Page:United States Statutes at Large Volume 78.djvu/813

 78 STAT. ]

PUBLIC LAW 88-560-SEPT. 2, 1964

771

of the Housing Act of 1964, the Commissioner may, with the consent of the mortgagee (in lieu of issuing a certificate of claim as provided in subsection (e)), include in debentures or in the cash payment, in addition to amounts otherwise allowed for such costs, an amount not to exceed one-third of the total foreclosure, acquisition, and conveyance costs actually paid by the mortgagee and approved by the Commissioner, but in no event may the total allowance for such costs exceed the amount actually paid by the mortgagee:"; (3) striking out "and the payment of insurance premiums" in ^^ ^^^ '^^'°the third proviso in subsection (a) (as numbered prior to the amendment made by paragraph (2)), and by inserting before the colon at the end of such proviso the following: ": And provided further, That where the claim is paid in cash there shall be included in the cash payment an amount equivalent to the compensation for loss of debenture interest that would be included in computing debentures if such claim were being paid in debentures"'; (4^ striking out "$50" in the second sentence of subsection (c) and inserting in lieu thereof "$850"; (5) striking out in the second sentence of subsection (d) ", ex- ^^ ^*^*- '^°' cept that debentures issued pursuant to the provisions of section 220(f), section 221(g), and section 233 may be dated as of the 17^5/^^171^^''' date the mortgage is assigned (or the property is conveyed) to the Commissioner, and" and inserting in lieu thereof ": Provided, That debentures issued pursuant to claims for insurance filed on or after the date of enactment of the Housing Act of 1964 shall be dated as of the date of default or as of such later date as the Commissioner, in his discretion, may establish by regulation. The debentures"; (6)(A) inserting " (1) " after " (e) " in subsection (e); striking ^2 st^au u.^ out "The certificate" in such subsection and inserting in lieu thereof "Subject to paragraph (2), the certificate"; and adding at the end of such subsection a new paragraph as follows: "(2) A certificate of claim shall not be issued and the provisions of paragraph (1) of this subsection shall not be applicable in the case of a mortgage accepted for insurance pursuant to a commitment issued on or after the date of enactment of the Housing Act of 1964."; (B) striking out "and a certificate of claim" in the second sentence of subsection (a) and inserting in lieu thereof "and (subject to subsection (e)(2)) a certificate of claim"; (7) striking out the first paragraph of subsection (f) and inserting in lieu thereof the following: " (f)(1) If, after deducting (in such manner and amount as the Commissioner shall determine to be equitable and in accordance with sound accounting practice) the expenses incurred by the Commissioner, the net amount realized from any property conveyed to the Commissioner under this section and the claims assigned therewith exceed the face value of the debentures issued and the cash paid in exchange for such property plus all interest paid on such debentures, such excess shall be divided as follows:"; (8) redesignating the second paragraph of subsection (f) as paragraph (i), and striking out "207; and" at the end of the paragraph and inserting in lieu thereof the following: "207: Provided, That on and after the date of enactment of the Housing Act of 1964, any excess remaining after payment to the holder of the full amount of the certificate of claim, together with the accrued interest increment thereon, shall be retained by

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