§ 4-226. Financing procedures - Powers of Administration.
(a) Authority to foreclose or take similar action.-
(1) In connection with property on which it holds a mortgage, the Administration may:
(i) foreclose on the property;
(ii) begin an action to protect or enforce a right conferred on the Administration by law, or any agreement;
(iii) bid for and purchase the property at a foreclosure or other sale; and
(iv) acquire and take possession of the property.
(2) In an action under this subsection, the Administration may:
(i) complete, administer, and pay the principal of and interest on an obligation incurred in connection with the property; and
(ii) dispose of and otherwise deal with the property, so as to protect the interests of the Administration.
(b) Liens.-
(1) This subsection does not apply to a lien held in connection with a public purpose project.
(2) The Administration may not lend money on the security of property unless the lien on the property is superior to all other liens, except for:
(i) a lien for taxes owed to the State or a political subdivision; or
(ii) an earlier mortgage lien.
(c) Sales of mortgages.-
(1) At public or private sale and with or without public bidding, the Administration may sell a mortgage or other obligation that the Administration holds.
(2) The Administration may retain the servicing rights and charge servicing fees for any mortgage or other obligation the Administration sells.
§ 4-226. Financing procedures - Powers of Administration.
(a) Authority to foreclose or take similar action.-
(1) In connection with property on which it holds a mortgage, the Administration may:
(i) foreclose on the property;
(ii) begin an action to protect or enforce a right conferred on the Administration by law, or any agreement;
(iii) bid for and purchase the property at a foreclosure or other sale; and
(iv) acquire and take possession of the property.
(2) In an action under this subsection, the Administration may:
(i) complete, administer, and pay the principal of and interest on an obligation incurred in connection with the property; and
(ii) dispose of and otherwise deal with the property, so as to protect the interests of the Administration.
(b) Liens.-
(1) This subsection does not apply to a lien held in connection with a public purpose project.
(2) The Administration may not lend money on the security of property unless the lien on the property is superior to all other liens, except for:
(i) a lien for taxes owed to the State or a political subdivision; or
(ii) an earlier mortgage lien.
(c) Sales of mortgages.-
(1) At public or private sale and with or without public bidding, the Administration may sell a mortgage or other obligation that the Administration holds.
(2) The Administration may retain the servicing rights and charge servicing fees for any mortgage or other obligation the Administration sells.
§ 4-226. Financing procedures - Powers of Administration.
(a) Authority to foreclose or take similar action.-
(1) In connection with property on which it holds a mortgage, the Administration may:
(i) foreclose on the property;
(ii) begin an action to protect or enforce a right conferred on the Administration by law, or any agreement;
(iii) bid for and purchase the property at a foreclosure or other sale; and
(iv) acquire and take possession of the property.
(2) In an action under this subsection, the Administration may:
(i) complete, administer, and pay the principal of and interest on an obligation incurred in connection with the property; and
(ii) dispose of and otherwise deal with the property, so as to protect the interests of the Administration.
(b) Liens.-
(1) This subsection does not apply to a lien held in connection with a public purpose project.
(2) The Administration may not lend money on the security of property unless the lien on the property is superior to all other liens, except for:
(i) a lien for taxes owed to the State or a political subdivision; or
(ii) an earlier mortgage lien.
(c) Sales of mortgages.-
(1) At public or private sale and with or without public bidding, the Administration may sell a mortgage or other obligation that the Administration holds.
(2) The Administration may retain the servicing rights and charge servicing fees for any mortgage or other obligation the Administration sells.
