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12 U.S.C. 1701l–1: Mortgage proceeds fraudulently misappropriated by mortgagor; recovery of deficiency after foreclosureText contains those laws in effect through Public Law 119-120 (October 7, 2026).
From Title 12-BANKS AND BANKINGCHAPTER 13-NATIONAL HOUSING
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§1701l–1. Mortgage proceeds fraudulently misappropriated by mortgagor; recovery of deficiency after foreclosure

The Secretary of Housing and Urban Development shall take action to secure the payment of any deficiency after foreclosure on a mortgage insured or assisted under Federal law where the Secretary has reason to believe that the mortgage proceeds have been fraudulently misappropriated by the mortgagor.

( Pub. L. 93–383, title VIII, § 819 , Aug. 22, 1974 , 88 Stat. 740 .)

Editorial Notes

Codification

Section was enacted as part of the Housing and Community Development Act of 1974, and not as part of the National Housing Act which comprises this chapter.