Page:United States Statutes at Large Volume 48 Part 1.djvu/1276

 1.250 Certificate of claim. Amoun t. Inc rem ent. Dete rmi nat ion of amount to which hold- er entitled. Authority of Admin- istrator in real estate transactions. In collection of claims against mortgagors. Conveyed property ; exclu sive right s of Ad- ministrator. Class ifica tiono fmort - gages and reinsurance fund. Mortgages, classifica- tion into groups. Credit of receipts and earnings to group. Payments therefrom. 73d C ONGRESS. SESS. II. CH. 847. JUNE 27, 1934 . (c) The certificate of claim issued by the Administrator to any mortgagee shall be for an amount which the Administrator deter- mines to be sufficient, when added to the face value of the deben- tures issued to the mortgagee, to equal the amount which the mort- gagee would have received if, at the time of the conveyance to the Administr ator of the pr operty covere d by the mort gage, the mort - gagor had redeemed the property and paid in full all obligations under the mortgage and those arising out of the foreclosure pro- ceedings. Each such certificate of claim shall provide that there shall accrue to the holder of such certificate with respect to the face amount of such certificate, an increment at the rate of 3 per centum per annum. The amount to which the holder of any such certificate shall be entitled shall be determined as provided in sub- section (d). (d) If the net amount realized from any property conveyed to the Admi nist rato r un der this sec tion and the cla ims assi gned the re- with, after deducting all expenses incurred by the Administrator in handling, dealing with, and disposing of such property and in collecting such claims, exceeds the face amount of the debentures issued in exchange for the mortgage covering such property plus all interest paid on such debentures, such excess shall be divided as follows (1) If such excess is greater than the total amount payable under the certificate of claim issued in connection with such property, the Administrator shall pay to the holder of such certificate the full amount so payable ; and any excess remaining thereafter shall be paid to the mortgagor of such property. (2) If such excess is equal to or less than the total amount pay- able under such certificate of claim, the Administrator shall pay to the holder of such certificate the full amount of such excess. (e) Notwithsta nding any oth er provision o f law relatin g to the acquisition, handling, or disposal of real property by the United States, the Administrator shall have power to deal with, rent, reno- vate, mo dern ize, or sell for cas h or cre dit, in his disc reti on, any properties conveyed to him in exchange for debentures and certifi- cates of claim as provided in this section ; and notwithstanding any other provision of law, the Administrator shall also have power to pursue to final collection, by way of compromise or otherwise, all claims against mortgagors assigned by mortgagees to the Adminis- trator as provided in this section. (f) No mortgagee or mortgagor shall have, and no certificate of claim shall be construed to give to any mortgagee or mortgagor, any right or interest in any property conveyed to the Administrator or in any claim assigned to him ; nor shall the Administrator owe any duty to any mortgagee or mortgagor with respect to the handling or disposal of any such property or the collection of any such claim. CLASSIFICATION OF MORTGAGES AND REINSURANCE FUND SEC. 205. (a) Mortgages accepted for insurance under this title shall be so classified into groups that the mortgages in any group shall involve subst antiall y simil ar ris k chara cterist ics an d have simi- lar maturity dates. Premium charges received for the insurance of any mortgage, the receipts derived from the property covered by the mort gage and cla ims assi gned to the Admi nist rato r in con nect ion therewith, and all earnings on the assets of the group account, shall be credited to the account of the group to which the mortgage is assigned. The principal of and interest paid and to be paid on debentures issued in exchange for any mortgage, payments made or to be made to the mortgagee and the mortgagor as provided in sec-