§2707 — Title 12 Banks and Banking | U.S. Code

Summary

The Secretary can make the rules needed to run this program. The Secretary may use money from the fund to pay costs for getting, holding, fixing up, or selling property the government gets back because of recoveries, subrogation, or similar rights. These powers apply even if other laws say something different. The Secretary may cancel or clear ownership or redemption rights tied to mortgages or other instruments, before or after a default. The Secretary can foreclose, sue to protect rights, bid for and buy property at sales, then finish, remodel, convert, lease, or sell that property. The Secretary can also settle and collect related claims. The Secretary may let a State run funds if the State’s existing homeowner program is judged substantially similar, and the State would not have to change that program after approval.

Title 12, §2707

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(a)The Secretary is authorized to make such rules and regulations as may be necessary to carry out the provisions of this chapter.

(b)Notwithstanding any other provision of law relating to the acquisition, handling, improvement, or disposal of real or other property by the United States, the Secretary shall have power, for the protection of the interest of the fund authorized under this chapter, to pay out of such fund all expenses or charges in connection with the acquisition, handling, improvement, or disposal of any property, real or personal, acquired by the Secretary as a result of recoveries under security, subrogation, or other rights.

(c)In the performance of, with respect to, the functions, powers, and duties vested in the Secretary by this chapter, the Secretary shall—

(1)have the power, notwithstanding any other provision of law, whether before or after default, to provide by contract or otherwise for the extinguishment upon default of any redemption, equitable, legal, or other right, title in any mortgage, deed, trust, or other instrument held by or held on behalf of the Secretary under the provisions of this chapter; and

(2)have the power to foreclose on any property or commence any action to protect or enforce any right conferred upon the Secretary by law, contract, or other agreement, and bid for and purchase at any foreclosure or other sale any property in connection with which assistance has been provided pursuant to this chapter. In the event of any such acquisition, the Secretary may, notwithstanding any other provision of law relating to the acquisition, handling, or disposal of real property by the United States, complete, remodel and convert, dispose of, lease, and otherwise deal with, such property. Notwithstanding any other provision of law, the Secretary also shall have power to pursue to final collection by way of compromise or otherwise all claims acquired by him in connection with any security, subrogation, or other rights obtained by him in administering this chapter.

(d)The Secretary shall allow funds to be administered by a State that has an existing program that is determined by the Secretary to provide substantially similar assistance to homeowners. After such determination is made such State shall not be required to modify such program to comply with the provisions of this chapter.

Notes & Related Subsidiaries

Editorial Notes

Amendments

2010—Pub. L. 111–203 added subsec. (d).

Statutory Notes and Related Subsidiaries

Effective Date

of 2010 AmendmentAmendment by Pub. L. 111–203 effective on the date on which final

Regulations

implementing that amendment take effect, or on the date that is 18 months after the designated transfer date if such

Regulations

have not been issued by that date, see section 1400(c) of Pub. L. 111–203, set out as a note under section 1601 of Title 15, Commerce and Trade.

§2707 Authority of Secretary

Summary

Title 12, §2707

Notes & Related Subsidiaries

Editorial Notes

Amendments

Statutory Notes and Related Subsidiaries

Effective Date

Regulations

Regulations

Citations & Metadata