12 USC 1701l-1: Mortgage proceeds fraudulently misappropriated by mortgagor; recovery of deficiency after foreclosure
Text contains those laws in effect on August 23, 2024
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.
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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.