Pub. L. 94–50, title I, § 107, July 2, 1975, 89 Stat. 252Enacted provision · exact public law section
Sec. 107. emergency homeowners’ relief fund (a) (1) To carry out the purposes of this title, the Secretary is authorized to establish in the. Treasury of the United States an Emergency Homeowners’ Belief Fund (hereinafter in this title referred to as the “fund”) which shall be available to the Secretary without fiscal year limitation— (A) for making payments in connection with defaulted loans or advances of credit insured under section 105 of this title; (B) for making emergency mortgage relief payments under section 106 of this title.; (C) to pay such administrative expenses (or portion of such expenses) of carrying out the provisions of this title as the Secretary may deem necessary. (2) The fund shall be credited with— (A) all amounts received by the. Secretary as premium charges for insurance or as repayment for emergency mortgage relief payments under this title and all receipts, earnings, collections, or proceeds derived from any claim or other assets acquired by the Secretary under this Act; and (B) such amounts as may be appropriated for the purposes of this title.Housing and Community Development Technical Amendments Act of 1984
Pub. L. 98–479 § 204(m)(1)(A) · 98 Stat. 2218
Redesignated · 12 U.S.C. § 2706(a)
Pub. L. 98–479, § 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
Source evidence
Code amendment note
Subsec. (a). Pub. L. 98–479, § 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.Enacted provision · exact public law section
(A) by striking out “(a)(1)” and inserting in lieu thereof “(a)”;Housing and Community Development Technical Amendments Act of 1984
Pub. L. 98–479 § 204(m)(1)(C) · 98 Stat. 2218
Redesignated · 12 U.S.C. § 2706(b)
Pub. L. 98–479, § 204(m)(1)(C), (D), redesignated subsec. (a)(2) as subsec. (b) and subpars. (A) and (B) as pars. (1) and (2), respectively
Source evidence
Code amendment note
Subsec. (b). Pub. L. 98–479, § 204(m)(1)(C), (D), redesignated subsec. (a)(2) as subsec. (b) and subpars. (A) and (B) as pars. (1) and (2), respectively.Enacted provision · exact public law section
(C) by redesignating paragraph (2) as subsection (b); andMortgage Reform and Anti-Predatory Lending Act
Pub. L. 111–203 title XIV § 1496(b)(4) · 124 Stat. 1376
Struck · 12 U.S.C. § 2706
Pub. L. 111–203 struck out subsec. (a) designation before “To carry out” and subsec. (b) which read as follows: “The fund shall be credited with—
Source evidence
Code amendment note
Pub. L. 111–203 struck out subsec. (a) designation before “To carry out” and subsec. (b) which read as follows: “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 chapter.”
Enacted provision · exact public law section
(4) in 12 USC 2706. section 107— (A) by striking “(a)”; and (B) by striking subsection (b);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
Editorial Notes
Amendments1984–2010 · 2 rounds
2010
Pub. L. 111–203 struck out subsec. (a) designation before “To carry out” and subsec. (b) which read as follows: “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 chapter.”
1984
Subsec. (a). Pub. L. 98–479, § 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, § 204(m)(1)(C), (D), redesignated subsec. (a)(2) as subsec. (b) and subpars. (A) and (B) as pars. (1) and (2), respectively.
Statutory Notes and Related Subsidiaries
Effective Date of 2010 Amendment
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.
Emergency Mortgage Relief
Pub. L. 111–203, title XIV, § 1496(a), , 124 Stat. 2207, provided that: “Effective , and notwithstanding any other provision of law, there is hereby made available to the Secretary of Housing and Urban Development such sums as are necessary to provide $1,000,000,000 in assistance through the Emergency Homeowners’ Relief Fund, which such Secretary shall establish pursuant to section 107 of the Emergency Housing Act of 1975 (12 U.S.C. 2706), as such Act is amended by this section, for use for emergency mortgage assistance in accordance with title I of such Act [12 U.S.C. 2701 et seq.].”