[Code of Federal Regulations]
[Title 24, Volume 3]
[Revised as of April 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 24CFR570.706]

[Page 159]
 
                 TITLE 24--HOUSING AND URBAN DEVELOPMENT
 
  CHAPTER V--OFFICE OF ASSISTANT SECRETARY FOR COMMUNITY PLANNING AND 
        DEVELOPMENT, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
 
PART 570_COMMUNITY DEVELOPMENT BLOCK GRANTS--Table of Contents
 
                        Subpart M_Loan Guarantees
 
Sec. 570.706  Federal guarantee; subrogation.

    Section 108(f) of the Act provides for the incontestability of 
guarantees by HUD under subpart M of this part in the hands of a holder 
of such guaranteed obligations. If HUD pays a claim under a guarantee 
made under section 108 of the Act, HUD shall be fully subrogated for all 
the rights of the holder of the guaranteed debt obligation with respect 
to such obligation.

[61 FR 11481, Mar. 20, 1996]