Title 12, Banks and BankingRelease 119-102
§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 approve terms to waive all or part of the 1 percent deduction usually taken from insurance benefits. This applies when mortgages for multifamily housing or land development are turned over to the Secretary at his request instead of being foreclosed.
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
Aug 21, 2026
Release point: 119-102