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12 U.S.C. § 1701a — Partial payment of claims on defaulted mortgages and in connection with mortgage restructuring
Federal law — U.S. Code and appendices · legal_authorities
**(a) Defaulted mortgages** Notwithstanding any other provision of law, if the Secretary is requested to accept assignment of a mortgage insured by the Secretary that covers a multifamily housing project (as such term is defined in [section 1701z–11(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1701z–11/b&num=0&edition=prelim)) or a health care facility (including a nursing home, intermediate care facility, or board and care home (as those terms are defined in [section 1715w of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1715w&num=0&edition=prelim)), a hospital (as that term is defined in [section 1715z–7 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1715z-7&num=0&edition=prelim)), or a group practice facility (as that term is defined in [section 1749aaa–5 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1749aaa-5&num=0&edition=prelim))) and the Secretary determines that partial payment would be less costly to the Federal Government than other reasonable alternatives for maintaining the low-income character of the project, or for keeping the health care facility operational to serve community needs, the Secretary may request the mortgagee, in lieu of assignment, to—
(1) accept partial payment of the claim under the mortgage insurance contract; and
(2) recast the mortgage, under such terms and conditions as the Secretary may determine.
**(b) Existing mortgages** Notwithstanding any other provision of law, the Secretary, in connection with a mortgage restructuring under section 514 of the Multifamily Assisted Housing Reform and Affordability Act of 1997, may make a one time, nondefault partial
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Source location: Title 12, Chapter 13, § 1701a; chapter-013-national-housing.md
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**(a) Defaulted mortgages** Notwithstanding any other provision of law, if the Secretary is requested to accept assignment of a mortgage insured by the Secretary that covers a multifamily housing project (as such term is defined in [section 1701z–11(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1701z–11/b&num=0&edition=prelim)) or a health care facility (including a nursing home, intermediate care facility, or board and care home (as those terms are defined in [section 1715w of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1715w&num=0&edition=prelim)), a hospital (as that term is defined in [section 1715z–7 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1715z-7&num=0&edition=prelim)), or a group practice facility (as that term is defined in [section 1749aaa–5 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1749aaa-5&num=0&edition=prelim))) and the Secretary determines that partial payment would be less costly to the Federal Government than other reasonable alternatives for maintaining the low-income character of the project, or for keeping the health care facility operational to serve community needs, the Secretary may request the mortgagee, in lieu of assignment, to—
(1) accept partial payment of the claim under the mortgage insurance contract; and
(2) recast the mortgage, under such terms and conditions as the Secretary may determine.
**(b) Existing mortgages** Notwithstanding any other provision of law, the Secretary, in connection with a mortgage restructuring under section 514 of the Multifamily Assisted Housing Reform and Affordability Act of 1997, may make a one time, nondefault partial or full payment of claim under one or more mortgage insurance contracts, which shall include a determination by the Secretary or the participating administrative entity, in accordance with the Multifamily Assisted Housing Reform and Affordability Act of 1997, of the market value of the project and a restructuring of the mortgage, under such terms and conditions as are permitted by section 517(a) of such Act.
**(c) Repayment** As a condition to a partial claim payment under this section, the mortgagor shall agree to repay to the Secretary the amount of such payment and such obligation shall be secured by a second mortgage on the property on such terms and conditions as the Secretary may determine.
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section, act Aug. 2, 1954, ch. 649, title VIII, § 815, 68 Stat. 647, required submission of specifications by applicants prior to award of any contract for construction of a project and submission of data with respect to acquisition of land prior to authorization to purchase such land.
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Federal law — U.S. Code and appendices · legal_authorities
The Secretary of Housing and Urban Development is authorized and directed to undertake such programs of research, studies, testing, and demonstration relating to the mission and programs of the Department as he determines to be necessary and appropriate. There is 11 So in original. Probably should be “are”. authorized to be appropriated to carry out this title [[12 U.S.C. 1701z–1](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1701z-1&num=0&edition=prelim) et seq.] $35,000,000 for fiscal year 1993 and $36,470,000 for fiscal year 1994.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** The Secretary of Housing and Urban Development shall collect and maintain information regarding early defaults on mortgages as provided under this section. The Secretary shall make such information available for public inspection upon request. Information shall be collected quarterly with respect to each applicable collection period (as such term is defined in subsection (c)) and shall be available for inspection not more than 30 days after the conclusion of the calendar quarter relating to each such period. Information shall first be made available under this section for the applicable collection period relating to the first calendar quarter ending more than 180 days after November 28, 1990.
**(b) Contents**
(1) **Mortgage lender analysis** — Information collected under this section shall include, for each lender originating mortgages during the applicable collection period that are insured pursuant to [section 1709 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1709&num=0&edition=prelim) and secured by property in a designated census tract, the following information with respect to such mortgages:
(A) The name of the lender and the number of each designated census tract in which the lender originated 1 or more such mortgages during the applicable collection period.
(B) The total number of such mortgages originated by such lender during the applicable collection period in each designated census tract and the number of mortgages originated each year in each designated census tract.
(C) The total number of defaults and foreclosures on such mortgages during the applicable collection period in each designated census tract and the number of defaults and foreclosures in each designated census tract in
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1701
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Definitions** As used in this section—
(1) The term “mortgage” means a first mortgage on real estate in fee simple, or on the interest of either the lessor or lessee thereof (A) under a lease for not less than ninety-nine years which is renewable or (B) under a lease having a period of not less than fifty years to run from the date the mortgage was executed, upon which there is located or upon which there is to be constructed a building or buildings designed principally for residential use, or upon which there is located or to be constructed facilities for manufactured homes, and the term “first mortgage” means such classes of first liens as are commonly given to secure advances (including but not being limited to advances during construction) on, or the unpaid purchase price of, real estate under the laws of the State, in which the real estate is located, together with the credit instrument or instruments, if any, secured thereby, and may be in the form of trust mortgages or mortgage indentures or deeds of trust securing notes, bonds, or other credit instruments.
(2) The term “mortgagee” means the original lender under a mortgage, and its successors and assigns, and includes the holders of credit instruments issued under a trust mortgage or deed of trust pursuant to which such holders act by and through a trustee therein named.
(3) The term “mortgagor” means the original borrower under a mortgage and its successors and assigns.
(4) The term “maturity date” means the date on which the mortgage indebtedness would be extinguished if paid in accordance with the periodic payments provided for in the mortgage.
(5) The term “slum or blighted area” means any area where dwellings predominate which, by reason of dilapidation, overcrowding, faulty arrangement or design
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Federal law — U.S. Code and appendices · legal_authorities
Page 429
TITLE 12—BANKS AND BANKING
§ 1701a
amending sections 24, 1430, 1431, 1436, 1464, 1701, 1703,
1706c, 1709, 1710, 1711, 1713, 1715c, 1715e, 1715h, 1715j, 1716,
1717 to 1721, 1725, 1728, 1729, 1730, 1748b, 1749, 1750b, 1750c
and 1750g of this title; section 709 of Title 18, Crimes
and Criminal Procedure; section 272 of Title 20, Edu-
cation; section 694a of former Title 38, Pensions, Bo-
nuses, and Veterans’ Relief; section 459 of former Title
40; and sections 1407, 1410, 1415, 1416, 1451, 1452, 1453, 1454,
1455, 1456, 1457, 1459, 1460, 1481 to 1483, 1585, 1587, 1591c
and 1592a of Title 42; repealing sections 1701j, 1706,
1716–1 and 1716a of this title; section 456 of former Title
40; sections 1451a, 1461 and 1551 of Title 42; and sections
484e, 724, and 1426 of Title 48, Territories and Insular
Possessions; and enacting provisions set out as notes
under sections 1703, 1710, 1715n, 1715s, and 1716 of this
title; section 846 of former Title 31, Money and Finance;
and under sections 1434, 1446, and 1450 of Title 42] may
be cited as the ‘Housing Act of 1954’.’’
Act June 27, 1934, title III, § 312, as added Aug. 2, 1954,
ch. 649, § 201, 68 Stat. 622, provided that: ‘‘This title III
[enacting sections 1722 to 1723c of this title and amend-
ing sections 1716 to 1721 of this title] may be referred to
as the ‘Federal National Mortgage Association Charter
Act’.’’
SHORT TITLE OF 1953 AMENDMENT
Act June 30, 1953, ch. 170, § 1, 67 Stat. 121, provided:
‘‘This Act [enacting sections 1715j and 1735 of this title,
and sections 723 and 1425 of Title 48, Territories and In-
sular Possessions; amending sections 1701j, 1706c(b),
1709, 1711(c)(i), 1715d, 1715e(d), 1715h, 1716(a), 1716–1, 1717,
1748b(a), (b), 1749(a), 1750b(a), and 1750g(b) of this title,
sect
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