74 sioner, but in no event may the total allowance for such costs exceed the amount actually paid by the mort gagee:"; (3) striking out "and the payment of insurance premiums" in the third proviso in subsection (a) and inserting the following at the end of that proviso preceding the colon: "or where claim is paid in cash pursu ant to the provisions of section 220, 221, or 233 of this Act, there shall be included in the cash payment an amount equivalent to the compensation for loss of debenture interest that would be included in computing debentures if the claim were being paid in debentures"; (4) striking out "$50" in the second sentence of subsection (c) and inserting in lieu thereof "$350"; (5) striking out in the second sentence of subsection (d)", except that debentures issued pursuant to the provisions of section 220 (f), section 221 (g), and section 233 may be dated as of the date the mortgage is assigned (or the property is conveyed) to the Commissioner, and" and inserting in lieu thereof ": Provided, That debentures issued pursuant to claims for insurance filed on or after the effective date of the Housing and Community Development Act of 1964 shall be dated as of the date of default or as of such later date as the 1 2 3 4 པ་ 5 6 7 8 9 10 11 12 75 Commissioner, in his discretion, may establish by regu lation. The debentures"; (6) adding at the end of subsection (e) the following new sentence: "With respect to a mortgage accepted for insurance pursuant to a commitment issued on or after the effective date of the Housing and Community Development Act of 1964, the provisions of this subsection shall not be applicable and a certificate of claim shall not be issued."; (7) amending the first unnumbered paragraph of subsection (f) to read as follows: "(f) (1) If, after deducting (in such manner and 13 amount as the Commissioner shall determine to be equitable 14 and in accordance with sound accounting practice) the ex15 penses incurred by the Commissioner, the net amount 16 realized from any property conveyed to the Commissioner 17 under this section and the claims assigned therewith ex18 ceeds the face value of the debentures issued and the cash 19 paid in exchange for such property plus all interest paid on 20 such debentures, such excess shall be divided as follows:"; (8) redesignating paragraph (1) of subsection (f) 21 222 23 24 as (i) and striking out "207; and" at the end of the paragraph and inserting in lieu thereof the following: "207: Provided, That on and after the effective date of 76 1 2 3 4 5 6 9 10 11 12 13 14 15 16 17 the Housing and Community Development Act of 1964, any excess remaining after payment to the holder of the full amount of the certificate of claim, together with the accrued interest increment thereon, shall be retained by the Commissioner and credited to the applicable insurance fund; and"; (9) redesignating paragraph (2) of subsection (f) as (ii); and (10) designating the second unnumbered paragraph of subsection (f) as (2) and inserting the following preceding the period at the end thereof: ": Provided, That the settlement authority created by the respect to any certificates of claim outstanding as of the effective date of the Housing and Community Development Act of 1964. "(3) With the consent of the holder thereof, the Com18 missioner is authorized, without awaiting the final liquidation 19 of the Commissioner's interest in the property, to settle any 20 certificate of claim issued pursuant to subsection (e) with 21 respect to which settlement had not been effected prior to the 22 effective date of the Housing and Community Development 23 Act of 1964, by making payment in cash to the holder 77 1 thereof of such amount not exceeding the face amount of 2 the certificate of claim, together with the accrued interest 3 thereon, as the Commissioner may consider appropriate: 4 Provided, That in any case where the certificate of claim is 5 settled in accordance with the provisions of this paragraph, any amounts realized after the effective date of the Housing 7 and Community Development Act of 1964, in the liquidation 8 of the Commissioner's interest in the property, shall be re9 tained by the Commissioner and credited to the applicable 10 insurance fund". 6 11 12 (b) Section 207 (g) of the National Housing Act is amended by adding the following at the end thereof: "Not13 withstanding any other provisions of this Act, upon 14 15 receipt, after the effective date of the Housing and Com munity Development Act of 1964, of an application for 16 insurance benefits on a mortgage insured under this sec17 tion, the Commissioner may terminate the mortgagee's 18 obligation to pay premium charges on the mortgage.". 19 20 (c) Sections 203 (k), 220 (f) (3), 220 (h) (6), 221 (g) (3), and 233 (g) of the National Housing Act are 21 each amended by adding the following sentence at the end 22 thereof: "If the insurance payment is made in cash, there 23 shall be added to such payment an amount equivalent to 78 1 the interest which the debentures would have earned, com 2 puted to a date to be established pursuant to regulations 3 issued by the Commissioner." 4 (d) Section 604 of the National Housing Act is 5 amended by (1) inserting after the first proviso in subsection (a) an additional proviso as follows: "And provided further, That with respect to any debentures issued on or after the effective date of the Housing and Community Development Act of 1964, the Commissioner may, with the consent of the mortgagee (in lieu of issuing a certificate of claim as provided in subsection (e)), include in debentures, in addition to amounts otherwise allowed for such costs, an amount not to exceed one-third of the total foreclosure, acquisition, and conveyance costs actually paid by the mortgagee and approved by the Commissioner, but in no event may the total allowance for such costs exceed the amount actually paid by the mortgagee:"; (2) striking out "$50" in the second sentence of subsection (c) and inserting in lieu thereof "$350"; (3) striking out "default, and" in the second sentence of subsection (d) and inserting in lieu thereof the following: "default, except that debentures issued pursuant to claims for insurance filed on or after the |