Page:United States Statutes at Large Volume 89.djvu/312

 89 STAT. 252

PUBLIC LAW 94-50—JULY 2, 1975 (c) The Secretary may make such delegations and accept such certifications with respect to the processing of mortgage relief payments provided under this section as he deems appropriate to facilitate the p r o m p t and efficient implementation of the assistance authorized under this section. EMERGENCY HOMEOWNERS

Establishment.

12 USC 2706.

SEC. 107. (a)(1) To carry out the purposes of this title, the Secretary is authorized to establish in the Treasury of the United States an Emergency Homeowners' Belief F u n d (hereinafter in this title referred to as the "fund") which shall be available to the Secretary without fiscal year limitation— (A) for making payments in connection with defaulted loans or advances of credit insured under section 105 of t h i s title; (B) for making emergency mortgage relief payments under section 106 of this title; (C) to pay such administrative expenses (or portion of such expenses) of carrying out the provisions of this title as the Secretary may deem necessary. (2) The fund shall be credited with— (A) all amounts received by the Secretary as premium charges for insurance or as repayment for emergency mortgage relief payments under this title and all receipts, earnings, collections, or proceeds derived from any claim or other assets acquired by the Secretary under this Act; and (B) such amounts as may be appropriated for the purposes of this title. AUTHORITY OF THE

Rules and regulations.

12 USC 2707.

RELIEF F U N D

SECRETARY

SEC. 108. (a) The Secretary is authorized to make such rules and regulations as may be necessary to carry out the provisions of this title. (b) Notwithstanding any other provision of law relating to the acquisition, handling, improvement, or disposal of real or other property by the United States, the Secretary shall have power, for the protection of the interest of the fund authorized under this title, to pay out of such fund all expenses or charges in connection with the acquisition, handling, improvement, or disposal of any property, real or personal, acquired by the Secretary as a result of recoveries under security, subrogation, or other rights. (c) I n the performance of, with respect to, the functions, powers, and duties vested in the Secretary by this title, the Secretary shall— (1) have the power, notwithstanding any other provision of law, whether before or after default, to provide by contract or otherwise for the extinguishment upon default of any redemption, equitable, legal, or other right, title in any mortgage, deed, trust, or other instrument held by or held on behalf of the Secretary \mder the provisions of this title; and (2) have the power to foreclose on any property or commence any action to protect or enforce any right conferred upon the Secretary by law, contract, or other agreement, and bid for and purchase at any foreclosure or other sale any property in connection with which assistance has been provided pursuant to this title. In the event of any such acquisition, the Secretary may, notwithstanding any other provision of law relating tO' the acquisition, handling, or disposal of real property by the United States, complete, remodel and convert, dispose of, lease, and otherwise deal with, such property. Notwithstanding any other provision of law, the Secretary also shall have power to pursue to final collec-

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