(a)      (1)      In connection with property on which it holds a mortgage, the Administration may:

                  (i)      foreclose on the property;

                  (ii)      begin an action to protect or enforce a right conferred on the Administration by law, or any agreement;

                  (iii)      bid for and purchase the property at a foreclosure or other sale; and

                  (iv)      acquire and take possession of the property.

            (2)      In an action under this subsection, the Administration may:

                  (i)      complete, administer, and pay the principal of and interest on an obligation incurred in connection with the property; and

                  (ii)      dispose of and otherwise deal with the property, so as to protect the interests of the Administration.

      (b)      (1)      This subsection does not apply to a lien held in connection with a public purpose project.

            (2)      The Administration may not lend money on the security of property unless the lien on the property is superior to all other liens, except for:

                  (i)      a lien for taxes owed to the State or a political subdivision; or

                  (ii)      an earlier mortgage lien.

      (c)      At public or private sale and with or without public bidding, the Administration may sell a mortgage or other obligation that the Administration holds.