12 U.S. Code § 3751 - Findings and purpose
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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—
(2) the long periods required to complete the foreclosure of such mortgages under certain State laws—
(C) increase the risk of vandalism, fire loss, depreciation, damage, and waste with respect to the properties; and
(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
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
 See References in Text note below.
Source(Pub. L. 103–327, title II, Sept. 28, 1994, 108 Stat. 2316.)
References in Text
The National Housing Act, referred to in subsec. (b)(1), is act June 27, 1934, ch. 847, 48 Stat. 1246, as amended. Titles I and II of the Act are classified generally to subchapters I (§ 1702 et seq.) and II (§ 1707 et seq.), respectively, of chapter 13 of this title. For complete classification of this Act to the Code, see section 1701 of this title and Tables.
Section 1452b of title 42, referred to in subsec. (b)(2), was repealed by Pub. L. 101–625, title II, § 289(b)(1),Nov. 28, 1990, 104 Stat. 4128.
Section is based on section 802 of title VIII of S. 2281, One Hundred Third Congress, as reported July 13, 1994, which was enacted into law by Pub. L. 103–327.
Pub. L. 103–327, title II, Sept. 28, 1994, 108 Stat. 2316, provided in part that title VIII of S. 2281, One Hundred Third Congress, as reported July 13, 1994, which is classified to this chapter, is incorporated into Pub. L. 103–327and deemed enacted into law upon enactment of Pub. L. 103–327, which was approved Sept. 28, 1994.
Section 801 of title VIII of S. 2281, One Hundred Third Congress, as reported July 13, 1994, which was enacted into law by Pub. L. 103–327, title II[title VIII, § 801], Sept. 28, 1994, 108 Stat. 2316, provided in part, that: “This title [enacting this chapter] may be cited as the ‘Single Family Mortgage Foreclosure Act of 1994’.”
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