Title 12, Banks and BankingRelease 119-73not60
§1735f–1 Waiver of Deduction on Assignment of Property to Secretary in Lieu of Foreclosure
Title 12 › Chapter 13— NATIONAL HOUSING › Subchapter V— MISCELLANEOUS › § 1735f–1
Summary
Starting November 3, 1966, the Secretary may cancel all or part of the 1% cut normally taken from insurance payments on multifamily housing or land-development mortgages when those mortgages are handed to him at his request instead of being foreclosed. He can decide the rules and conditions for giving that waiver.
Full Legal Text
Title 12, §1735f–1
Banks and Banking, Source: USLM XML via OLRC
Notwithstanding any other provision of this chapter, from and after November 3, 1966, the Secretary, under such terms and conditions as he may approve, may waive all or a part of the 1 per centum deduction otherwise made from insurance benefits with respect to multifamily housing or land development mortgages assigned to him, where the assignment is made at his request in lieu of foreclosure of the mortgage.
Reference
Citations & Metadata
Citation
12 U.S.C. § 1735f–1
Title 12, Banks and Banking
Last Updated
Apr 3, 2026
Release point: 119-73not60