12 U.S.C. § 3751 : US Code - Section 3751: Findings and purpose

Search 12 U.S.C. § 3751 : US Code - Section 3751: Findings and purpose

(a) Findings
The Congress finds that -
(1) the disparate State laws under which mortgages are
foreclosed on behalf of the Secretary covering 1- to 4-family
residential properties -
(A) burden certain programs administered by the Secretary;
(B) increase the costs of collecting obligations; and
(C) generally are a detriment to the community in which the
properties are located;
(2) the long periods required to complete the foreclosure of
such mortgages under certain State laws -
(A) lead to deterioration in the condition of the properties
involved;
(B) necessitate substantial Federal holding expenditures;
(C) increase the risk of vandalism, fire loss, depreciation,
damage, and waste with respect to the properties; and
(D) adversely affect the neighborhoods in which the
properties are located;
(3) these conditions seriously impair the ability of the
Secretary to protect the Federal financial interest in the
affected properties and frustrate attainment of the objectives of
the underlying Federal program authority;
(4) the availability of uniform and more expeditious
procedures, with no right of redemption in the mortgagor or
others, for the foreclosure of these mortgages by the Secretary
will tend to ameliorate these conditions; and
(5) providing the Secretary with a nonjudicial foreclosure
procedure will reduce unnecessary litigation by removing many
foreclosures from the courts if they contribute to overcrowded
calendars.
(b) Purpose
The purpose of this chapter is to create a uniform Federal
foreclosure remedy for single family mortgages that -
(1) are held by the Secretary pursuant to title I or title II
of the National Housing Act [12 U.S.C. 1702 et seq., 1707 et
seq.]; or
(2) secure loans obligated by the Secretary under section 1452b
(!1) of title 42.