7 CFR 1957.1 - General.

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§ 1957.1 General.
Pursuant to the Omnibus Budget Reconciliation Act of 1986, Public Law 99-509, the Farmers Home Administration or its successor agency under Public Law 103-354 sold certain of the portfolio of loans made under section 502 of the Housing Act of 1949 to the Rural Housing Trust, 1987-1. The sale was without recourse to FmHA or its successor agency under Public Law 103-354 except for certain provisions providing for FmHA or its successor agency under Public Law 103-354's payment of interest credit amounts and agreement to compensate the Rural Housing Trust 1987-1 for future cash flow changes due to revised borrowers rights as set forth in FmHA or its successor agency under Public Law 103-354 regulations. The sale documents to Rural Housing Trust 1987-1 recognize that the FmHA or its successor agency under Public Law 103-354 loans were assigned subject to rights provided to these borrowers under documentation to recognize the rights of FmHA or its successor agency under Public Law 103-354 borrowers under regulations of FmHA or its successor agency under Public Law 103-354 as they may exist from time to time and to service the loans in accordance with then current FmHA or its successor agency under Public Law 103-354 regulations. In addition, as provided in § 1957.6 of this subpart, FmHA or its successor agency under Public Law 103-354 has retained review, but not hearing authority under the FmHA or its successor agency under Public Law 103-354 Appeal Procedure, 7 CFR part 1900, Subpart B. Failure of private servicers to comply with FmHA or its successor agency under Public Law 103-354 regulations in servicing loans sold to the Rural Housing Trust 1987-1 may be redressed in the review process under the Appeal Procedure.

Title 7 published on 2014-01-01

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