Page:United States Statutes at Large Volume 78.djvu/814

 772

52 Stat. 14. 12 USC 1710.

12 USC f42^6 note.

12 USC 1713.

12 USC 1709, 1715k, L715X.

12 USC m^5Z

55 Stat. 58. 12 USC 1739.

PUBLIC LAW 88-560-SEPT. 2, 1964

[78 STAT.

the Commissioner and credited to the applicable insurance fund; and"; (9) redesignating the third paragraph of subsection (f) as paragraph ( i i); (10) designating the last paragraph of subsection (f) as paragraph (2) and inserting the following before the period at the end thereof: ": Provided, That the settlement authority created ^y ^^^ Housing Amendments of 1955 shall be terminated with respect to any certificates of claim outstanding as of the date of enactment of the Housing Act of 1964"; and (11) inserting at the end of subsection (f) a new paragraph as follows: "(3) With the consent of the holder thereof, the Commissioner is authorized, without awaiting the final liquidation of the Commissioner's interest in the property, to settle any certificate of claim issued pursuant to subsection (e), with respect to which settlement had not been effected prior to the date of enactment of the Housing Act of 1964, by making payment in cash to the holder thereof of such amount not exceeding the face amount of the certificate of claim, together with the accrued interest thereon, as the Commissioner may consider appropriate: Provided, That in any case where the certificate of claim is settled in accordance with the provisions of this paragraph, any amounts realized after the date of enactment of the Housing Act of 1964, in the liquidation of the Commissioner's interest in the property, shall be retained by the Commissioner and credited to the applicable insurance fund." J^^ Section 207(g) of such Act is amended by adding at the end thereof the following: "Notwithstanding any other provision of this Act, upon receipt, after the date of enactment of the Housing Act of 1964, of an application for insurance benefits on a mortgage insured under this Act, the Commissioner may terminate the mortgagee's obligation to pay premium charges on the mortgage." (c)(1) Sections 203(k), 220(f)(3), 220(h)(6), and 233(g) of such Act are each amended by adding at the end thereof the following: " j f ^jje insurance payment is made in cash, there shall be added to such payment an amount equivalent to the interest which the debentures would have earned, computed to a date to be established pursuant to regulations issued by the Commissioner." (^) Section 221(g)(3) of such Act is amended by striking out "; or" at the end thereof and inserting in lieu thereof a period and the following: "If the insurance is paid in cash, there shall be added to such payment an amount equivalent to the interest which the debentures would have earned, computed to a date to be established pursuant to regulations issued by the Commissioner." (d) Section 604 of the National Housing Act is amended by-— (1) inserting after the colon following the first proviso in subsection (a) an additional proviso as follows: '•Provided further. That with respect to any debentures issued on or after the date of enactment 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, 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:"; (2) striking out "$50" in the second sentence of subsection (c) and inserting in lieu thereof "$350";

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