Federal Register / Vol. 76, No. 150 / Thursday, August 4, 2011 / Notices 47225

Section E. Authority Superseded provisions of the National Housing Act determined by the Secretary of the The previous delegations of authority (the Act). The rate for Treasury pursuant to a statutory formula from the Secretary of HUD to the issued under section based on the average of all Assistant Secretary for PIH are hereby 221(g)(4) of the Act during the 6-month outstanding marketable Treasury revoked and superseded by this period beginning July 1, 2011, is 3 obligations of maturities of 15 or more delegation of authority, including the percent. The for debentures years. previous delegation of authority for PIH issued under any other provision of the The Secretary of the Treasury (1) has published on August 4, 2004 (69 FR Act is the rate in effect on the date that determined, in accordance with the 47171). the commitment to insure the or provisions of section 224, that the mortgage was issued, or the date that the statutory maximum interest rate for the Section F. Authority To Represent HUD loan or mortgage was endorsed (or period beginning July 1, 2011, is 41⁄8 This consolidated delegation of initially endorsed if there are two or percent; and (2) has approved the authority is conclusive evidence of the more endorsements) for , establishment of the interest authority of the Assistant Secretary for whichever rate is higher. The interest rate by the Secretary of HUD at 41⁄8 PIH, the General Deputy Assistant rate for debentures issued under these percent for the 6-month period Secretary, or those with redelegated other provisions with respect to a loan beginning July 1, 2011. This interest rate authority, to represent the Secretary and or mortgage committed or endorsed will be the rate borne by debentures to execute, in the name of the Secretary, during the 6-month period beginning issued with respect to any insured loan any instrument or document July 1, 2011, is 41⁄8 percent. However, as or mortgage (except for debentures relinquishing or transferring any right, a result of an amendment to section 224 issued pursuant to section 221(g)(4)) title, or interest of the Department in of the Act, if an insurance claim relating with insurance commitment or real or personal . The Secretary to a mortgage insured under sections endorsement date (as applicable) within may revoke the authority authorized 203 or 234 of the Act and endorsed for the latter 6 months of 2011. herein, in whole or in part, at any time. insurance after January 23, 2004, is paid For convenience of reference, HUD is in , the debenture interest rate for publishing the following chart of Section G. Consultation and purposes of calculating a claim shall be debenture interest rates applicable to Coordination With the General Counsel the monthly average yield, for the mortgages committed or endorsed since The General Counsel shall consult month in which the on the January 1, 1980: and advise the Assistant Secretary for mortgage occurred, on United States PIH and the General Deputy Assistant Treasury Securities adjusted to a Effective in- terest rate on or after prior to Secretary, as required and when constant maturity of 10 years.

requested, and shall enter into such FOR FURTHER INFORMATION CONTACT: 91⁄2 ...... Jan. 1, 1980 July 1, 1980 protocols as administratively agreed to Yong Sun, Department of Housing and 97⁄8 ...... July 1, 1980 Jan. 1, 1981 by the General Counsel and the Urban Development, 451 Seventh Street, 113⁄4 ...... Jan. 1, 1981 July 1, 1981 Assistant Secretary for PIH or the SW., Room 5148, Washington, DC 127⁄8 ...... July 1, 1981 Jan. 1, 1982 3 General Deputy Assistant Secretary for 20410–8000; telephone (202) 402–4778 12 ⁄4 ...... Jan. 1, 1982 Jan. 1, 1983 101⁄4 ...... Jan. 1, 1983 July 1, 1983 PIH. This consolidated delegation of (this is not a toll-free number). 103⁄8 ...... July 1, 1983 Jan. 1, 1984 authority is to be exercised consistently Individuals with speech or hearing 1 11 ⁄2 ...... Jan. 1, 1984 July 1, 1984 with the delegation from the Secretary impairments may access this number 133⁄8 ...... July 1, 1984 Jan. 1, 1985 to the General Counsel. through TTY by calling the toll-free 115⁄8 ...... Jan. 1, 1985 July 1, 1985 Authority: Section 7 (d) of the Department Federal Information Relay Service at 111⁄8 ...... July 1, 1985 Jan. 1, 1986 of Housing and Urban Development Act, as (800) 877–8339. 101⁄4 ...... Jan. 1, 1986 July 1, 1986 1 amended, (42 U.S.C. 3535(d). SUPPLEMENTARY INFORMATION: Section 8 ⁄4 ...... July 1, 1986 Jan. 1. 1987 224 of the National Housing Act (12 8 ...... Jan. 1, 1987 July 1, 1987 Dated: July 15, 2011. 9 ...... July 1, 1987 Jan. 1, 1988 U.S.C. 1715o) provides that debentures Shaun Donovan, 91⁄8 ...... Jan. 1, 1988 July 1, 1988 Secretary. issued under the Act with respect to an 93⁄8 ...... July 1, 1988 Jan. 1, 1989 insured loan or mortgage (except for 1 [FR Doc. 2011–19723 Filed 8–3–11; 8:45 am] 9 ⁄4 ...... Jan. 1, 1989 July 1, 1989 debentures issued pursuant to section 9 ...... July 1, 1989 Jan. 1, 1990 BILLING CODE 4210–67–P 221(g)(4) of the Act) will bear interest at 81⁄8 ...... Jan. 1, 1990 July 1, 1990 the rate in effect on the date the 9 ...... July 1, 1990 Jan. 1, 1991 83⁄4 ...... Jan. 1, 1991 July 1, 1991 DEPARTMENT OF HOUSING AND commitment to insure the loan or 81⁄2 ...... July 1, 1991 Jan. 1, 1992 URBAN DEVELOPMENT mortgage was issued, or the date the loan or mortgage was endorsed (or 8 ...... Jan. 1, 1992 July 1, 1992 8 ...... July 1, 1992 Jan. 1, 1993 [Docket No. FR–5493–N–02] initially endorsed if there are two or 73⁄4 ...... Jan. 1, 1993 July 1, 1993 more endorsements) for insurance, Mortgage and Loan Insurance 7 ...... July 1, 1993 Jan. 1, 1994 whichever rate is higher. This provision 5 Programs Under the National Housing 6 ⁄8 ...... Jan. 1, 1994 July 1, 1994 is implemented in HUD’s regulations at 73⁄4 ...... July 1, 1994 Jan. 1, 1995 Act—Debenture Interest Rates 24 CFR 203.405, 203.479, 207.259(e)(6), 83⁄8 ...... Jan. 1, 1995 July 1, 1995 1 AGENCY: Office of the Assistant and 220.830. These regulatory 7 ⁄4 ...... July 1, 1995 Jan. 1, 1996 provisions state that the applicable rates 61⁄2 ...... Jan. 1, 1996 July 1, 1996 Secretary for Housing—Federal Housing 1 Commissioner, HUD. of interest will be published twice each 7 ⁄4 ...... July 1, 1996 Jan. 1, 1997 63⁄4 ...... Jan. 1, 1997 July 1, 1997 ACTION: Notice. year as a notice in the Federal Register. 1 Section 224 further provides that the 7 ⁄8 ...... July 1, 1997 Jan. 1, 1998 63⁄8 ...... Jan. 1, 1998 July 1, 1998 SUMMARY: This notice announces interest rate on these debentures will be 61⁄8 ...... July 1, 1998 Jan. 1, 1999 changes in the interest rates to be paid set from time to time by the Secretary 51⁄2 ...... Jan. 1, 1999 July 1, 1999 on debentures issued with respect to a of HUD, with the approval of the 61⁄8 ...... July 1, 1999 Jan. 1, 2000 loan or mortgage insured by the Federal Secretary of the Treasury, in an amount 61⁄2 ...... Jan. 1, 2000 July 1, 2000 Housing under the not in excess of the annual interest rate 61⁄2 ...... July 1, 2000 Jan. 1, 2001

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Effective in- period beginning July 1, 2011, is 3 listing of the Mortgage was terest rate on or after prior to percent. included in the BIP. The Mortgage The subject matter of this notice falls Loans were sold without FHA insurance 6 ...... Jan. 1, 2001 July 1, 2001 within the categorical exemption from and with servicing released. HUD 7 5 ⁄8 ...... July 1, 2001 Jan. 1, 2002 HUD’s environmental clearance offered qualified bidders the 51⁄4 ...... Jan. 1, 2002 July 1, 2002 procedures set forth in 24 CFR opportunity to bid competitively on the 53⁄4 ...... July 1, 2002 Jan. 1, 2003 5 ...... Jan. 1, 2003 July 1, 2003 50.19(c)(6). For that reason, no Mortgage Loans. 41⁄2 ...... July 1, 2003 Jan. 1, 2004 environmental finding has been The Mortgage Loans may be stratified 51⁄8 ...... Jan. 1, 2004 July 1, 2004 prepared for this notice. for bidding purposes into several 51⁄2 ...... July 1, 2004 Jan. 1, 2005 Authority: Sections 211, 221, 224, National pools. Each pool may 47⁄8 ...... Jan. 1, 2005 July 1, 2005 Housing Act, 12 U.S.C. 1715b, 1715l, 1715o; contain Mortgage Loans that generally 41⁄2 ...... July 1, 2005 Jan. 1, 2006 Section 7(d), Department of HUD Act, 42 have similar performance, property 47⁄8 ...... Jan. 1, 2006 July 1, 2006 U.S.C. 3535(d). type, geographic location, 53⁄8 ...... July 1, 2006 Jan. 1, 2007 and other characteristics. Qualified 3 Dated: July 28, 2011. 4 ⁄4 ...... Jan. 1, 2007 July 1, 2007 bidders were permited to submit bids on 5 ...... July 1, 2007 Jan. 1, 2008 Carol J. Galante, one or more pools of Mortgage Loans or 41⁄2 ...... Jan. 1, 2008 July 1, 2008 Acting Assistant Secretary for Housing– 45⁄8 ...... July 1, 2008 Jan. 1, 2009 Federal Housing Commissioner. on individual loans. A mortgagor who 1 was a qualified bidder was permitted to 4 ⁄8 ...... Jan. 1, 2009 July 1, 2009 [FR Doc. 2011–19735 Filed 8–3–11; 8:45 am] 41⁄8 ...... July 1, 2009 Jan. 1, 2010 submit an individual bid on its own BILLING CODE 4210–67–P 41⁄4 ...... Jan. 1, 2010 July 1, 2010 Mortgage Loan. Interested Mortgagors 41⁄8 ...... July 1, 2010 Jan. 1, 2011 were advised to review the Qualification 37⁄8 ...... Jan. 1, 2011 July 1, 2011 DEPARTMENT OF HOUSING AND Statement to determine whether they 41⁄8 ...... July 1, 2011 Jan. 1, 2012 URBAN DEVELOPMENT were eligible to qualify to submit bids on one or more pools of Mortgage Loans Section 215 of Division G, Title II of [Docket No. FR–5527–N–02] or on individual loans in MLS 2011–2. Public Law 108–199, enacted January 23, 2004 (HUD’s 2004 Appropriations Notice of HUD-Held Multifamily Loan The Bidding Process Act) amended section 224 of the Act, to Sale (MLS 2011–2) The BIP described in detail the change the debenture interest rate for AGENCY: Office of the Assistant procedure for bidding in MLS 2011–2. purposes of calculating certain Secretary for Housing—Federal Housing The BIP also included a standardized insurance claim payments made in cash. Commissioner, HUD. non-negotiable loan sale agreement Therefore, for all claims paid in cash on ACTION: Notice of sale of mortgage loans. (Loan Sale Agreement). mortgages insured under section 203 or As part of its bid, each bidder was 234 of the National Housing Act and SUMMARY: This notice announces HUD’s required to submit a deposit equal to the endorsed for insurance after January 23, sale of certain unsubsidized multifamily greater of $100,000 or 10% of the bid 2004, the debenture interest rate will be mortgage loans, without Federal price. In the event the bidder’s aggregate the monthly average yield, for the Housing Administration (FHA) bid was less than $100,000.00, the month in which the default on the insurance, in a competitive, sealed bid minimum deposit was not less than fifty mortgage occurred, on United States sale (MLS 2011–2). This notice also percent (50%) of the bidder’s aggregate Treasury Securities adjusted to a describes generally the bidding process bid. HUD evaluated the bids submitted constant maturity of 10 years, as found used for the sale and certain persons and determined the successful bids in in Federal Reserve Statistical Release H– who were ineligible to bid. The Bidder’s its sole and absolute discretion. If a 15. The Federal Housing Administration Information Package (BIP) was made bidder was successful, the bidder’s has codified this provision in HUD available online to qualified bidders on deposit was non-refundable and will be regulations at 24 CFR 203.405(b) and 24 June 29, 2011. Submission of bids for applied toward the purchase price. CFR 203.479(b). the loans were required on the bid date, Deposits were returned to unsuccessful Section 221(g)(4) of the Act provides which was August 3, 2011. Awards bidders. Closings are scheduled to occur that debentures issued pursuant to that were made no later than August 4, 2011. by August 19, 2011. paragraph (with respect to the Closings are expected to take place by These were the essential terms of sale. of an insured mortgage to August 19, 2011. The Loan Sale Agreement, included in the Secretary) will bear interest at the FOR FURTHER INFORMATION CONTACT: John the BIP, contained additional terms and ‘‘going Federal rate’’ in effect at the time Lucey, Deputy Director, Asset Sales details. To ensure a competitive bidding the debentures are issued. The term Office, Room 3136, Department of process, the terms of the bidding ‘‘going Federal rate’’ is defined to mean Housing and Urban Development, 451 process and the Loan Sale Agreement the interest rate that the Secretary of the 7th Street, SW., Washington, DC 20410– were not subject to negotiation. Treasury determines, pursuant to a 8000; telephone number 202–708–2625, Due Diligence Review extension 3927. Hearing- or speech- statutory formula based on the average The BIP described the due diligence impaired individuals may call 202–708– yield on all outstanding marketable process for reviewing loan files in MLS 4594 (TTY). These are not toll-free Treasury obligations of 8- to 12-year 2011–2. Qualified bidders were able to numbers. maturities, for the 6-month periods of access loan information remotely via a January through June and July through SUPPLEMENTARY INFORMATION: HUD high-speed Internet connection. Further December of each year. Section 221(g)(4) announces the sale in MLS 2011–2 of information on performing due is implemented in the HUD regulations certain unsubsidized mortgage loans diligence review of the Mortgage Loans at 24 CFR 221.255 and 24 CFR 221.790. (Mortgage Loans) secured by was provided in the BIP. The Secretary of the Treasury has multifamily located determined that the interest rate to be throughout the United States. The Mortgage Loan Sale Policy borne by debentures issued pursuant to Mortgage Loans were comprised of non- HUD reserved the right to add section 221(g)(4) during the 6-month performing mortgage loans. A final Mortgage Loans to or delete Mortgage

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