Source: https://www.law.cornell.edu/uscode/text/12/2704?qt-us_code_tabs=0
Timestamp: 2016-02-14 13:21:14
Document Index: 97412032

Matched Legal Cases: ['§ 2704', '§ 2704', '§ 2704', '§\u202f105', '§\u202f1496', '§\u202f1496', '§\u202f1496', '§\u202f1496']

12 U.S. Code § 2704 - Insurance for emergency mortgage loans and advances | US Law | LII / Legal Information Institute
U.S. Code › Title 12 › Chapter 28 › § 2704 12 U.S. Code § 2704 - Insurance for emergency mortgage loans and advances
Insurance for emergency mortgage loans and advances
The Secretary is authorized and empowered to waive compliance with any rule or regulation prescribed by the Secretary for the purposes of this section if, in the Secretary’s judgment, the enforcement of such rule or regulation would impose an injustice upon an insured lending institution which has substantially complied with such regulations in good faith. Any payment for loss made to an insured financial institution under this section shall be final and incontestable after two years from the date the claim was certified for payment by the Secretary, in the absence of fraud or misrepresentation on the part of such institution unless a demand for repurchase of the obligation shall have been made on behalf of the United States prior to the expiration of such two-year period. The Secretary is authorized to transfer to any financial institution approved for insurance under this chapter any insurance in connection with any loan which may be sold to it by another insured financial institution.
(Pub. L. 94–50, title I, § 105, July 2, 1975, 89 Stat. 251; Pub. L. 111–203, title XIV, § 1496(b)(3), July 21, 2010, 124 Stat. 2208.)
2010—Subsecs. (b) to (d). Pub. L. 111–203, § 1496(b)(3)(A), (C), redesignated subsecs. (c) to (e) as (b) to (d), respectively, and struck out former subsec. (b). Prior to amendment, text of subsec. (b) read as follows: “In no case shall the insurance granted by the Secretary under this section to any financial institution on loans and advances made by such financial institution for the purposes of this chapter exceed 40 per centum of the total amount of such loans and advances made by the institution, except that, with respect to any individual loan or advance of credit, the amount of any claim for loss on such individual loan or advance of credit paid by the Secretary under the provision of this section shall not exceed 90 per centum of such loss.”
Subsec. (e). Pub. L. 111–203, § 1496(b)(3)(D), added subsec. (e). Former subsec. (e) redesignated (d).
Pub. L. 111–203, § 1496(b)(3)(B), inserted “and emergency mortgage relief payments made under section 2705 of this title” after “insured under this section” and substituted “$3,000,000,000” for “$1,500,000,000 at any one time”.