Page:United States Statutes at Large Volume 78.djvu/815

 78 STAT. ]

PUBLIC LAW 88-560-SEPT. 2, 1964

773

(8) striking" out "default, and" in the second sentence of subsection (d) and inserting in lieu thereof the following: "default, except that debentures issued pursuant to claims for insurance Kled 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"; (4) striking out the first paragraph of subsection (f) and 12 USC 1^739. 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:"; (5) redesignating the second paragraph of subsection (f) as paragraph (i), and striking out "property; and"' at the end of the paragraph and inserting in lieu thereof the following: "property: 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 shall be retained by the Commissioner and credited to the W a r Housing Insurance Fund;and"; (6) redesignating the third paragraph of subsection (f) as paragraph ( i i); (7) 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 by the Housing Amendments of 1955 shall be terminated with respect ^^ ^*|^-1'^|^ to any certificate of claim outstanding as of the date of enactment note. of the Housing Act of 1964"; and (8) inserting at the end of subsection (f) a new paragraph as follows: "(3) With the consent of the holder thereof, the Connnissioner is authorized to settle, without awaiting the final liquidation of the Commissioner's interest in the property, any certificate of claim issued pursuant to subsection (e), with respect to which a 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 increment 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." f e) Section 904 of such Act is amended by— J^ ^^l: ^^^^^ (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

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