Page:United States Statutes at Large Volume 101 Part 2.djvu/331

 PUBLIC LAW 100-198—DEC. 21, 1987

101 STAT. 1317

(3) in clause (iii) of paragraph (I)(D), by striking out "such regulations" and inserting in lieu thereof "regulations prescribed by the Administrator to implement this subsection"; and (4) by adding at the end the following new paragraphs: "(lOXA) Except as provided in subparagraphs (B) and (C) of this paragraph, the date referred to in paragraph (IXDXii) of this subsection shall be the date of the liquidation sale of the property securing the loan. "(B)(i) Subject to division (ii) of this subparagraph, in any case in which there is a substantial delay in such sale caused by the holder of the loan exercising forebearance at the request of the Administrator, the date referred to in paragraph (IXDXii) of this subsection shall be such date, on or after the date on which forebearance was requested and prior to the date of such sale, as the Administrator specifies pursuant to regulations which the Administrator shall prescribe to implement this paragraph. "(ii) The Administrator may specify a date under subdivision (i) of this subparagraph only if, based on the use of a date so specified for the purposes of such paragraph (IXDXii), the Administrator is authorized, under paragraph (7)(A) of this subsection, to accept conveyance of the property. "(C) In any case in which there is an excessive delay in such liquidation sale caused— "(i) by the Veterans' Administration (including any delay caused by its failure to provide bidding instructions in a timely fashion); or "(ii) by a voluntary case commenced under title 11, United States Code (relating to bankruptey); the date referred to in paragraph (IXDXii) of this subsection shall be a date, earlier than the date of such liquidation sale, which the Administrator specifies pursuant to regulations which the Administrator shall prescribe to implement this paragraph. "(D) For the purpose of determining the liability of the United States under a loan guaranty under clause (B) of paragraphs (5), (6), (7), and (8) of this subsection, the amount of the total indebtedness with respect to such loan guaranty shall include, in any case in which there was an excessive delay caused by the Veterans' Administration in the liquidation sale of the property securing such loan, any interest which had accrued as of the date of such sale and which would not be included, except for this subparagraph, in the calculation of such total indebtedness as a result of the specification of an earlier date under subparagraph (C)(i) of this paragraph. "(11) This subsection shall cease to have effect on October 1, 1989.". (b) REPEAL.—Paragraph (2) of section 2512(c) of the Deficit Reduction Act of 1984 (Public Law 98-369; 98 Stat. 1117) is repealed, (c) EFFECTIVE DATE.—The amendments made by subsection (a) shall apply to defaults which occur more than 60 days after the date of the enactment of this Act. SEC. 6. CASH SALES OF PROPERTIES ACQUIRED THROUGH FORECLOSURES.

(a) NUMBER OP VENDEE LOANS.—(1) Section 1816(d)(l) is amended by striking out "not more than 75 percent, nor less than 60 percent," in the first sentence and inserting in lieu thereof "not more than 65 percent, nor less than 50 percent,.

Regulations.

38 USC 1816 note. 38 USC 1816 note.

�