Page:United States Statutes at Large Volume 52.djvu/56

 75TH CONG., 3D SESS.-CH. 13 -FEB. 3, 1938 property, the Administrator shall pay to the holder of such cer- tificate the full amount so payable, and any excess remaining thereafter shall be paid to the mortgagor of such property; and "(2) If such excess is equal to or less than the total amount payable under such certificate of claim, the Administrator shall pay to the holder of such certificate the full amount of such excess. "(g) Notwithstanding any other provision of law relating to the acquisition, handling, or disposal of real property by the United States, the Administrator shall have power to deal with, complete, rent, renovate, modernize, insure, or sell for cash or credit, in his discretion, any properties conveyed to him in exchange for debentures and certificates of claim as provided in this section; and notwith- standing 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 Administrator as provided in this section: Provided, That sec- tion 3709 of the Revised Statutes shall not be construed to apply to any contract for hazard insurance, or to any purchase or contract for services or supplies on account of such property if the amount thereof does not exceed $1,000. "(h) 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 section 203 shall be classified into groups in accordance with sound actuarial practice and risk characteristics. Premium charges, adjusted pre- mium charges, and appraisal and other fees received on account of the insurance of any such mortgage, the receipts derived from the property covered by the mortgage and claims assigned to the Admin- istrator in connection 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 property conveyed to the Administrator under section 204 in connection with mortgages insured under section 203, payments made or to be made to the mort- gagee and the mortgagor as provided in section 204, and expenses incurred in the handling of the property covered by the mortgage and in the collection of claims assigned to the Administrator in con- nection therewith, shall le charged to the account of the group to which such mortgage is assigned. "(b) The Administrator shall also provide, in addition to the sev- eral group accounts, a general reinsurance account, the credit in which shall be available to cover charges against such group ac- counts where the amounts credited to such accounts are insufficient to cover such charges. General expenses of operation of the Federal Housing Administration under this title with respect to mortgages insured under section 203 may be allocated in the discretion of the Administrator among the several group accounts or charged to the general reinsurance account, and the amount allocated to the Fund under section 202 shall be credited to the general reinsurance ac- count; except that any expenses incurred with respect to mortgages described in section 203 (b) (2) (B) shall be charged to the general reinsurance account. Powers of Adminis- trator in real property transactions. Collection of claims against mortgagors. Proviso. Contracts for hazard insurance. R. S. §3709. 41U. S.C. §5. Conveyed property; rights of Administra- tor. Classification of mortgages and rein- surance fund. Classification into groups. Credit of receipts and earnings to group. Payments. General reinsurance account. Allocation of general expenses of operation. 15 52 STAT.]

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