§2709. Waiver and relaxation by institutions and approved mortgagees of limitations with respect to mortgage delinquencies; notification to Federal supervisory agency prior to foreclosure proceedings

Each Federal supervisory agency with respect to financial institutions subject to its jurisdiction, and the Secretary, with respect to other approved mortgagees, shall (1) prior to October 1, 1977, take appropriate action, not inconsistent with laws relating to the safety or soundness of such institutions or mortgagee, as the case may be, to waive or relax limitations pertaining to the operations of such institutions or mortgagees with respect to mortgage delinquencies in order to cause or encourage forebearance in residential mortgage loan foreclosures, and (2) until one year from July 2, 1975, request each such institution or mortgagee to notify that Federal supervisory agency, the Secretary, and the mortgagor, at least thirty days prior to instituting foreclosure proceedings in connection with any mortgage loan. As used in this chapter the term "Federal supervisory agency" means the Board of Governors of the Federal Reserve System, the Board of Directors of the Federal Deposit Insurance Corporation, the Comptroller of the Currency, the Federal Home Loan Bank Board, the Federal Savings and Loan Insurance Corporation, and the National Credit Union Administration.

( Pub. L. 94–50, title I, §110, July 2, 1975, 89 Stat. 253 ; Pub. L. 94–375, §13(b), Aug. 3, 1976, 90 Stat. 1075 ; Pub. L. 98–479, title II, §204(m)(2), Oct. 17, 1984, 98 Stat. 2234 .)

Amendments

1984-Pub. L. 98–479 struck out subsection "(a)" designation.

1976-Subsec. (a). Pub. L. 94–375 substituted "Each" for "Until one year from July 2, 1975, each", and inserted "prior to October 1, 1977" after "(1)", and "until one year from July 2, 1975" after "(2)".

Transfer of Functions

Federal Home Loan Bank Board and Federal Savings and Loan Insurance Corporation abolished and functions transferred, see sections 401 to 406 of Pub. L. 101–73, set out as a note under section 1437 of this title.