24 CFR 320.31

§ 320.31 Default.

United States · 24 CFR — Housing and Urban Development · Status: effective

Cite this

Citation: 24 CFR 320.31, § 320.31 Default, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/100628
Permanent ID: ys:prov:100628@1
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Full text

Upon default of the issuer, the Association has the right, pursuant to section 306(g) of the National Housing Act (12 U.S.C. 1721(g)), to take title to the mortgages and other assets that are subject to the trust arrangements, and to proceed against other assets of the issuer to the extent necessary to satisfy its own claims and the rights of the holders of securities then outstanding. Such action by the Association shall be taken subject to an accounting to the issuer.

Legislative history

This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.