AUTHORIZATION TO IMMEDIATELY SUSPEND MORTGAGEES.

SEC. 551. AUTHORIZATION TO IMMEDIATELY SUSPEND MORTGAGEES. Section 202(c)(3)(C) of the National Housing Act (12 U.S.C. 1708(c)(3)(C)) is amended by inserting after the first sentence the following: “Notwithstanding paragraph (4)(A), a suspension shall be effective upon issuance by the Board if the Board determines that there exists adequate evidence that immediate action is required to protect the financial interests of the Department or the public.”.