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§ 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.)



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