24 C.F.R. § 25.9

Notice of administrative action

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(a) Whenever the Board decides to take an action in accordance with 12 U.S.C. 1708(c)(3), the Chairperson of the Board, or the Chairperson's designee, shall issue a written notice of the action to the mortgagee at the mortgagee's address of record of the determination. Proof of delivery to the mortgagee's address of record shall establish the mortgagee's receipt of the notice.

(b) In actions for probation, suspension, or withdrawal, the notice shall describe the nature and duration of the administrative action, and shall specifically state the reasons for the action. In actions for probation, suspension, or withdrawal, the notice shall inform the mortgagee of its right to a hearing regarding the administrative action and of the manner and time in which to request a hearing.

[73 FR 60541, Oct. 10, 2008]

Notes of Decisions

Cited in 1 case, 1999–1999 · leading case: Capitol Mortg. Bankers, Inc. v. Cuomo, 77 F. Supp. 2d 690 (D. Maryland 1999).

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Capitol Mortg. Bankers, Inc. v. Cuomo, 77 F. Supp. 2d 690 (D. Maryland 1999). “Under 24 C.F.R. § 25.9 (x), 14 MRB has express power to *699 take action against a lender for higher-than-normal default and claim rates, the same ground used by HUD to take action against Capitol in this case.”

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