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Department of Housing and Urban Development Tuesday, November 2, 2004 Part III Department of Housing and Urban Development 24 CFR Part 81 HUD’s Housing Goals for the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) for the Years 2005–2008 and Amendments to HUD’s Regulation of Fannie Mae and Freddie Mac; Final Rule VerDate jul<14>2003 18:20 Nov 01, 2004 Jkt 205001 PO 00000 Frm 00001 Fmt 4717 Sfmt 4717 C:\02NOR2.SGM 02NOR2 63580 Federal Register / Vol. 69, No. 211 / Tuesday, November 2, 2004 / Rules and Regulations DEPARTMENT OF HOUSING AND Government Sponsored Enterprises/ Fannie Mae and Freddie Mac engage URBAN DEVELOPMENT RESPA, Office of the General Counsel, in two principal businesses: (1) Room 9262, telephone 202–708–3137. Purchasing and otherwise investing in 24 CFR Part 81 The address for all of these persons is residential mortgages, and (2) [Docket No. FR–4790–F–03] Department of Housing and Urban guaranteeing securities backed by Development, 451 Seventh Street, SW., residential mortgages. As a result of RIN 2501–AC92 Washington, DC, 20410. Persons with their status as GSEs, Fannie Mae and hearing and speech impairments may Freddie Mac receive significant explicit HUD’s Housing Goals for the Federal access the phone numbers via TTY by National Mortgage Association (Fannie benefits that are not enjoyed by fully calling the Federal Information Relay private shareholder-owned corporations Mae) and the Federal Home Loan Service at (800) 877–8399. Mortgage Corporation (Freddie Mac) in the mortgage market. These benefits SUPPLEMENTARY INFORMATION: for the Years 2005–2008 and include: Amendments to HUD’s Regulation of I. General • Conditional access to a $2.25 billion Fannie Mae and Freddie Mac A. Authority line of credit from the U.S. Treasury (see section 306(c)(2) of the Freddie Mac Act AGENCY: Office of the Assistant HUD’s authority to regulate the GSEs and section 304(c) of the Fannie Mae Secretary for Housing—Federal Housing is established under: Charter Act); Commissioner, HUD. (1) The Federal National Mortgage • ACTION: Final rule. Association Charter Act (‘‘Fannie Mae Exemption from the securities Charter Act’’), which is Title III of the registration requirements of the U.S. SUMMARY: Through this final rule, the National Housing Act, section 301 et Securities and Exchange Commission Department of Housing and Urban seq. (12 U.S.C. 1716 et seq.); and the State securities regulatory Development establishes new housing (2) The Federal Home Loan Mortgage agencies (see section 306(g) of the goal levels for the Federal National Corporation Act (‘‘Freddie Mac Act’’), Freddie Mac Act and section 304(d) of Mortgage Association (Fannie Mae) and which is Title III of the Emergency the Fannie Mae Charter Act); 1 and the Federal Home Loan Mortgage Home Finance Act of 1970, section 301 • Exemption from all State and local Corporation (Freddie Mac) (collectively, et seq. (12 U.S.C. 1451 et seq.); taxes except property taxes (see section the government sponsored enterprises, (3) FHEFSSA, enacted as Title XIII of 303(e) of the Freddie Mac Act and or GSEs) for calendar years 2005 the Housing and Community section 309(c)(2) of the Fannie Mae through 2008. The new housing goal Development Act of 1992 (Pub. L. 102– Charter Act). levels are established in accordance 550, approved October 28, 1992) (12 with the Federal Housing Enterprises U.S.C. 4501–4641); and While the securities that the GSEs Financial Safety and Soundness Act of (4) Section 7(d) of the Department of guarantee, and the debt instruments 1992 (FHEFSSA) and govern the Housing and Urban Development Act they issue, are explicitly not backed by purchase by Fannie Mae and Freddie (42 U.S.C. 3535(d)). the full faith and credit of the United Mac of mortgages financing low- and States, and nothing in this rule should B. Background: Fannie Mae and Freddie be construed otherwise, such securities moderate-income housing, special Mac affordable housing, and housing in and instruments trade at yields only a central cities, rural areas and other Fannie Mae and Freddie Mac were few basis points over those of U.S. underserved areas. This rule also chartered by the Congress as GSEs. Treasury securities with comparable establishes new subgoals for the GSEs’ Pursuant to section 301 of the Fannie terms. These securities also offer yields acquisitions of home purchase loans Mae Charter Act (12 U.S.C. 1716) and lower than those for securities issued by that qualify for each of the housing section 301(b) of the Freddie Mac Act fully private firms that are more highly goals. The final rule also establishes a (12 U.S.C. 1451), the GSEs were capitalized but otherwise comparable. new regulatory section relating to GSE chartered expressly to: In addition, the market does not require data integrity, amends and adds certain (1) Provide stability in the secondary that individual GSE securities be rated definitions, provides a method for market for residential mortgages; by a national rating agency. (2) Respond appropriately to the imputing the distribution of GSE- Consequently, the GSEs are able to fund private capital market; their operations at lower cost than other purchased mortgages that lack income (3) Provide ongoing assistance to the private firms with similar financial data, prohibits goals credit for purchases secondary market for residential characteristics. In a recent report, the of loans in transactions with an option mortgages (including activities relating Congressional Budget Office (CBO) to dissolve the purchase in less than one to mortgages on housing for low- and year, and makes a technical change to moderate-income families involving a estimated that this funding advantage the counting rules to clarify HUD’s rules reasonable economic return that may be for the year 2003 resulted in a $19.6 on double counting of loans. less than the return earned on other billion annual combined subsidy for EFFECTIVE DATE: January 1, 2005. activities) by increasing the liquidity of both GSEs. Of this amount, CBO FOR FURTHER INFORMATION CONTACT: mortgage investments and improving estimated that the GSEs retained about Sandra Fostek, Director, Office of the distribution of investment capital $6.2 billion, or approximately one-third Government Sponsored Enterprises, available for residential mortgage of the subsidy, for their officers and Office of Housing, Room 3150, financing; and telephone 202–708–2224. For questions (4) Promote access to mortgage credit 1 Fannie Mae and Freddie Mac have both announced their intention voluntarily to register on data or methodology, contact John L. throughout the nation (including central their common stock with the Securities and Gardner, Director, Financial Institutions cities, rural areas, and other Exchange Commission (SEC) under section 12(g) of Regulation Division, Office of Policy underserved areas) by increasing the the Securities Exchange Act of 1934. Fannie Mae’s Development and Research, Room 8212, liquidity of mortgage investments and registration became effective March 31, 2003. Freddie Mac has stated that it will complete the telephone (202) 708–1464. For legal improving the distribution of process of voluntarily registering its common stock questions, contact Paul S. Ceja, Deputy investment capital available for once it resumes timely reporting of its financial Assistant General Counsel for residential mortgage financing. results. VerDate jul<14>2003 18:20 Nov 01, 2004 Jkt 205001 PO 00000 Frm 00002 Fmt 4701 Sfmt 4700 C:\02NOR2.SGM 02NOR2 Federal Register / Vol. 69, No. 211 / Tuesday, November 2, 2004 / Rules and Regulations 63581 shareholders, while the remainder loans that qualify for each of the 2008, to achieve the ultimate objective accrued to borrowers.2 housing goals. for the GSEs to lead the market under In return for the public benefits they In addition to soliciting public a range of foreseeable economic receive, Congress has mandated in the comments on the proposed goal levels circumstances by 2008. GSEs’ Charter Acts that the GSEs carry and new subgoals, the rule solicited The staged increases established by out public purposes not required of public comments on several other issues this rule, are consistent with the other private sector entities in the related to the housing goals, including: statutory requirement that HUD housing finance industry. These (1) Provisions relating to GSE data consider the past performance of the statutory mandates obligate the GSEs to integrity, such as verification, GSEs in setting the Housing Goals. work to ensure that everyone in the certification, treatment of errors, Staged annual increases in the Goals nation has a reasonable opportunity to omissions or discrepancies, and other will provide the GSEs with the enjoy access to the mortgage financing enforcement authority; (2) amended opportunity to adjust their business benefits resulting from the activities of definitions of ‘‘underserved area,’’ models, so as to meet the required 2008 these enterprises. ‘‘metropolitan area’’ and ‘‘minority,’’ levels without compromising other and a new definition of the term ‘‘home business objectives and requirements. With respect to these public purposes, purchase mortgage’’; (3) a method for The Department believes that the Congress does not simply expect the imputing the distribution of GSE- Home Purchase Subgoals established by GSEs to strive toward achievement of purchased mortgages that lack income this final rule are necessary and these purposes but rather to ‘‘lead the data; and (4) other changes related to the warranted. Increasing homeownership mortgage finance industry’’ and to GSEs’ bulk purchases of seasoned loans. is a national priority. The past average ‘‘ensure that citizens throughout the More detailed information about HUD’s performance of the GSEs in the home country enjoy access to the public proposals can be found in the preamble purchase market has been below market benefits provided by these federally to HUD’s May 3, 2004, proposed rule.
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