§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 ; Pub. L. 111–203, title III, §361, July 21, 2010, 124 Stat. 1549 .)

Amendment of Section

Pub. L. 111–203, title III, §§351, 361, July 21, 2010, 124 Stat. 1546 , 1549, provided that, effective on the transfer date, this section is amended in the second sentence by substituting "Housing Finance Agency" for "Home Loan Bank Board, the Federal Savings and Loan Insurance Corporation". See Effective Date of 2010 Amendment note below.

Repeal of Section

Pub. L. 111–203, title XIV, §§1400(c), 1496(b)(7), July 21, 2010, 124 Stat. 2136 , 2209, provided that this section is repealed, effective on the date on which final regulations implementing such repeal take effect, or on the date that is 18 months after the designated transfer date if such regulations have not been issued by that date. See Effective Date of Repeal note below.

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)".

Effective Date of Repeal

Repeal effective on the date on which final regulations implementing such repeal take effect, or on the date that is 18 months after the designated transfer date if such regulations have not been issued by that date, see section 1400(c) of Pub. L. 111–203, set out as an Effective Date of 2010 Amendment note under section 1601 of Title 15, Commerce and Trade.

Effective Date of 2010 Amendment

Amendment by section 361 of Pub. L. 111–203 effective on the transfer date, see section 351 of Pub. L. 111–203, set out as a note under section 906 of Title 2, The Congress.

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.