|
|
|
U.S. Code as of:
01/19/04
Section 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.
|
|