[USC02] 12 USC 1701l-1: Mortgage proceeds fraudulently misappropriated by mortgagor; recovery of deficiency after foreclosure
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12 USC 1701l-1: Mortgage proceeds fraudulently misappropriated by mortgagor; recovery of deficiency after foreclosure Text contains those laws in effect on October 28, 2020
From Title 12-BANKS AND BANKINGCHAPTER 13-NATIONAL HOUSING

§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 .)

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.