Regulacje i polityka gospodarcza · 15/11/1995

Nonjudicial Foreclosure of Single Family Mortgages

This rule makes final, with changes, the proposed amendments to title 24 CFR by the addition of a new part 29 that concerns nonjudicial foreclosure of single family mortgages. A proposed rule was published on April 7, 1995 (60 FR 17968). The rule implements the Single Family Mortgage Foreclosure Act of 1994 (the Act), codified at 12 U.S.C. 3751-3768, which authorizes the Secretary of Housing and Urban Development, as a matter of Federal law, to exercise a statutory nonjudicial power of sale with respect to any defaulted single family mortgage held by the Secretary under title I or II of the National Housing Act or under section 312 of the Housing Act of 1964. It is important to note that the section numbers that are provided in this final rule differ from the section numbers that appeared in the proposed rule due to the abbreviation of the final rule so as not to duplicate provisions already set forth in the Act.