24 CFR 291.304 - Bidding process.

§ 291.304 Bidding process.
(a) Submission of bids. All bids must be submitted to HUD in accordance with instructions in the bid package for a particular sale.
(b) Effect of bid. By submitting a bid, the bidder is making an offer to purchase single family mortgage loans as presented in the bid package. Submission of a bid constitutes acceptance of the terms and conditions set forth in the bid package. Along with the bid, the bidder must submit an executed copy of the Loan Sale Agreement, which is included in the bid package.
(c) Earnest money deposits. The bidder must submit to HUD, along with its bid, an earnest money deposit in an amount to be determined by HUD. The earnest money deposit is nonrefundable to the winning bidder and will be credited toward the purchase price.
(d) Termination of offering. HUD reserves the right to terminate an offering in whole or in part at any time before the bid date.
(e) Withdrawal of loans. HUD reserves the right, in its sole discretion and for any reason whatsoever, to withdraw loan assets from a pool prior to the bid date. Any earnest money deposits relating to withdrawn loan assets will be retained by HUD and credited toward the total purchase price of the remaining loan assets in the pool, in accordance with the Loan Sale Agreement. After the bid date, HUD can withdraw mortgage loans in accordance with the Loan Sale Agreement.
(f) Rejection of bids.
(1) HUD may, in its sole discretion, reject any bid under the following circumstances:
(i) If the bid does not conform with the instructions in the bid package; or
(ii) If, in HUD's sole discretion, it determines that such action would be in the best interests of the U.S. Government.
(2) HUD can also issue a conditional rejection that will become an acceptance upon fulfillment of HUD's requests.
(g) Withdrawal of bids. A bidder may withdraw a previously submitted bid in accordance with the instructions in the bid package for a particular sale.
(h) Bids by brokers or agents. Any bid by a broker or agent for a principal must be in the name of the principal and signed by the broker/agent as the attorney-in-fact for the principal. All such bid documents must be executed so as to bind the principal by the broker/agent as the attorney-in-fact. A power of attorney satisfactory to HUD as to form and content must be submitted with each bid.

Title 24 published on 2013-04-01

no entries appear in the Federal Register after this date.

This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.

This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].

It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.


United States Code
U.S. Code: Title 12 - BANKS AND BANKING

§ 1701 - Short title

§ 1701a - Short title of amendment of 1938

§ 1701b - Short title of amendment of 1942

§ 1701c - Secretary of Housing and Urban Development

12 U.S. Code § 1701c–1 - Omitted

§ 1701d - Repealed.

12 U.S. Code § 1701d–1, 1701d–2 - Repealed.

12 U.S. Code § 1701d–3 - Repealed.

12 U.S. Code § 1701d–4 - Exchange and assembly of housing and urban planning and development data; payment of expenses; acceptance of funds,...donations; approval of Secretary of State for international programs and activities

§ 1701e, 1701f - Repealed.

12 U.S. Code § 1701f–1 - Repealed.

§ 1701g to 1701g–3 - Omitted

12 U.S. Code § 1701g–4 - Omitted

12 U.S. Code § 1701g–5 - Revolving fund in connection with liquidating programs

12 U.S. Code § 1701g–5a - Transfer of New Communities Fund assets and liabilities

12 U.S. Code § 1701g–5b - Liquidation of New Communities Program; cancellation of debt

12 U.S. Code § 1701g–5c - Transfer of rehabilitation loan fund assets and liabilities

§ 1701h - Advisory committees; payment of transportation and other expenses

12 U.S. Code § 1701h–1 - Housing for elderly persons advisory committee

§ 1701i, 1701i–1 - Omitted

§ 1701j - Repealed. Aug. 2, 1954, ch. 649, title VIII,

12 U.S. Code § 1701j–1 - Builder’s certification as to construction

12 U.S. Code § 1701j–2 - National Institute of Building Sciences

12 U.S. Code § 1701j–3 - Preemption of due-on-sale prohibitions

§ 1701k - Right to redeem property on which United States has lien

12 U.S. Code § -

12 U.S. Code § -

§ 1701m - Credit and cancellation of notes transferred from Reconstruction Finance Corporation; net loss computation

§ 1701n - Reduction of vulnerability of congested urban areas to enemy attack

12 U.S. Code § -

§ 1701p - Contents of report to President and Congress

12 U.S. Code § 1701p–1 - Periodic report on residential mortgage delinquencies and foreclosures

12 U.S. Code § 1701p–2 - Default and foreclosure database

§ 1701q - Supportive housing for the elderly

12 U.S. Code § 1701q–1 - Civil money penalties against mortgagors under

12 U.S. Code § 1701q–2 - Grants for conversion of elderly housing to assisted living facilities and other purposes

12 U.S. Code § 1701q–3 - Funds for housing for elderly and persons with disabilities available for cost of maintenance and disposal of such properties

§ 1701r - Congressional findings respecting housing for senior citizens

12 U.S. Code § 1701r–1 - Pet ownership in assisted rental housing for the elderly or handicapped

§ 1701s - Rent supplement payments for qualified lower income families

§ 1701t - Congressional affirmation of national goal of decent homes and suitable living environment for American families

§ 1701u - Economic opportunities for low- and very low-income persons

§ 1701v - Congressional findings and declaration for improved architectural design in Government housing programs

§ 1701w - Budget, debt management, and related counseling services for mortgagors; authorization of appropriations

§ 1701x - Assistance with respect to housing for low- and moderate-income families

12 U.S. Code § 1701x–1 - Home inspection counseling

12 U.S. Code § 1701x–2 - Legal assistance for foreclosure-related issues

§ 1701y - National Homeownership Foundation

§ 1701z - New technologies in the development of housing for lower income families

12 U.S. Code § 1701z–1 - Research and demonstrations; authorization of appropriations; continuing availability of funds

12 U.S. Code § 1701z–2 - Advanced technologies, methods, and materials for housing construction, rehabilitation, and maintenance

12 U.S. Code § 1701z–3 - Experimental housing allowance payment program

12 U.S. Code § 1701z–4 - Abandoned properties demonstration project

12 U.S. Code § 1701z–5 - Demonstrations of heating or cooling residential housing utilizing solar energy

12 U.S. Code § 1701z–6 - Special housing need research and demonstration authority

12 U.S. Code § 1701z–7 - Studies to determine extent of need for counseling to mortgagors; report to Congress

12 U.S. Code § 1701z–8 - Energy conservation and renewable-resource demonstration

12 U.S. Code § 1701z–9 - Expansion of home ownership opportunities in urban areas

12 U.S. Code § 1701z–10 - Model rehabilitation guidelines in inspection and approval of rehabilitated properties; report to Congress

12 U.S. Code § 1701z–10a - Biennial survey of economic and housing market conditions

12 U.S. Code § 1701z–11 - Management and disposition of multifamily housing projects

12 U.S. Code § 1701z–12 - Housing access

12 U.S. Code § 1701z–13 - Solar energy for single-family and multifamily housing units

12 U.S. Code § 1701z–14 - Lower cost technology demonstration program

12 U.S. Code § 1701z–15 - Approval of individual residential water purification or treatment units

12 U.S. Code § 1701z–16 - Energy efficient mortgages pilot program

12 U.S. Code § 1701z–17 - Increasing access and understanding of energy efficient mortgages

§ 1709 - Insurance of mortgages

§ 1715b - Rules and regulations

12 U.S. Code § 1750aa to 1750jj - Omitted

U.S. Code: Title 42 - THE PUBLIC HEALTH AND WELFARE