165 
‘‘(B) NOTICE
REQUIREMENTS.—The re-
ceiver, in any case involving the liquidation or 
winding up of the affairs of a closed regulated 
entity, shall— 
‘‘(i) promptly publish a notice to the 
creditors of the regulated entity to present 
their claims, together with proof, to the re-
ceiver by a date specified in the notice 
which shall be not less than 90 days after 
the publication of such notice; and 
‘‘(ii) republish such notice approxi-
mately 1 month and 2 months, respectively, 
after the publication under clause (i). 
‘‘(C) MAILING
REQUIRED.—The receiver 
shall mail a notice similar to the notice pub-
lished under subparagraph (B)(i) at the time of 
such publication to any creditor shown on the 
books of the regulated entity— 
‘‘(i) at the last address of the creditor 
appearing in such books; or 
‘‘(ii) upon discovery of the name and 
address of a claimant not appearing on the 
books of the regulated entity within 30 days 
after the discovery of such name and ad-
dress.
166 
‘‘(4) RULEMAKING AUTHORITY RELATING TO DE-
TERMINATION OF CLAIMS.—Subject to subsection (c), 
the Director may prescribe regulations regarding the 
allowance or disallowance of claims by the receiver 
and providing for administrative determination of 
claims and review of such determination. 
‘‘(5) PROCEDURES
FOR
DETERMINATION
OF 
CLAIMS.— 
‘‘(A) DETERMINATION PERIOD.— 
‘‘(i) IN GENERAL.—Before the end of 
the 180-day period beginning on the date on 
which any claim against a regulated entity 
is filed with the Agency as receiver, the 
Agency shall determine whether to allow or 
disallow the claim and shall notify the 
claimant of any determination with respect 
to such claim. 
‘‘(ii) EXTENSION
OF
TIME.—The pe-
riod described in clause (i) may be extended 
by a written agreement between the claim-
ant and the Agency. 
‘‘(iii) MAILING
OF
NOTICE
SUFFI-
CIENT.—The notification requirements of 
clause (i) shall be deemed to be satisfied if 
the notice of any determination with respect
167 
to any claim is mailed to the last address 
of the claimant which appears— 
‘‘(I) on the books of the regulated 
entity; 
‘‘(II) in the claim filed by the 
claimant; or 
‘‘(III) in documents submitted in 
proof of the claim. 
‘‘(iv) CONTENTS
OF
NOTICE
OF
DIS-
ALLOWANCE.—If any claim filed under 
clause (i) is disallowed, the notice to the 
claimant shall contain— 
‘‘(I) a statement of each reason for 
the disallowance; and 
‘‘(II) the procedures available for 
obtaining agency review of the deter-
mination to disallow the claim or judi-
cial determination of the claim. 
‘‘(B) ALLOWANCE OF PROVEN CLAIM.—The 
receiver shall allow any claim received on or be-
fore the date specified in the notice published 
under paragraph (3)(B)(i), or the date specified 
in the notice required under paragraph (3)(C), 
which is proved to the satisfaction of the receiver.
168 
‘‘(C) DISALLOWANCE
OF
CLAIMS
FILED 
AFTER
END
OF
FILING
PERIOD.—Claims filed 
after the date specified in the notice published 
under paragraph (3)(B)(i), or the date specified 
under paragraph (3)(C), shall be disallowed and 
such disallowance shall be final. 
‘‘(D) AUTHORITY TO DISALLOW CLAIMS.— 
‘‘(i) IN GENERAL.—The receiver may 
disallow any portion of any claim by a 
creditor or claim of security, preference, or 
priority which is not proved to the satisfac-
tion of the receiver. 
‘‘(ii) PAYMENTS TO LESS THAN FULLY 
SECURED
CREDITORS.—In the case of a 
claim of a creditor against a regulated enti-
ty which is secured by any property or 
other asset of such regulated entity, the re-
ceiver— 
‘‘(I) may treat the portion of such 
claim which exceeds an amount equal 
to the fair market value of such prop-
erty or other asset as an unsecured 
claim against the regulated entity; and 
‘‘(II) may not make any payment 
with respect to such unsecured portion
169 
of the claim other than in connection 
with the disposition of all claims of 
unsecured creditors of the regulated en-
tity. 
‘‘(iii) EXCEPTIONS.—No provision of 
this paragraph shall apply with respect to 
any extension of credit from any Federal 
Reserve Bank, Federal home loan bank, or 
the Treasury of the United States. 
‘‘(E) NO JUDICIAL REVIEW OF DETERMINA-
TION
PURSUANT
TO
SUBPARAGRAPH
(D).—No 
court may review the determination of the Agen-
cy under subparagraph (D) to disallow a claim. 
This subparagraph shall not effect the authority 
of a claimant to obtain de novo judicial review 
of a claim pursuant to paragraph (6). 
‘‘(F) LEGAL EFFECT OF FILING.— 
‘‘(i) 
STATUTE
OF
LIMITATION 
TOLLED.—For purposes of any applicable 
statute of limitations, the filing of a claim 
with the receiver shall constitute a com-
mencement of an action. 
‘‘(ii) NO
PREJUDICE
TO
OTHER
AC-
TIONS.—Subject to paragraph (10), the fil-
ing of a claim with the receiver shall not
170 
prejudice any right of the claimant to con-
tinue any action which was filed before the 
date of the appointment of the receiver, sub-
ject to the determination of claims by the 
receiver. 
‘‘(6) PROVISION FOR JUDICIAL DETERMINATION 
OF CLAIMS.— 
‘‘(A) IN GENERAL.—The claimant may file 
suit on a claim (or continue an action com-
menced before the appointment of the receiver) in 
the district or territorial court of the United 
States for the district within which the principal 
place of business of the regulated entity is located 
or the United States District Court for the Dis-
trict of Columbia (and such court shall have ju-
risdiction to hear such claim), before the end of 
the 60-day period beginning on the earlier of— 
‘‘(i) the end of the period described in 
paragraph (5)(A)(i) with respect to any 
claim against a regulated entity for which 
the Agency is receiver; or 
‘‘(ii) the date of any notice of disallow-
ance of such claim pursuant to paragraph 
(5)(A)(i).
171 
‘‘(B) STATUTE OF LIMITATIONS.—A claim 
shall be deemed to be disallowed (other than any 
portion of such claim which was allowed by the 
receiver), and such disallowance shall be final, 
and the claimant shall have no further rights or 
remedies with respect to such claim, if the claim-
ant fails, before the end of the 60-day period de-
scribed under subparagraph (A), to file suit on 
such claim (or continue an action commenced be-
fore the appointment of the receiver). 
‘‘(7) REVIEW OF CLAIMS.— 
‘‘(A) OTHER REVIEW PROCEDURES.— 
‘‘(i) IN GENERAL.—The Agency shall 
establish such alternative dispute resolution 
processes as may be appropriate for the res-
olution of claims filed under paragraph 
(5)(A)(i). 
‘‘(ii) CRITERIA.—In establishing alter-
native dispute resolution processes, the 
Agency shall strive for procedures which are 
expeditious, fair, independent, and low cost. 
‘‘(iii) VOLUNTARY
BINDING
OR
NON-
BINDING
PROCEDURES.—The Agency may 
establish both binding and nonbinding proc-
esses, which may be conducted by any gov-
172 
ernment or private party. All parties, in-
cluding the claimant and the Agency, must 
agree to the use of the process in a par-
ticular case. 
‘‘(B) CONSIDERATION OF INCENTIVES.—The 
Agency shall seek to develop incentives for claim-
ants to participate in the alternative dispute res-
olution process. 
‘‘(8) EXPEDITED DETERMINATION OF CLAIMS.— 
‘‘(A) 
ESTABLISHMENT
REQUIRED.—The 
Agency shall establish a procedure for expedited 
relief outside of the routine claims process estab-
lished under paragraph (5) for claimants who— 
‘‘(i) allege the existence of legally valid 
and enforceable or perfected security inter-
ests in assets of any regulated entity for 
which the Agency has been appointed re-
ceiver; and 
‘‘(ii) allege that irreparable injury will 
occur if the routine claims procedure is fol-
lowed. 
‘‘(B) DETERMINATION PERIOD.—Before the 
end of the 90-day period beginning on the date 
any claim is filed in accordance with the proce-
173 
dures established under subparagraph (A), the 
Director shall— 
‘‘(i) determine— 
‘‘(I) whether to allow or disallow 
such claim; or 
‘‘(II) whether such claim should 
be determined pursuant to the proce-
dures established under paragraph (5); 
and 
‘‘(ii) notify the claimant of the deter-
mination, and if the claim is disallowed, 
provide a statement of each reason for the 
disallowance and the procedure for obtain-
ing agency review or judicial determina-
tion. 
‘‘(C) PERIOD
FOR
FILING
OR
RENEWING 
SUIT.—Any claimant who files a request for ex-
pedited relief shall be permitted to file a suit, or 
to continue a suit filed before the appointment of 
the receiver, seeking a determination of the rights 
of the claimant with respect to such security in-
terest after the earlier of— 
‘‘(i) the end of the 90-day period begin-
ning on the date of the filing of a request 
for expedited relief; or
174 
‘‘(ii) the date the Agency denies the 
claim. 
‘‘(D) STATUTE OF LIMITATIONS.—If an ac-
tion described under subparagraph (C) is not 
filed, or the motion to renew a previously filed 
suit is not made, before the end of the 30-day pe-
riod beginning on the date on which such action 
or motion may be filed under subparagraph (B), 
the claim shall be deemed to be disallowed as of 
the end of such period (other than any portion 
of such claim which was allowed by the receiver), 
such disallowance shall be final, and the claim-
ant shall have no further rights or remedies with 
respect to such claim. 
‘‘(E) LEGAL EFFECT OF FILING.— 
‘‘(i) 
STATUTE
OF
LIMITATION 
TOLLED.—For purposes of any applicable 
statute of limitations, the filing of a claim 
with the receiver shall constitute a com-
mencement of an action. 
‘‘(ii) NO
PREJUDICE
TO
OTHER
AC-
TIONS.—Subject to paragraph (10), the fil-
ing of a claim with the receiver shall not 
prejudice any right of the claimant to con-
tinue any action that was filed before the
175 
appointment of the receiver, subject to the 
determination of claims by the receiver. 
‘‘(9) PAYMENT OF CLAIMS.— 
‘‘(A) IN GENERAL.—The receiver may, in 
the discretion of the receiver, and to the extent 
funds are available from the assets of the regu-
lated entity, pay creditor claims, in such man-
ner and amounts as are authorized under this 
section, which are— 
‘‘(i) allowed by the receiver; 
‘‘(ii) approved by the Agency pursuant 
to a final determination pursuant to para-
graph (7) or (8); or 
‘‘(iii) determined by the final judgment 
of any court of competent jurisdiction. 
‘‘(B) AGREEMENTS AGAINST THE INTEREST 
OF THE AGENCY.—No agreement that tends to 
diminish or defeat the interest of the Agency in 
any asset acquired by the Agency as receiver 
under this section shall be valid against the 
Agency unless such agreement is in writing, and 
executed by an authorized official of the regu-
lated entity, except that such requirements for 
qualified financial contracts shall be applied in 
a manner consistent with reasonable business
176 
trading practices in the financial contracts mar-
ket. 
‘‘(C) PAYMENT OF DIVIDENDS ON CLAIMS.— 
The receiver may, in the sole discretion of the re-
ceiver, pay from the assets of the regulated entity 
dividends on proved claims at any time, and no 
liability shall attach to the Agency, by reason of 
any such payment, for failure to pay dividends 
to a claimant whose claim is not proved at the 
time of any such payment. 
‘‘(D) RULEMAKING AUTHORITY OF THE DI-
RECTOR.—The Director may prescribe such 
rules, including definitions of terms, as the Di-
rector deems appropriate to establish a single 
uniform interest rate for, or to make payments 
of post-insolvency interest to creditors holding 
proven claims against the receivership estates of 
regulated entities following satisfaction by the re-
ceiver of the principal amount of all creditor 
claims. 
‘‘(10) SUSPENSION OF LEGAL ACTIONS.— 
‘‘(A) IN GENERAL.—After the appointment 
of a conservator or receiver for a regulated enti-
ty, the conservator or receiver may, in any judi-
cial action or proceeding to which such regulated
177 
entity is or becomes a party, request a stay for 
a period not to exceed— 
‘‘(i) 45 days, in the case of any conser-
vator; and 
‘‘(ii) 90 days, in the case of any re-
ceiver. 
‘‘(B) GRANT OF STAY BY ALL COURTS RE-
QUIRED.—Upon receipt of a request by any con-
servator or receiver under subparagraph (A) for 
a stay of any judicial action or proceeding in 
any court with jurisdiction of such action or 
proceeding, the court shall grant such stay as to 
all parties. 
‘‘(11) ADDITIONAL RIGHTS AND DUTIES.— 
‘‘(A) PRIOR
FINAL
ADJUDICATION.—The 
Agency shall abide by any final unappealable 
judgment of any court of competent jurisdiction 
which was rendered before the appointment of 
the Agency as conservator or receiver. 
‘‘(B) RIGHTS AND REMEDIES OF CONSER-
VATOR OR RECEIVER.—In the event of any ap-
pealable judgment, the Agency as conservator or 
receiver shall— 
‘‘(i) have all the rights and remedies 
available to the regulated entity (before the
178 
appointment of such conservator or receiver) 
and the Agency, including removal to Fed-
eral court and all appellate rights; and 
‘‘(ii) not be required to post any bond 
in order to pursue such remedies. 
‘‘(C) NO ATTACHMENT OR EXECUTION.—No 
attachment or execution may issue by any court 
upon assets in the possession of the receiver. 
‘‘(D) LIMITATION ON JUDICIAL REVIEW.— 
Except as otherwise provided in this subsection, 
no court shall have jurisdiction over— 
‘‘(i) any claim or action for payment 
from, or any action seeking a determination 
of rights with respect to, the assets of any 
regulated entity for which the Agency has 
been appointed receiver; or 
‘‘(ii) any claim relating to any act or 
omission of such regulated entity or the 
Agency as receiver. 
‘‘(E) DISPOSITION
OF
ASSETS.—In exer-
cising any right, power, privilege, or authority 
as conservator or receiver in connection with any 
sale or disposition of assets of a regulated entity 
for which the Agency has been appointed conser-
vator or receiver, the Agency shall conduct its
179 
operations in a manner which maintains sta-
bility in the housing finance markets and, to the 
extent consistent with that goal— 
‘‘(i) maximizes the net present value 
return from the sale or disposition of such 
assets; 
‘‘(ii) minimizes the amount of any loss 
realized in the resolution of cases; and 
‘‘(iii) ensures adequate competition 
and fair and consistent treatment of 
offerors. 
‘‘(12) STATUTE OF LIMITATIONS FOR ACTIONS 
BROUGHT BY CONSERVATOR OR RECEIVER.— 
‘‘(A) IN
GENERAL.—Notwithstanding any 
provision of any contract, the applicable statute 
of limitations with regard to any action brought 
by the Agency as conservator or receiver shall 
be— 
‘‘(i) in the case of any contract claim, 
the longer of— 
‘‘(I) the 6-year period beginning 
on the date the claim accrues; or 
‘‘(II) the period applicable under 
State law; and
180 
‘‘(ii) in the case of any tort claim, the 
longer of— 
‘‘(I) the 3-year period beginning 
on the date the claim accrues; or 
‘‘(II) the period applicable under 
State law. 
‘‘(B) DETERMINATION
OF
THE
DATE
ON 
WHICH A CLAIM ACCRUES.—For purposes of sub-
paragraph (A), the date on which the statute of 
limitations begins to run on any claim described 
in such subparagraph shall be the later of— 
‘‘(i) the date of the appointment of the 
Agency as conservator or receiver; or 
‘‘(ii) the date on which the cause of ac-
tion accrues. 
‘‘(13) REVIVAL OF EXPIRED STATE CAUSES OF 
ACTION.— 
‘‘(A) IN GENERAL.—In the case of any tort 
claim described under subparagraph (B) for 
which the statute of limitations applicable under 
State law with respect to such claim has expired 
not more than 5 years before the appointment of 
the Agency as conservator or receiver, the Agency 
may bring an action as conservator or receiver 
on such claim without regard to the expiration
181 
of the statute of limitation applicable under 
State law. 
‘‘(B) CLAIMS DESCRIBED.—A tort claim re-
ferred to under subparagraph (A) is a claim 
arising from fraud, intentional misconduct re-
sulting in unjust enrichment, or intentional mis-
conduct resulting in substantial loss to the regu-
lated entity. 
‘‘(14) ACCOUNTING
AND
RECORDKEEPING
RE-
QUIREMENTS.— 
‘‘(A) IN GENERAL.—The Agency as conser-
vator or receiver shall, consistent with the ac-
counting and reporting practices and procedures 
established by the Agency, maintain a full ac-
counting of each conservatorship and receiver-
ship or other disposition of a regulated entity in 
default. 
‘‘(B) ANNUAL ACCOUNTING OR REPORT.— 
With respect to each conservatorship or receiver-
ship, the Agency shall make an annual account-
ing or report available to the Board, the Comp-
troller General of the United States, the Com-
mittee on Banking, Housing, and Urban Affairs 
of the Senate, and the Committee on Financial 
Services of the House of Representatives.
182 
‘‘(C) AVAILABILITY OF REPORTS.—Any re-
port prepared under subparagraph (B) shall be 
made available by the Agency upon request to 
any shareholder of a regulated entity or any 
member of the public. 
‘‘(D) 
RECORDKEEPING
REQUIREMENT.— 
After the end of the 6-year period beginning on 
the date that the conservatorship or receivership 
is terminated by the Director, the Agency may 
destroy any records of such regulated entity 
which the Agency, in the discretion of the Agen-
cy, determines to be unnecessary unless directed 
not to do so by a court of competent jurisdiction 
or governmental agency, or prohibited by law. 
‘‘(15) FRAUDULENT TRANSFERS.— 
‘‘(A) IN GENERAL.—The Agency, as conser-
vator or receiver, may avoid a transfer of any 
interest of a regulated entity-affiliated party, or 
any person who the conservator or receiver deter-
mines is a debtor of the regulated entity, in 
property, or any obligation incurred by such 
party or person, that was made within 5 years 
of the date on which the Agency was appointed 
conservator or receiver, if such party or person 
voluntarily or involuntarily made such transfer
183 
or incurred such liability with the intent to 
hinder, delay, or defraud the regulated entity, 
the Agency, the conservator, or receiver. 
‘‘(B) RIGHT OF RECOVERY.—To the extent a 
transfer is avoided under subparagraph (A), the 
conservator or receiver may recover, for the ben-
efit of the regulated entity, the property trans-
ferred, or, if a court so orders, the value of such 
property (at the time of such transfer) from— 
‘‘(i) the initial transferee of such trans-
fer or the regulated entity-affiliated party 
or person for whose benefit such transfer 
was made; or 
‘‘(ii) any immediate or mediate trans-
feree of any such initial transferee. 
‘‘(C) RIGHTS
OF
TRANSFEREE
OR
OBLI-
GEE.—The conservator or receiver may not re-
cover under subparagraph (B) from— 
‘‘(i) any transferee that takes for value, 
including satisfaction or securing of a 
present or antecedent debt, in good faith; or 
‘‘(ii) any immediate or mediate good 
faith transferee of such transferee. 
‘‘(D) RIGHTS UNDER THIS PARAGRAPH.— 
The rights under this paragraph of the conser-
184 
vator or receiver described under subparagraph 
(A) shall be superior to any rights of a trustee 
or any other party (other than any party which 
is a Federal agency) under title 11, United 
States Code. 
‘‘(16) ATTACHMENT OF ASSETS AND OTHER IN-
JUNCTIVE RELIEF.—Subject to paragraph (17), any 
court of competent jurisdiction may, at the request of 
the conservator or receiver, issue an order in accord-
ance with Rule 65 of the Federal Rules of Civil Proce-
dure, including an order placing the assets of any 
person designated by the Agency or such conservator 
under the control of the court, and appointing a 
trustee to hold such assets. 
‘‘(17) STANDARDS OF PROOF.—Rule 65 of the 
Federal Rules of Civil Procedure shall apply with re-
spect to any proceeding under paragraph (16) with-
out regard to the requirement of such rule that the ap-
plicant show that the injury, loss, or damage is irrep-
arable and immediate. 
‘‘(18) TREATMENT
OF
CLAIMS
ARISING
FROM 
BREACH OF CONTRACTS EXECUTED BY THE RECEIVER 
OR CONSERVATOR.— 
‘‘(A) IN
GENERAL.—Notwithstanding any 
other provision of this subsection, any final and
185 
unappealable judgment for monetary damages 
entered against a receiver or conservator for the 
breach of an agreement executed or approved in 
writing by such receiver or conservator after the 
date of its appointment, shall be paid as an ad-
ministrative expense of the receiver or conser-
vator. 
‘‘(B) NO LIMITATION OF POWER.—Nothing 
in this paragraph shall be construed to limit the 
power of a receiver or conservator to exercise any 
rights under contract or law, including to termi-
nate, breach, cancel, or otherwise discontinue 
such agreement. 
‘‘(19) GENERAL EXCEPTIONS.— 
‘‘(A) LIMITATIONS.—The rights of a conser-
vator or receiver appointed under this section 
shall be subject to the limitations on the powers 
of a receiver under sections 402 through 407 of 
the Federal Deposit Insurance Corporation Im-
provement Act of 1991 (12 U.S.C. 4402 through 
4407). 
‘‘(B) MORTGAGES HELD IN TRUST.— 
‘‘(i) IN GENERAL.—Any mortgage, pool 
of mortgages, or interest in a pool of mort-
gages, held in trust, custodial, or agency ca-
186 
pacity by a regulated entity for the benefit 
of persons other than the regulated entity 
shall not be available to satisfy the claims 
of creditors generally. 
‘‘(ii) HOLDING OF MORTGAGES.—Any 
mortgage, pool of mortgages, or interest in 
a pool of mortgages, described under clause 
(i) shall be held by the conservator or re-
ceiver appointed under this section for the 
beneficial owners of such mortgage, pool of 
mortgages, or interest in a pool of mort-
gages in accordance with the terms of the 
agreement creating such trust, custodial, or 
other agency arrangement. 
‘‘(iii) LIABILITY
OF
RECEIVER.—The 
liability of a receiver appointed under this 
section for damages shall, in the case of any 
contingent or unliquidated claim relating to 
the mortgages held in trust, be estimated in 
accordance set forth in the regulations of the 
Director. 
‘‘(c) PRIORITY
OF
EXPENSES
AND
UNSECURED 
CLAIMS.— 
‘‘(1) IN GENERAL.—Unsecured claims against a 
regulated entity, or a receiver, that are proven to the