§4527 — Title 42 The Public Health and Welfare | U.S. Code

Summary

Under this part, the Secretary has specific powers. The Secretary may use the duties and rulemaking authority listed in 12 U.S.C. 1749a, except subsections (c)(2), (c)(4), (d), and (f). Subsection (a)(1) of 12 U.S.C. 1749a does not apply to functions under section 4520 of this title. The Secretary may, regardless of other laws, contract to extinguish on default any redemption or other claim that a private new community developer or State land development agency has in mortgages, deeds, trusts, or similar instruments held to protect U.S. security interests. The Secretary may foreclose, sue to protect rights, bid for and buy property tied to assistance under this part, and after acquiring property may complete, manage, remodel, convert, sell, lease, or otherwise handle it. The Secretary may also pursue and collect claims acquired through security, subrogation, or other rights, including by compromise.

Title 42, §4527

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In the performance of, and with respect to, the functions, powers, and duties vested in him by this part, the Secretary, in addition to any authority otherwise vested in him, shall—

(1)have the functions, powers, and duties (including the authority to issue rules and regulations) set forth in section 1749a,11 See References in Text note below. except subsections (c)(2), (c)(4), (d), and (f), of title 12: Provided, That subsection (a)(1) of section 1749a 1 of title 12 shall not apply with respect to functions, powers, and duties under section 4520 1 of this title;

(2)have the power, notwithstanding any other provision of law, in connection with any assistance under this part, whether before or after any default, to provide by contract for the extinguishment upon default of any redemption, equitable, legal, or other right, title, or interest of the private new community developer or State land development agency in any mortgage, deed, trust, or other instrument held by or on behalf of the Secretary for the protection of the security interests of the United States; and

(3)have the power to foreclose on any property or commence any action to protect or enforce any right conferred upon him by law, contract, or other agreement, and bid for and purchase at any foreclosure or other sale any property in connection with which he has provided assistance pursuant to this part. 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, administer, remodel and convert, dispose of, lease, and otherwise deal with, such property. Notwithstanding any other provision of law, the Secretary shall also 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 part.

Notes & Related Subsidiaries

Editorial Notes

References in Text

Section 1749a of title 12, referred to in par. (1), was repealed by Pub. L. 99–498, title VII, § 702, Oct. 17, 1986, 100 Stat. 1545. section 4520 of this title, referred to in par. (1), was repealed by Pub. L. 98–181, title I [title IV, § 474(e)], Nov. 30, 1983, 97 Stat. 1239.

§4527 General powers of Secretary

Summary

Title 42, §4527

Notes & Related Subsidiaries

Editorial Notes

References in Text

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