Each Federal supervisory agency with respect to financial
institutions subject to its jurisdiction, and the Secretary, with
respect to other approved mortgagees, shall (1) prior to October 1,
1977, take appropriate action, not inconsistent with laws relating
to the safety or soundness of such institutions or mortgagee, as
the case may be, to waive or relax limitations pertaining to the
operations of such institutions or mortgagees with respect to
mortgage delinquencies in order to cause or encourage forebearance
in residential mortgage loan foreclosures, and (2) until one year
from July 2, 1975, request each such institution or mortgagee to
notify that Federal supervisory agency, the Secretary, and the
mortgagor, at least thirty days prior to instituting foreclosure
proceedings in connection with any mortgage loan. As used in this
chapter the term "Federal supervisory agency" means the Board of
Governors of the Federal Reserve System, the Board of Directors of
the Federal Deposit Insurance Corporation, the Comptroller of the
Currency, the Federal Home Loan Bank Board, the Federal Savings and
Loan Insurance Corporation, and the National Credit Union
Administration.
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