§ 2707. Authority of Secretary
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/usc/title-12/section-2707A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(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.
(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.)
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Cited by 4 sections
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- Public Law 111–203To promote the financial stability of the United States by improving accountability and transparency in the financial system, to end “too big to fail”, to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services practices, and for other purposes
- Public Law 94–50To authorize temporary assistance to help defray mortgage payments on homes owned by persons who are temporarily unemployed or underemployed as the result of adverse economic conditions
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6 references not yet in our index
- Pub. L. 94–50, title I, § 108
- 89 Stat. 252
- Pub. L. 111–203, title XIV, § 1496(b)(5)
- 124 Stat. 2208
- Pub. L. 111–203
- section 1400(c) of Pub. L. 111–203
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§ 2707
Authority of Secretary
Stat.×2
Fed. Reg.×1
Stat. Comp.×1
Pub. L.Pub. L. 94–50, title I, § 108
Stat.89 Stat. 252
Pub. L.Pub. L. 111–203, title XIV, § 1496(b)(5)
Stat.124 Stat. 2208
Pub. L.Pub. L. 111–203
Cites 7 · showing 6Cited by 4 across 3 sources