<num style="-uslm-dtd:enum" value="I">TITLE I—</num><heading style="-uslm-dtd:header">EMERGENCY MORTGAGE RELIEF </heading> <section style="-uslm-dtd:section" identifier="/us/sComp/94/50/tI/s101" styleType="traditional"> <heading style="-uslm-dtd:header">short title </heading> <num style="-uslm-dtd:enum" value="101">Sec. 101. </num><editorialNote style="-uslm-dtd:usc-reference" role="uscRef"><b>[</b><ref href="/us/usc/t12/s2701">12 U.S.C. 2701 note</ref><b>]</b> </editorialNote><content style="-uslm-dtd:text">This title may be cited as the “<shortTitle style="-uslm-dtd:quote"><inline style="-uslm-dtd:short-title">Emergency Homeowners' Relief Act.</inline></shortTitle>”</content> </section> <section style="-uslm-dtd:section" identifier="/us/sComp/94/50/tI/s102" styleType="traditional"> <heading style="-uslm-dtd:header">findings and purpose </heading> <num style="-uslm-dtd:enum" value="102">Sec. 102. </num><editorialNote style="-uslm-dtd:usc-reference" role="uscRef"><b>[</b><ref href="/us/usc/t12/s2701">12 U.S.C. 2701</ref><b>]</b> </editorialNote><subsection style="-uslm-dtd:subsection" identifier="/us/sComp/94/50/tI/s102/a" styleType="OLC" class="inline"><num style="-uslm-dtd:enum" value="a">(a) </num><chapeau style="-uslm-dtd:text">The Congress finds that—</chapeau> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/94/50/tI/s102/a/1" styleType="OLC"> <num style="-uslm-dtd:enum" value="1">(1) </num><content style="-uslm-dtd:text">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;</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/94/50/tI/s102/a/2" styleType="OLC"> <num style="-uslm-dtd:enum" value="2">(2) </num><content style="-uslm-dtd:text">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</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/94/50/tI/s102/a/3" styleType="OLC"> <num style="-uslm-dtd:enum" value="3">(3) </num><content style="-uslm-dtd:text">many of these homeowners could retain their homes with temporary financial assistance until economic conditions improve.</content> </paragraph></subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/94/50/tI/s102/b" styleType="OLC"> <num style="-uslm-dtd:enum" value="b">(b) </num><content style="-uslm-dtd:text">It is the purpose of this title 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.</content> </subsection> </section> <section style="-uslm-dtd:section" identifier="/us/sComp/94/50/tI/s103" styleType="traditional"> <heading style="-uslm-dtd:header">mortgages eligible for assistance </heading> <num style="-uslm-dtd:enum" value="103">Sec. 103. </num><editorialNote style="-uslm-dtd:usc-reference" role="uscRef"><b>[</b><ref href="/us/usc/t12/s2702">12 U.S.C. 2702</ref><b>]</b> </editorialNote><chapeau style="-uslm-dtd:text">No assistance shall be extended with respect to any mortgage under this title unless—</chapeau> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/94/50/tI/s103/1" styleType="OLC"> <num style="-uslm-dtd:enum" value="1">(1) </num><content style="-uslm-dtd:text">the holder of the mortgage has indicated to the mortgagor its intention to foreclose;</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/94/50/tI/s103/2" styleType="OLC"> <num style="-uslm-dtd:enum" value="2">(2) </num><content style="-uslm-dtd:text">the mortgagor and holder of the mortgage have certified that circumstances 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;</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/94/50/tI/s103/3" styleType="OLC"> <num style="-uslm-dtd:enum" value="3">(3) </num><content style="-uslm-dtd:text">payments under the mortgage have been delinquent for at least three months;</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/94/50/tI/s103/4" styleType="OLC"> <num style="-uslm-dtd:enum" value="4">(4) </num><content style="-uslm-dtd:text">the mortgagor has incurred a substantial reduction in income as a result of involuntary unemployment or underemployment due to adverse economic conditions or medical conditions and is financially unable to make full mortgage payments;</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/94/50/tI/s103/5" styleType="OLC"> <num style="-uslm-dtd:enum" value="5">(5) </num><content style="-uslm-dtd:text">there is a reasonable prospect that the mortgagor will be able to make the adjustments necessary for a full resumption of mortgage payments; and</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/94/50/tI/s103/6" styleType="OLC"> <num style="-uslm-dtd:enum" value="6">(6) </num><content style="-uslm-dtd:text">the mortgaged property is the principal residence of the mortgagor.</content> </paragraph> </section> <section style="-uslm-dtd:section" identifier="/us/sComp/94/50/tI/s104" styleType="traditional"> <heading style="-uslm-dtd:header">limits of assistance </heading> <num style="-uslm-dtd:enum" value="104">Sec. 104. </num><editorialNote style="-uslm-dtd:usc-reference" role="uscRef"><b>[</b><ref href="/us/usc/t12/s2703">12 U.S.C. 2703</ref><b>]</b> </editorialNote><subsection style="-uslm-dtd:subsection" identifier="/us/sComp/94/50/tI/s104/a" styleType="OLC" class="inline"><num style="-uslm-dtd:enum" value="a">(a) </num><content style="-uslm-dtd:text">Assistance under this title with respect to a mortgage which meets the requirements of section 103 may be provided in the form of emergency mortgage relief loans and advances of credit insured pursuant to section 105 or in the form of emergency mortgage relief payments made by the Secretary pursuant to section 106.</content></subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/94/50/tI/s104/b" styleType="OLC"> <num style="-uslm-dtd:enum" value="b">(b) </num><content style="-uslm-dtd:text">Assistance under this title on behalf of a homeowner may be made available in an amount up to the amount of the principal, interest, taxes, ground rents, hazard insurance, and mortgage insurance premiums due under the homeowner's mortgage . The amount of assistance provided to a homeowner under this title shall be an amount that the Secretary determines is reasonably necessary to supplement such amount as the homeowner is capable of contributing toward such mortgage payment, except that the aggregate amount of such assistance provided for any homeowner shall not exceed $50,000.</content> </subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/94/50/tI/s104/c" styleType="OLC"> <num style="-uslm-dtd:enum" value="c">(c) </num><content style="-uslm-dtd:text">Monthly payments may be provided under this title either with the proceeds of an insured loan or advance of credit or with emergency mortgage relief payments for up to twelve months, and, in accordance with criteria prescribed by the Secretary, such monthly payments may be extended once for up to twelve additional months. A mortgagor receiving the benefit of mortgage relief assistance pursuant to this title shall be required, in accordance, with criteria prescribed by the Secretary, to report any increase in income which will permit a reduction or termination of such assistance during this period.</content> </subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/94/50/tI/s104/d" styleType="OLC"> <num style="-uslm-dtd:enum" value="d">(d) </num><content style="-uslm-dtd:text">Emergency loans or advances of credit made and insured under section 105, and emergency mortgage relief payments made under section 106, shall be repayable by the homeowner upon such terms and conditions as the Secretary shall prescribe, except that (1) the rate of interest on any loan or advance of credit insured under this title shall be fixed for the life of the loan or advance of credit and shall not exceed the rate of interest that is generally charged for mortgages on single-family housing insured by the Secretary of Housing and Urban Development under title II of the National Housing Act at the time such loan or advance of credit is made, and (2) no interest shall be charged on interest which is deferred on a loan or advance of credit made under this title. In establishing rates, terms and conditions for loans or advances of credit made under this title, the Secretary shall take into account a homeowner's ability to repay such loan or advance of credit.</content> </subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/94/50/tI/s104/e" styleType="OLC"> <num style="-uslm-dtd:enum" value="e">(e) </num><content style="-uslm-dtd:text">The Secretary may provide for the deferral of the commencement of the repayment of a loan or advance insured under section 105 or emergency mortgage relief payments made under section 106 until one year following the date of the last disbursement of the proceeds of the loan or advance or payments or for such longer period as the Secretary determines would further the purpose of this title. Any eligible homeowner who receives a grant or an advance of credit under this title may repay the loan in full, without penalty, by lump sum or by installment payments at any time before the loan becomes due and payable. The Secretary shall by regulation require such security for the repayment of insured loans or advances of credit or emergency mortgage relief payments as he deems appropriate and may require that such repayment be secured by a lien on the mortgaged property.</content> </subsection> </section> <section style="-uslm-dtd:section" identifier="/us/sComp/94/50/tI/s105" styleType="traditional"> <heading style="-uslm-dtd:header">emergency mortgage relief loans and advances </heading> <num style="-uslm-dtd:enum" value="105">Sec. 105. </num><editorialNote style="-uslm-dtd:usc-reference" role="uscRef"><b>[</b><ref href="/us/usc/t12/s2704">12 U.S.C. 2704</ref><b>]</b> </editorialNote><subsection style="-uslm-dtd:subsection" identifier="/us/sComp/94/50/tI/s105/a" styleType="OLC" class="inline"><num style="-uslm-dtd:enum" value="a">(a) </num><content style="-uslm-dtd:text">The Secretary is authorized, upon such terms and conditions as the Secretary may prescribe, to insure banks, trust companies, finance companies, mortgage companies, savings and loan associations, insurance companies, credit unions, and such other financial institutions, which the Secretary finds to be qualified by experience and facilities and approves as eligible for insurance, against losses which they may sustain as a result of emergency loans or advances of credit made in accordance with the provisons of section 104 and this section with respect to mortgages eligible for assistance under this title.</content></subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/94/50/tI/s105/b" styleType="OLC"> <num style="-uslm-dtd:enum" value="b">(b) </num><content style="-uslm-dtd:text">The Secretary is authorized to fix a premium charge or charges for the insurance granted under this section, but in the case of any loan or advance credit, such charge or charges shall not exceed an amount equivalent to one-half of 1 per centum per annum of the principal obligation of such loan or advance of credit outstanding at any time.</content> </subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/94/50/tI/s105/c" styleType="OLC"> <num style="-uslm-dtd:enum" value="c">(c) </num><content style="-uslm-dtd:text">The Secretary is authorized and empowered to waive compliance with any rule or regulation prescribed by the Secretary for the purposes of this section if, in the Secretary's judgment, the enforcement of such rule or regulation would impose an injustice upon an insured lending institution which has substantially complied with such regulations in good faith. Any payment for loss made to an insured financial institution under this section shall be final and incontestable after two years from the date the claim was certified for payment by the Secretary, in the absence of fraud or misrepresentation on the part of such institution unless a demand for repurchase of the obligation shall have been made on behalf of the United States prior to the expiration of such two-year period. The Secretary is authorized to transfer to any financial institution approved for insurance under this title any insurance in connection with any loan which may be sold to it by another insured financial institution.</content> </subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/94/50/tI/s105/d" styleType="OLC"> <num style="-uslm-dtd:enum" value="d">(d) </num><content style="-uslm-dtd:text">The aggregate amount of loans and advances insured under this section and emergency mortgage relief payments made under section 106 shall not exceed $3,000,000,000.</content> </subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/94/50/tI/s105/e" styleType="OLC"> <num style="-uslm-dtd:enum" value="e">(e) </num><content style="-uslm-dtd:text">The Secretary shall establish underwriting guidelines or procedures to allocate amounts made available for loans and advances insured under this section and for emergency relief payments made under section 106 based on the likelihood that a mortgagor will be able to resume mortgage payments, pursuant to the requirement under section 103(5).</content> </subsection> </section> <section style="-uslm-dtd:section" identifier="/us/sComp/94/50/tI/s106" styleType="traditional"> <heading style="-uslm-dtd:header">emergency mortgage relief payments </heading> <num style="-uslm-dtd:enum" value="106">Sec. 106. </num><editorialNote style="-uslm-dtd:usc-reference" role="uscRef"><b>[</b><ref href="/us/usc/t12/s2705">12 U.S.C. 2705</ref><b>]</b> </editorialNote><subsection style="-uslm-dtd:subsection" identifier="/us/sComp/94/50/tI/s106/a" styleType="OLC" class="inline"><num style="-uslm-dtd:enum" value="a">(a) </num><content style="-uslm-dtd:text">In the case of any mortgagee which would otherwise be eligible to participate in the program authorized under section 105 but does not qualify for an advance or advances as authorized by section 113 of this title or under section 10, 10b, or 11 of the Federal Home Loan Bank Act or otherwise elects not to participate in the program authorized under section 105, the Secretary is authorized to make repayable emergency mortgage relief payments directly to such mortgagee on behalf of homeowners whose mortgages are held by such financial institution and who are delinquent in their mortgage payments.</content></subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/94/50/tI/s106/b" styleType="OLC"> <num style="-uslm-dtd:enum" value="b">(b) </num><content style="-uslm-dtd:text">Emergency mortgage relief payments shall be made under this section only with respect to a mortgage which meets the requirements of section 103 and only on such terms and conditions as the Secretary may prescribe, subject to the provisions of section 104.</content> </subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/94/50/tI/s106/c" styleType="OLC"> <num style="-uslm-dtd:enum" value="c">(c) </num><content style="-uslm-dtd:text">The Secretary may make such delegations and accept such certifications with respect to the processing of mortgage relief payments provided under this section as he deems appropriate to facilitate the prompt and efficient implementation of the assistance authorized under this section.</content> </subsection> </section> <section style="-uslm-dtd:section" identifier="/us/sComp/94/50/tI/s107" styleType="traditional"> <heading style="-uslm-dtd:header">emergency homeowners' relief fund </heading> <num style="-uslm-dtd:enum" value="107">Sec. 107. </num><editorialNote style="-uslm-dtd:usc-reference" role="uscRef"><b>[</b><ref href="/us/usc/t12/s2706">12 U.S.C. 2706</ref><b>]</b> </editorialNote><chapeau style="-uslm-dtd:text">To carry out the purposes of this title, the Secretary is authorized to establish in the Treasury of the United States an Emergency Homeowners' Relief Fund (hereinafter in this title referred to as the “<quotedText style="-uslm-dtd:quote">fund</quotedText>”) which shall be available to the Secretary without fiscal year limitation—</chapeau> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/94/50/tI/s107/1" styleType="OLC"> <num style="-uslm-dtd:enum" value="1">(1) </num><content style="-uslm-dtd:text">for making payments in connection with defaulted loans or advances of credit insured under section 105 of this title;</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/94/50/tI/s107/2" styleType="OLC"> <num style="-uslm-dtd:enum" value="2">(2) </num><content style="-uslm-dtd:text">for making emergency mortgage relief payments under section 106 of this title;</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/94/50/tI/s107/3" styleType="OLC"> <num style="-uslm-dtd:enum" value="3">(3) </num><content style="-uslm-dtd:text">to pay such administrative expenses (or portion of such expenses) of carrying out the provisions of this title as the Secretary may deem necessary.</content> </paragraph> </section> <section style="-uslm-dtd:section" identifier="/us/sComp/94/50/tI/s108" styleType="traditional"> <heading style="-uslm-dtd:header">authority of the secretary </heading> <num style="-uslm-dtd:enum" value="108">Sec. 108. </num><editorialNote style="-uslm-dtd:usc-reference" role="uscRef"><b>[</b><ref href="/us/usc/t12/s2707">12 U.S.C. 2707</ref><b>]</b> </editorialNote><subsection style="-uslm-dtd:subsection" identifier="/us/sComp/94/50/tI/s108/a" styleType="OLC" class="inline"><num style="-uslm-dtd:enum" value="a">(a) </num><content style="-uslm-dtd:text">The Secretary is authorized to make such rules and regulations as may be necessary to carry out the provisions of this title.</content></subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/94/50/tI/s108/b" styleType="OLC"> <num style="-uslm-dtd:enum" value="b">(b) </num><content style="-uslm-dtd:text">Notwithstanding any other provision of law relating to the acquisition, handling, improvement, or disposal of real or other property by the United States, the Secretary shall have power, for the protection of the interest of the fund authorized under this title, to pay out of such fund all expenses or charges in connection with the acquisition, handling, improvement, or disposal of any property, real or personal, acquired by the Secretary as a result of recoveries under security, subrogation, or other rights.</content> </subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/94/50/tI/s108/c" styleType="OLC"> <num style="-uslm-dtd:enum" value="c">(c) </num><chapeau style="-uslm-dtd:text">In the performance of, with respect to, the functions, powers, and duties vested in the Secretary by this title, the Secretary shall—</chapeau> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/94/50/tI/s108/c/1" styleType="OLC"> <num style="-uslm-dtd:enum" value="1">(1) </num><content style="-uslm-dtd:text">have the power, notwithstanding any other provision of law, whether before or after default, to provide by contract or otherwise for the extinguishment upon default of any redemption, equitable, legal, or other right, title in any mortgage, deed, trust, or other instrument held by or held on behalf of the Secretary under the provisions of this title; and</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/94/50/tI/s108/c/2" styleType="OLC"> <num style="-uslm-dtd:enum" value="2">(2) </num><content style="-uslm-dtd:text">have the power to foreclose on any property or commence any action to protect or enforce any right conferred upon the Secretary by law, contract, or other agreement, and bid for and purchase at any foreclosure or other sale any property in connection with which assistance has been provided pursuant to this title. In the event of any such acquisition, the Secretary may, notwithstanding any other provision of law relating to the acquisition, handling, or disposal of real property by the United States, complete, remodel and convert, dispose of, lease, and otherwise deal with, such property. Notwithstanding any other provision of law, the Secretary also shall have power to pursue to final collection by way of compromise or otherwise all claims acquired by him in connection with any security, subrogation, or other rights obtained by him in administering this title.</content> </paragraph> </subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/94/50/tI/s108/d" styleType="OLC"> <num style="-uslm-dtd:enum" value="d">(d) </num><heading style="-uslm-dtd:header">Coverage of Existing Programs.—</heading><content style="-uslm-dtd:text">The Secretary shall allow funds to be administered by a State that has an existing program that is determined by the Secretary to provide substantially similar assistance to homeowners. After such determination is made such State shall not be required to modify such program to comply with the provisions of this title.</content> </subsection> </section> <section style="-uslm-dtd:section" identifier="/us/sComp/94/50/tI/s109" styleType="traditional"> <heading style="-uslm-dtd:header">expiration date </heading> <num style="-uslm-dtd:enum" value="109">Sec. 109. </num><editorialNote style="-uslm-dtd:usc-reference" role="uscRef"><b>[</b><ref href="/us/usc/t12/s2708">12 U.S.C. 2708</ref><b>]</b> </editorialNote><content style="-uslm-dtd:text">No loans or advance of credit shall be insured and no emergency mortgage relief payments made under this title after September 30, 2011, except if such loan or advance or such payments are made with respect to a mortgagor receiving the benefit of a loan or advance insured, or emergency mortgage relief payments made, under this title on such date.</content> </section><editorialNote style="-uslm-dtd:legis-comment"><b>[</b>Sections 110 and 111 were repealed by section 1496(b)(7) of Public Law 111–203; 124 Stat. 2209.<b>]</b> </editorialNote> <section style="-uslm-dtd:section" identifier="/us/sComp/94/50/tI/s110" styleType="traditional"> <heading style="-uslm-dtd:header">nonapplicability of other laws </heading> <num style="-uslm-dtd:enum" value="110">Sec. 110. </num><editorialNote style="-uslm-dtd:usc-reference" role="uscRef"><b>[</b><ref href="/us/usc/t12/s2711">12 U.S.C. 2711</ref><b>]</b> </editorialNote><content style="-uslm-dtd:text">Notwithstanding any provision of law which limits the nature, amount, term, form, or rate of interest, or the nature, amount, or form of security of loans or advances of credit, loans, or advances of credit may be made in accordance with the provisions of this title without regard to such provision of law.</content> </section><editorialNote style="-uslm-dtd:legis-comment"><b>[</b>Section 113 was repealed by section 1496(b)(7) of Public Law 111–203; 124 Stat. 2209.<b>]</b> </editorialNote>

short title Section 1. [12 U.S.C. 2701 note] That this Act may be cited as the “Emergency Housing Act of 1975”.