12 U.S.C. § 1701k — Right to redeem property on which

Page 444 TITLE 12—BANKS AND BANKING § 1701k Executive Documents TERMINATION OF TRUST TERRITORY OF THE PACIFIC ISLANDS For termination of Trust Territory of the Pacific Is- lands, see note set out preceding section 1681 of Title 48, Territories and Insular Possessions. § 1701k. Right to redeem property on which United States has lien The right to redeem provided for by section 2410(c) of title 28, shall not arise in any case in which the subordinate lien or interest of the United States derives from the issuance of in- surance under the National Housing Act, as amended [12 U.S.C. 1701 et seq.]. (Apr. 20, 1950, ch. 94, title V, § 505, 64 Stat. 81; Pub. L. 85–857, § 13(q), Sept. 2, 1958, 72 Stat. 1266.) Editorial Notes REFERENCES IN TEXT The National Housing Act, as amended, referred to in text, is act June 27, 1934, ch. 847, 48 Stat. 1246, which is classified principally to this chapter (§ 1701 et seq.). For complete classification of this Act to the Code, see sec- tion 1701 of this title and Tables. CODIFICATION Section was enacted as part of the Housing Act of 1950, and not as part of the National Housing Act which comprises this chapter. AMENDMENTS 1958—Pub. L. 85–857 struck out provisions which re- lated to the right to redeem in cases in which the sub- ordinate lien or interest derives from the issuance of guaranties of insurance under the Serviceman’s Read- justment Act of 1944, as amended. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1958 AMENDMENT Amendment by Pub. L. 85–857 effective Jan. 1, 1959, see section 2 of Pub. L. 85–857, set out as an Effective Date note preceding part 1 of Title 38, Veterans’ Bene- fits. ACT APRIL 20, 1950, AS CONTROLLING LAW; HOUSING AND HOME FINANCE ADMINISTRATOR UNAFFECTED Act Apr. 20, 1950, ch. 94, title V, § 509, 64 Stat. 81, pro- vided that: ‘‘Insofar as the provisions of any other law are inconsistent with the provisions of this Act [see Ta- bles for classification] the provisions of this Act shall be controlling: Provided, That nothing contained in this Act shall affect the authority of the Housing and Home Finance Administrator under title II of Public Law 266, Eighty-first Congress [Act Aug. 24, 1949, ch. 506, title II, 63 Stat. 657].’’ POWERS AND AUTHORITIES OF ACT APRIL 20, 1950, AS CUMULATIVE; SEPARABILITY Act Apr. 20, 1950, ch. 94, title V, § 510, 64 Stat. 81, pro- vided that: ‘‘Except as may be otherwise expressly pro- vided in this Act [see Tables for classification] all pow- ers and authorities conferred by this Act shall be cu- mulative and additional to and not in derogation of any powers and authorities otherwise existing. Notwith- standing any other evidences of the intention of Con- gress, it is hereby declared to be the controlling intent of Congress that if any provisions of this Act, or the ap- plication thereof to any persons or circumstances, shall be adjudged by any court of competent jurisdiction to be invalid, such judgment shall not affect, impair, or invalidate the remainder of this Act or its applications to other persons and circumstances, but shall be con- fined in its operation to the provisions of this Act, or the application thereof to the persons and cir- cumstances, directly involved in the controversy in which such judgment shall have been rendered.’’ § 1701l. Limitation on interest rates of insured mortgages; terms of sales It is the intent of Congress that no sale of a dwelling on which a mortgage is insured under the National Housing Act, as amended [12 U.S.C. 1701 et seq.], shall be financed, while such mort- gage is so insured, at an interest rate higher than that prescribed by the Secretary of Hous- ing and Urban Development. It is the further in- tent of Congress that no such sale shall be made, while such mortgage is so insured, on terms less favorable to the purchaser as to amortization, retirement, foreclosure, or forfeiture than those contained in such mortgage. (Apr. 20, 1950, ch. 94, title V, § 508, 64 Stat. 81; Pub. L. 90–19, § 8(e), May 25, 1967, 81 Stat. 22.) Editorial Notes REFERENCES IN TEXT The National Housing Act, as amended, referred to in text, is act June 27, 1934, ch. 847, 48 Stat. 1246, which is classified principally to this chapter (§ 1701 et seq.). For complete classification of this Act to the Code, see sec- tion 1701 of this title and Tables. CODIFICATION Section was enacted as part of the Housing Act of 1950, and not as part of the National Housing Act which comprises this chapter. AMENDMENTS 1967—Pub. L. 90–19 substituted ‘‘Secretary of Housing and Urban Development’’ for ‘‘Federal Housing Com- missioner’’. § 1701l–1. Mortgage proceeds fraudulently mis- appropriated by mortgagor; recovery of defi- ciency after foreclosure The Secretary of Housing and Urban Develop- ment shall take action to secure the payment of any deficiency after foreclosure on a mortgage insured or assisted under Federal law where the Secretary has reason to believe that the mort- gage proceeds have been fraudulently misappro- priated by the mortgagor. (Pub. L. 93–383, title VIII, § 819, Aug. 22, 1974, 88 Stat. 740.) Editorial Notes CODIFICATION Section was enacted as part of the Housing and Com- munity Development Act of 1974, and not as part of the National Housing Act which comprises this chapter. § 1701m. Credit and cancellation of notes trans- ferred from Reconstruction Finance Cor- poration; net loss computation The Secretary of the Treasury is authorized and directed from time to time to credit and cancel the note or notes of the Housing and Home Finance Administrator executed and de- livered in connection with loans transferred from the Reconstruction Finance Corporation to