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U.S. Code as of:
01/19/04
Section 2705. Emergency mortgage relief payments
(a) Direct payments to mortgagee
In the case of any mortgagee which would otherwise be eligible to
participate in the program authorized under section 2704 of this
title but does not qualify for an advance or advances as authorized
by section 2712 of this title or under section 1430, 1430b, or 1431
of this title or otherwise elects not to participate in the program
authorized under section 2704 of this title, 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.
(b) Mortgages eligible; terms and conditions
Emergency mortgage relief payments shall be made under this
section only with respect to a mortgage which meets the
requirements of section 2702 of this title and only on such terms
and conditions as the Secretary may prescribe, subject to the
provisions of section 2703 of this title.
(c) Processing of relief payments; power of Secretary
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.
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