Authority of Secretary

12 U.S.C. § 2707

• Title: 12 — Banks and Banking
• Chapter: 28 — EMERGENCY MORTGAGE RELIEF

Text

(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.
(d) Coverage of existing programs
The Secretary shall allow funds to be administered by a State that has an existing program that is determined by the Secretary to provide substantially similar assistance to homeowners. After such determination is made such State shall not be required to modify such program to comply with the provisions of this chapter.

History

(Pub. L. 94–50, title I, §108, July 2, 1975, 89 Stat. 252; Pub. L. 111–203, title XIV, §1496(b)(5), July 21, 2010, 124 Stat. 2208.)

Editorial Notes

Editorial Notes

Amendments
2010—Pub. L. 111–203 added subsec. (d).

Statutory Notes and Related Subsidiaries

Effective Date of 2010 Amendment
Amendment by Pub. L. 111–203 effective on the date on which final regulations implementing that amendment take effect, or on the date that is 18 months after the designated transfer date if such regulations have not been issued by that date, see section 1400(c) of Pub. L. 111–203, set out as a note under section 1601 of Title 15, Commerce and Trade.