---
kind: "section"
citation: "12 U.S.C. § 2707"
title: "12"
title_heading: "Banks and Banking"
number: "2707"
heading: "Authority of Secretary"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/12/2707"
units:
  - "Chapter 28 — Emergency Mortgage Relief"
---

# §2707. Authority of Secretary

- (a) **Rules and regulations—** The [Secretary](/usc/12/1715z–22a.md?p=4) is authorized to make such rules and regulations as may be necessary to carry out the provisions of this chapter.
- (b) **Payment of expenses and charges relating to acquisition, handling, improvement, or disposal of real and personal property—** 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](/usc/12/1715z–22a.md?p=4) shall have power, for the protection of the interest of the fund authorized under this chapter, 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](/usc/12/1715z–22a.md?p=4) as a result of recoveries under security, subrogation, or other rights.
- (c) **Powers with respect to property rights held by Secretary—** In the performance of, with respect to, the functions, powers, and duties vested in the [Secretary](/usc/12/1715z–22a.md?p=4) by this chapter, the [Secretary](/usc/12/1715z–22a.md?p=4) 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](/usc/12/1707.md?p=a), deed, trust, or other instrument held by or held on behalf of the [Secretary](/usc/12/1715z–22a.md?p=4) under the provisions of this chapter; and
  - (2) have the power to foreclose on any property or commence any action to protect or enforce any right conferred upon the [Secretary](/usc/12/1715z–22a.md?p=4) 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 chapter. In the event of any such acquisition, the [Secretary](/usc/12/1715z–22a.md?p=4) 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](/usc/12/1715z–22a.md?p=4) also shall have power to pursue to final collection by way of compromise or otherwise all claims acquired by him in connection with any security, subrogation, or other rights obtained by him in administering this chapter.
- (d) **Coverage of existing programs—** The [Secretary](/usc/12/1715z–22a.md?p=4) shall allow funds to be administered by a [State](/usc/12/1707.md?p=d) that has an existing program that is determined by the [Secretary](/usc/12/1715z–22a.md?p=4) to provide substantially similar assistance to homeowners. After such determination is made such [State](/usc/12/1707.md?p=d) shall not be required to modify such program to comply with the provisions of this chapter.

## Source credit

(Pub. L. 94–50, title I, § 108, July 2, 1975, 89 Stat. 252; Pub. L. 111–203, title XIV, § 1496(b)(5), July 21, 2010, 124 Stat. 2208.)

## Notes

### Editorial Notes

### Amendments

2010—Pub. L. 111–203 added subsec. (d).

### Statutory Notes and Related Subsidiaries

### Effective Date of 2010 Amendment

Amendment by Pub. L. 111–203 effective on the date on which final regulations implementing that amendment take effect, or on the date that is 18 months after the designated transfer date if such regulations have not been issued by that date, see section 1400(c) of Pub. L. 111–203, set out as a note under section 1601 of Title 15, Commerce and Trade.