271c

In the case of loans whose unpaid balances and interest must be paid by the Agency through a bond issue or by using the Reserve Fund, the Agency must adopt a plan of action directed towards minimizing the incurred losses. Among other things, it shall ensure that inadmissible claims due to violations of regulations are not paid, and it shall make every effort to recoup the losses of the persons who served as guarantors, and to dispose of the assets to be acquired in order to recover their highest value possible.The Agency according to its powers shall exercise the discretion necessary to decide upon the course of action to be followed to achieve the above objectives in each project that suffers a loss. The Agency shall support its decisions with cost-benefit analyses, appraisals, legal analyses, financial studies and any other mechanism it considers appropriate and necessary to justify its decision and show that it has acted with the highest degree of diligence and in harmony with the interest of the Commonwealth to provide housing. History —June 25, 1965, No. 87, p. 216, added as § 11-C on Sept. 30, 1986, No. 4, p. 798, § 3.