Section 48: Foreclosure of mortgages.

Notwithstanding the provisions of any law or contract or deed to the contrary where an obligor fails, neglects or refuses to repay a debt owed to a failing or failed insured institution that is secured by a legal or equitable mortgage, the Corporation shall have power to take possession of, manage, foreclose, sell, transfer, assign or otherwise dispose of the property, in full or partial satisfaction of the debt owed to the failing or failed insured institution subject to the right or interest of other secured creditors.