160 
the Agency determines to be appropriate regarding 
the conduct of conservatorships or receiverships. 
‘‘(2) GENERAL POWERS.— 
‘‘(A) SUCCESSOR TO REGULATED ENTITY.— 
The Agency shall, as conservator or receiver, and 
by operation of law, immediately succeed to— 
‘‘(i) all rights, titles, powers, and 
privileges of the regulated entity, and of 
any stockholder, officer, or director of such 
regulated entity with respect to the regu-
lated entity and the assets of the regulated 
entity; and 
‘‘(ii) title to the books, records, and as-
sets of any other legal custodian of such reg-
ulated entity. 
‘‘(B) OPERATE THE REGULATED ENTITY.— 
The Agency may, as conservator or receiver— 
‘‘(i) take over the assets of and operate 
the regulated entity with all the powers of 
the shareholders, the directors, and the offi-
cers of the regulated entity and conduct all 
business of the regulated entity; 
‘‘(ii) collect all obligations and money 
due the regulated entity;
161 
‘‘(iii) perform all functions of the regu-
lated entity in the name of the regulated en-
tity which are consistent with the appoint-
ment as conservator or receiver; and 
‘‘(iv) preserve and conserve the assets 
and property of such regulated entity. 
‘‘(C) FUNCTIONS OF OFFICERS, DIRECTORS, 
AND
SHAREHOLDERS
OF
A
REGULATED
ENTI-
TY.—The Agency may, by regulation or order, 
provide for the exercise of any function by any 
stockholder, director, or officer of any regulated 
entity for which the Agency has been named con-
servator or receiver. 
‘‘(D) 
POWERS
AS
CONSERVATOR.—The 
Agency may, as conservator, take such action as 
may be— 
‘‘(i) necessary to put the regulated en-
tity in a sound and solvent condition; and 
‘‘(ii) appropriate to carry on the busi-
ness of the regulated entity and preserve 
and conserve the assets and property of the 
regulated entity. 
‘‘(E) ADDITIONAL POWERS AS RECEIVER.— 
The Agency may, as receiver, place the regulated 
entity in liquidation and proceed to realize upon
162 
the assets of the regulated entity, having due re-
gard to the conditions of the housing finance 
market. 
‘‘(F) ORGANIZATION
OF
NEW
REGULATED 
ENTITIES.—The Agency may, as receiver, orga-
nize a successor regulated entity that will oper-
ate pursuant to subsection (i). 
‘‘(G) TRANSFER
OF
ASSETS
AND
LIABIL-
ITIES.—The Agency may, as conservator or re-
ceiver, transfer any asset or liability of the regu-
lated entity in default without any approval, as-
signment, or consent with respect to such trans-
fer. Any Federal home loan bank may, with the 
approval of the Agency, acquire the assets of any 
Bank in conservatorship or receivership, and as-
sume the liabilities of such Bank 
‘‘(H) PAYMENT OF VALID OBLIGATIONS.— 
The Agency, as conservator or receiver, shall, to 
the extent of proceeds realized from the perform-
ance of contracts or sale of the assets of a regu-
lated entity, pay all valid obligations of the reg-
ulated entity in accordance with the prescrip-
tions and limitations of this section. 
‘‘(I) SUBPOENA AUTHORITY.— 
‘‘(i) IN GENERAL.—
163 
‘‘(I) IN
GENERAL.—The Agency 
may, as conservator or receiver, and 
for purposes of carrying out any 
power, authority, or duty with respect 
to a regulated entity (including deter-
mining any claim against the regu-
lated entity and determining and real-
izing upon any asset of any person in 
the course of collecting money due the 
regulated entity), exercise any power 
established under section 1348. 
‘‘(II) APPLICABILITY
OF
LAW.— 
The provisions of section 1348 shall 
apply with respect to the exercise of 
any power exercised under this sub-
paragraph in the same manner as such 
provisions apply under that section. 
‘‘(ii) AUTHORITY
OF
DIRECTOR.—A 
subpoena or subpoena duces tecum may be 
issued under clause (i) only by, or with the 
written approval of, the Director, or the des-
ignee of the Director. 
‘‘(iii) RULE OF CONSTRUCTION.—This 
subsection shall not be construed to limit 
any rights that the Agency, in any capac-
164 
ity, might otherwise have under section 
1317 or 1379D. 
‘‘(J) CONTRACTING
FOR
SERVICES.—The 
Agency may, as conservator or receiver, provide 
by contract for the carrying out of any of its 
functions, activities, actions, or duties as conser-
vator or receiver. 
‘‘(K) INCIDENTAL
POWERS.—The Agency 
may, as conservator or receiver— 
‘‘(i) exercise all powers and authorities 
specifically granted to conservators or re-
ceivers, respectively, under this section, and 
such incidental powers as shall be necessary 
to carry out such powers; and 
‘‘(ii) take any action authorized by 
this section, which the Agency determines is 
in the best interests of the regulated entity 
or the Agency. 
‘‘(3) AUTHORITY OF RECEIVER TO DETERMINE 
CLAIMS.— 
‘‘(A) IN GENERAL.—The Agency may, as re-
ceiver, determine claims in accordance with the 
requirements of this subsection and any regula-
tions prescribed under paragraph (4).