---
kind: "section"
citation: "12 U.S.C. § 2701"
title: "12"
title_heading: "Banks and Banking"
number: "2701"
heading: "Congressional findings and declaration of purpose"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/12/2701"
units:
  - "Chapter 28 — Emergency Mortgage Relief"
---

# §2701. Congressional findings and declaration of purpose

- (a) The Congress finds that—
  - (1) the Nation is in a severe recession and that the sharp downturn in economic activity has driven large numbers of workers into unemployment and has reduced the incomes of many others;
  - (2) as a result of these adverse economic conditions the capacity of many homeowners to continue to make [mortgage](/usc/12/1707.md?p=a) payments has deteriorated and may further deteriorate in the months ahead, leading to the possibility of widespread [mortgage](/usc/12/1707.md?p=a) foreclosures and distress sales of homes; and
  - (3) many of these homeowners could retain their homes with temporary financial assistance until economic conditions improve.
- (b) It is the purpose of this chapter to provide a standby authority which will prevent widespread [mortgage](/usc/12/1707.md?p=a) foreclosures and distress sales of homes resulting from the temporary loss of employment and income through a program of emergency loans and advances and emergency [mortgage](/usc/12/1707.md?p=a) relief payments to homeowners to defray [mortgage](/usc/12/1707.md?p=a) expenses.

## Source credit

(Pub. L. 94–50, title I, § 102, July 2, 1975, 89 Stat. 249.)

## Notes

### Statutory Notes and Related Subsidiaries

### Short Title

Pub. L. 94–50, § 1, July 2, 1975, 89 Stat. 249, provided: “That this Act [enacting this chapter, amending sections 1723e and 1735b of this title and sections 1452 and 4106 of Title 42, The Public Health and Welfare, enacting provisions set out as a note under this section, and amending provisions set out as a note under section 1723e of this title] may be cited as the ‘Emergency Housing Act of 1975’.”

Pub. L. 94–50, title I, § 101, July 2, 1975, 89 Stat. 249, provided that: “This title [enacting this chapter] may be cited as the ‘Emergency Homeowners’ Relief Act’.”