Page:United States Statutes at Large Volume 75.djvu/221

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[75 Stat. 181]
[75 Stat. 181]
PUBLIC LAW 87-000—MMMM. DD, 1961

76 S T A T. ]

PUBLIC LAW 8 7 - 7 0 - J U N E 30, 1961

181

missioner, his successors and assigns, without identifying the Commissioner therein, shall be deemed a proper conveyance or transfer to the same extent and of like effect as if the Commissioner were personally named in such conveyance or transfer." (d) Section 209 of such Act is amended by striking out in the second ^^ "®^ ^^ ^*• sentence "shall be charged as a general expense of the Fund, the Housing Fund, and the Defense Housing Insurance Fund in such proportion as the Commissioner shall determine" and inserting in lieu thereof "shall be charged as a general expense of such insurance fund or funds, or account or accounts, as the Commissioner shall determine". (e) Section 212 of such Act is amended by— ^^ use irisc (1) striking out in the second sentence of subsection (a) "any mortgage under section 220" and inserting in lieu thereof "any ^^ use i7i5k. loan or mortgage under section 220 or section 233"; and ^*n'®'?• i8. (2) striking out in the third sentence of subsection (a) "in subsection (d)(4) " and inserting in lieu thereof "in subsection (d) (3) in the case of a cooperative or a limited profit mortgagor, or in subsection (d)(4)". (f) Section 219 of such Act is amended to read as follows: ^^ use i7i5j. "SEC. 219. Notwithstanding any limitations contained in other sections of this Act as to the use of moneys credited to the Title I Insurance Account, the Title I Housing Insurance Fund, the Section 203 ^^ ^^^ ^^°®' Home Improvement Account, the Housing Insurance Fund, the W a r Housing Insurance Fund, the Housing Investment Insurance Fund, the Armed Services Housing Mortgage Insurance Fund, the National Defense Housing Insurance Fund, the Section 220 Housing Insur- *^ ^®^ '^'* ance Fund, the Section 220 Home Improvement Account, the Section 221 Housing Insurance Fund, the Experimental Housing Insurance *2 USC i7isz. Fund, the Apartment Unit Insurance Fund, or the Servicemen's Mortgage Insurance Fund, the Commissioner is hereby authorized to transfer funds from any one or more of such insurance funds or accounts to any other such fund or account in such amounts and at such times as the Commissioner may determine, taking into consideration the requirements of such funds or accounts, separately and jointly to carry out effectively the insurance programs for which such funds or accounts were established." (g) Section 220(f) of such Act is amended by— 12 USC i? isk. (1) striking out "or" at the end of paragraph (1), (2) striking out the period at the end of paragraph (2) and inserting in lieu thereof "; or", and (3) adding at the end thereof the following: "(3) as to mortgages meeting the requirements of this section that are insured or initially endorsed for insurance on or after the date of enactment of the Housing Act of 1961, notwithstanding the provisions of paragraphs (1) and (2) of this subsection, the Commissioner in his discretion, in accordance with such regulations as he may prescribe, may make payments pursuant to such paragraphs in cash or in debentures (as provided in the mortgage insurance contract), or may acquire a mortgage loan that is in default and the security therefor upon payment to the mortgagee in cash or in debentures (as provided in the mortgage insurance contract) of a total amount e<][ual to the unpaid principal balance of the loan plus any accrued interest and any advances approved by the Commissioner and made previously by the mortgagee under the provisions of the mortgage. After the acquisition of the mortgage by the Commissioner the mortgagee shall have no further rights, liabilities, or obligations with respect to the loan or the security for the loan. The appropriate provisions of sections 204 and 207 relating to the rights, liabilities, and obligations j ^ ^ ^ u s e 1710,