§ 2707. — Authority of Secretary.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC2707]
TITLE 12--BANKS AND BANKING
CHAPTER 28--EMERGENCY MORTGAGE RELIEF
Sec. 2707. Authority of Secretary
(a) Rules and regulations
The Secretary is authorized to make such rules and regulations as
may be necessary to carry out the provisions of this chapter.
(b) Payment of expenses and charges relating to acquisition, handling,
improvement, or disposal of real and personal property
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) Powers with respect to property rights held by Secretary
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.
(Pub. L. 94-50, title I, Sec. 108, July 2, 1975, 89 Stat. 252.)