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U.S. Code as of:
01/19/04
Section 1701m. Credit and cancellation of notes transferred from Reconstruction Finance Corporation; net loss computation
The Secretary of the Treasury is authorized and directed from
time to time to credit and cancel the note or notes of the Housing
and Home Finance Administrator executed and delivered in connection
with loans transferred from the Reconstruction Finance Corporation
to the Housing and Home Finance Agency pursuant to Reorganization
Plan Numbered 23 of 1950 (64 Stat. 1279), to the extent of the net
loss, as determined by the Secretary of the Treasury, sustained by
said Agency in the liquidation of defaulted loans. The net loss
shall be the sum of the unpaid principal and advances for care and
preservation of collateral, together with accrued and unpaid
interest on said principal and advances, and all expenses and costs
(other than those subject to administrative expense limitations) in
connection with the liquidation of defaulted loans, less the amount
actually realized by the Housing and Home Finance Agency on account
of such defaulted loans.
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