§ 2707. Authority of Secretary

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1975

   Pub. L. 94–50 title I § 108 · 89 Stat. 249

   Enacted · 12 U.S.C. § 2707

   Pub. L. 94–50, title I, § 108, July 2, 1975, 89 Stat. 252

   Source evidence

   Code source credit
   Pub. L. 94–50, title I, § 108, July 2, 1975, 89 Stat. 252

   Enacted provision · exact public law section
   Sec. 108. authority of the secretary (a) The Secretary is authorized to make such rules and regulations as may be necessary to carry out the provisions of this title. (b) 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 title, 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 lights. (c) Tn the performance, of with respect to the functions, powers, and duties vested in the Secretary by this title, 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 title; 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 title. 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 collec-tion 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 title.

2. 2010

   Mortgage Reform and Anti-Predatory Lending Act

   Pub. L. 111–203 title XIV § 1496(b)(5) · 124 Stat. 1376

   Added · 12 U.S.C. § 2707

   Pub. L. 111–203 added subsec. (d)

   Source evidence

   Code amendment note
   Pub. L. 111–203 added subsec. (d).

   Enacted provision · exact public law section
   (5) in section 108 (12 U.S.C. 2707), by adding at the end the following new subsection: “(d) Coverage of Existing Programs.— Determination. 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 title.” ;

   Effective date note
   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.

2 of 2 references resolved to an enrolled provision