12 U.S.C. § 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. ( Pub. L. 93–383, title VIII, § 819 , Aug. 22, 1974 , 88 Stat. 740 .) 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. CFR Title Parts 24 291

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