Page:United States Statutes at Large Volume 122.djvu/2818

 12 2 STA T . 2 795PUBLIC LA W 11 0– 2 8 9 —J UL Y3 0, 2008 purs u ant t o an y ot he r pro vi sion o f this Ac toranya m en d ment made b y this Act to any other provision of l a w.( f )SAVINGSPRO VISIONS. — ( 1 ) EX IS T ING RIG H TS ,DU TI E S,ANDO BL IGATIONS NOT A F FE C TED.—Subsection (a) shall not affect the validity of any ri g ht, duty, or obligation of the U nited States, the D irector of the O ffice of F ederal H ousing Enterprise Oversight, or any other person, which— (A) arises under— (i) the Federal Housing Enterprises Financial Safety and Soundness Act of 1 9 9 2; (ii) the Federal N ational M ortgage Association C harter Act; (iii) the Federal Home L oan Mortgage Corporation Act; or (iv) any other provision of law applicable with respect to such Office; and ( B )e x isted on the day before the date of abolishment under subsection (a). (2) CONTINUATION OF SUITS.—No action or other proceeding commenced by or against the Director of the Office of Federal Housing Enterprise Oversight in connection with functions that are transferred to the Director of the Federal Housing Finance Agency shall abate by reason of the enactment of this Act, except that the Director of the Federal Housing Finance Agency shall be substituted for the Director of the Office of Federal Housing Enterprise Oversight as a party to any such action or proceeding. SEC.1302 .C ONTI N UA TION AN D COO R DINATION O F CERTAIN ACTIONS. (a) I N G ENERAL.—All regulations, orders, and determinations described in subsection (b) shall remain in effect according to the terms of such regulations, orders, and determinations, and shall be enforceable by or against the Director or the Secretary of Housing and Urban Development, as the case may be, until modified, termi - nated, set aside, or superseded in accordance with applicable law by the Director or the Secretary, as the case may be, any court of competent j urisdiction, or operation of law. (b) A P PLICABILIT Y .—A regulation, order, or determination is described in this subsection if it— (1) was issued, made, prescribed, or allowed to become effective by— (A) the Office of Federal Housing Enterprise Oversight; (B) the Secretary of Housing and Urban Development, and relates to the authority of the Secretary under— (i) the Federal Housing Enterprises Financial Safety and Soundness Act of 1992; (ii) the Federal National Mortgage Association Charter Act, with respect to the Federal National Mort- gage Association; or (iii) the Federal Home Loan Mortgage Corporation Act, with respect to the Federal Home Loan Mortgage Corporation; or (C) a court of competent jurisdiction, and relates to functions transferred by this Act; and (2) is in effect on the effective date of the abolishment under section 1 30 1(a). 12USC45 11 note.

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