Credit Watch Termination Initiative, 67946-67947 [E7-23321]

Download as PDF 67946 Federal Register / Vol. 72, No. 231 / Monday, December 3, 2007 / Notices docket numbers of this notice, using any one of the following methods. (1) Searching the Federal Docket Management System (FDMS) Web page at http://www.regulations.gov; (2) Accessing the Government Printing Office’s Web page at http:// www.gpoaccess.gov/fr/index.html; or (3) Visiting TSA’s Security Regulations Web page at http:// www.tsa.gov and accessing the link for ‘‘Research Center’’ at the top of the page. FOR FURTHER INFORMATION CONTACT: James Orgill, TSA–19, Transportation Security Administration, 601 South 12th Street, Arlington, VA 22202–4220. Transportation Threat Assessment and Credentialing (TTAC), TWIC Program, (571) 227–4545; e-mail: credentialing@dhs.gov. mstockstill on PROD1PC66 with NOTICES Background The Department of Homeland Security (DHS), through the United States Coast Guard and the Transportation Security Administration (TSA), issued a joint final rule (72 FR 3492; January 25, 2007) pursuant to the Maritime Transportation Security Act (MTSA), Public Law 107–295, 116 Stat. 2064 (November 25, 2002), and the Security and Accountability for Every Port Act of 2006 (SAFE Port Act), Public Law 109–347 (October 13, 2006). This rule requires all credentialed merchant mariners and individuals with unescorted access to secure areas of a regulated facility or vessel to obtain a TWIC. In this final rule, on page 3510, TSA and Coast Guard stated that a phased enrollment approach based upon risk assessment and cost/benefit would be used to implement the program nationwide, and that TSA would publish a notice in the Federal Register indicating when enrollment at a specific location will begin and when it is expected to terminate. This notice provides the start date for TWIC initial enrollment at the Ports of Long Beach, CA and Indiana Harbor, IN. Enrollment in Indiana Harbor, IN will begin on December 7, 2007, and Long Beach, CA on December 12, 2007. The Coast Guard will publish a separate notice in the Federal Register indicating when facilities within the Captain of the Port Zone Lake Michigan, including those in the Port of Indiana Harbor, and Captain of the Port Zone Los AngelesLong Beach, including those in the Port of Long Beach, must comply with the portions of the final rule requiring TWIC to be used as an access control measure. That notice will be published at least 90 days before compliance is required. To obtain information on the preenrollment and enrollment process, and VerDate Aug<31>2005 16:17 Nov 30, 2007 Jkt 214001 enrollment locations, visit TSA’s TWIC Web site at http://www.tsa.gov/twic. Issued in Arlington, Virginia, on November 28, 2007. Stephen Sadler, Director, Maritime and Surface Credentialing, Office of Transportation Threat Assessment and Credentialing, Transportation Security Administration. [FR Doc. E7–23407 Filed 11–30–07; 8:45 am] BILLING CODE 9110–05–P DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT [Docket No. FR–5161–N–02] Credit Watch Termination Initiative Office of the Assistant Secretary for Housing—Federal Housing Commissioner, HUD. ACTION: Notice. AGENCY: SUMMARY: This notice advises of the cause and effect of termination of Origination Approval Agreements taken by HUD’s Federal Housing Administration (FHA) against HUDapproved mortgagees through the FHA Credit Watch Termination Initiative. This notice includes a list of mortgagees which have had their Origination Approval Agreements terminated. FOR FURTHER INFORMATION CONTACT: The Quality Assurance Division, Office of Housing, Department of Housing and Urban Development, 451 Seventh Street, SW., Room B133–P3214, Washington, DC 20410–8000; telephone (202) 708– 2830 (this is not a toll free number). Persons with hearing or speech impairments may access that number through TTY by calling the Federal Information Relay Service at (800) 877– 8339. SUPPLEMENTARY INFORMATION: HUD has the authority to address deficiencies in the performance of lenders’ loans as provided in HUD’s mortgagee approval regulations at 24 CFR 202.3. On May 17, 1999 (64 FR 26769), HUD published a notice on its procedures for terminating Origination Approval Agreements with FHA lenders and placement of FHA lenders on Credit Watch status (an evaluation period). In the May 17, 1999 notice, HUD advised that it would publish in the Federal Register a list of mortgagees, which have had their Origination Approval Agreements terminated. Termination of Origination Approval Agreement: Approval of a mortgagee by HUD/FHA to participate in FHA mortgage insurance programs includes an Origination Approval Agreement (Agreement) between HUD and the PO 00000 Frm 00066 Fmt 4703 Sfmt 4703 mortgagee. Under the Agreement, the mortgagee is authorized to originate single-family mortgage loans and submit them to FHA for insurance endorsement. The Agreement may be terminated on the basis of poor performance of FHA-insured mortgage loans originated by the mortgagee. The termination of a mortgagee’s Agreement is separate and apart from any action taken by HUD’s Mortgagee Review Board under HUD’s regulations at 24 CFR part 25. Cause: HUD’s regulations permit HUD to terminate the Agreement with any mortgagee having a default and claim rate for loans endorsed within the preceding 24 months that exceeds 200 percent of the default and claim rate within the geographic area served by a HUD field office, and also exceeds the national default and claim rate. For the 32nd review period, HUD is terminating the Agreement of mortgagees whose default and claim rate exceeds both the national rate and 200 percent of the field office rate. Effect: Termination of the Agreement precludes that branch(s) of the mortgagee from originating FHA-insured single-family mortgages within the area of the HUD field office(s) listed in this notice. Mortgagees authorized to purchase, hold, or service FHA-insured mortgages may continue to do so. Loans that closed or were approved before the termination became effective may be submitted for insurance endorsement. Approved loans are (1) those already underwritten and approved by a Direct Endorsement (DE) underwriter employed by an unconditionally approved DE lender and (2) cases covered by a firm commitment issued by HUD. Cases at earlier stages of processing cannot be submitted for insurance by the terminated branch; however, they may be transferred for completion of processing and underwriting to another mortgagee or branch authorized to originate FHA insured mortgages in that area. Mortgagees are obligated to continue to pay existing insurance premiums and meet all other obligations associated with insured mortgages. A terminated mortgagee may apply for a new Origination Approval Agreement if the mortgagee continues to be an approved mortgagee meeting the requirements of 24 CFR 202.5, 202.6, 202.7, 202.8 or 202.10 and 202.12, if there has been no Origination Approval Agreement for at least six months, and if the Secretary determines that the underlying causes for termination have been remedied. To enable the Secretary to ascertain whether the underlying causes for termination have been E:\FR\FM\03DEN1.SGM 03DEN1 67947 Federal Register / Vol. 72, No. 231 / Monday, December 3, 2007 / Notices remedied, a mortgagee applying for a new Origination Approval Agreement must obtain an independent review of the terminated office’s operations as well as its mortgage production, specifically including the FHA-insured mortgages cited in its termination notice. This independent analysis shall identify the underlying cause for the mortgagee’s high default and claim rate. The review must be conducted and issued by an independent Certified Public Accountant (CPA) qualified to perform audits under Government Auditing Standards as provided by the Government Accountability Office. The mortgagee must also submit a written corrective action plan to address each of the issues identified in the CPA’s report, along with evidence that the plan has been implemented. The application for a new Agreement should be in the form of a letter, accompanied by the CPA’s report and corrective action plan. The request should be sent to the Director, Office of Lender Activities and Program Compliance, 451 Seventh Street, SW., Room B133–P3214, Washington, DC 20410–8000 or by courier to 490 L’Enfant Plaza, East, SW., Suite 3214, Washington, DC 20024–8000. Action: The following mortgagees have had their Agreements terminated by HUD: Mortgagee name Mortgagee branch address HUD office jurisdictions Termination effective date Alethes LLC ......................... Rocky Mountain .................. 8601 RR 2222 BLDG 1, AUSTIN, TX 78730 ................... 7075 S. ALTON WAY, CENTENNIAL, CO 80112 ........... Ft Worth ............ Denver .............. ........................... ........................... Dated: November 20, 2007. Brian D. Montgomery, Assistant Secretary for Housing—Federal Housing Commissioner. [FR Doc. E7–23321 Filed 11–30–07; 8:45 am] BILLING CODE 4210–67–P DEPARTMENT OF THE INTERIOR Central Utah Project Completion Act Office of the Assistant Secretary—Water and Science, Department of the Interior. ACTION: Notice of Intent to Prepare an Environmental Assessment (EA) and Public Scoping Meeting on the Hobble Creek Habitat Restoration, Utah County, Utah, as part of the June Sucker Recovery Implementation Program. mstockstill on PROD1PC66 with NOTICES AGENCY: SUMMARY: Pursuant to Section 102(2)(c) of the National Environmental Policy Act of 1969 (NEPA), as amended, the Council on Environmental Quality Regulations at 40 CFR 1501.7, and authorities under the Endangered Species Act (15 U.S.C. 1536, et seq.), the Department is initiating an environmental impact analysis, with public involvement, for the Hobble Creek Habitat Restoration Project. The plan would relocate a portion of Hobble Creek onto state-owned land, restore more natural stream sinuosity, and improve instream habitat conditions to benefit the June sucker (Chasmistes liorus), an endangered fish. The June sucker exists naturally only in Utah Lake and spawns only in the Provo River, a Utah Lake tributary. Hobble Creek, also a tributary to Utah Lake, is believed to be an historic spawning stream for the June sucker that has been dredged, straightened and otherwise degraded in a manner that renders it no longer suitable for June sucker spawning. Restoration of at least VerDate Aug<31>2005 16:17 Nov 30, 2007 Jkt 214001 one additional Utah Lake tributary as spawning habitat for the June sucker is a recovery action in the approved Recovery Plan for the species. The Department is acting as Lead Agency for NEPA compliance in its capacity as a participating partner in the June Sucker Recovery Implementation Program. DATES: A public scoping meeting is scheduled in the local geographic area of the project to receive input from affected parties and the general public regarding anticipated environmental issues associated with the project. The scoping meeting will be held Wednesday, December 5, 2007, from 5 p.m. to 7 p.m. at: Springville Junior High School, School Cafeteria, 165 South 700 East, Springville, Utah 84663. Public notice of this meeting will also be announced in local media. The details for submitting scoping comments will also be announced. FOR FURTHER INFOMRATION: Additional information on matters related to this notice can be obtained by contacting Mr. Ralph G. Swanson, 302 East 1860 South Provo, Utah 84606–6154, telephone (801) 379–1254, or by e-mail at rswanson@uc.usbr.gov. Dated: November 27, 2007. Reed R. Murray, Program Director, Central Utah Project Completion Act Office, Upper Colorado Region. [FR Doc. E7–23398 Filed 11–30–07; 8:45 am] BILLING CODE 4310–RK–P DEPARTMENT OF THE INTERIOR Geological Survey Climate Change Science Program; Meeting U.S. Geological Survey. Committee Name: USGS–CCSP Committee for Synthesis and AGENCY: PO 00000 Frm 00067 Fmt 4703 Sfmt 4703 Homeownership centers Denver. Denver. Assessment Product 3.4: Abrupt Climate Change. ACTION: Notice of Meeting by Teleconference. SUMMARY: The USGS–CCSP Committee for Synthesis and Assessment Product (SAP) 3.4: Abrupt Climate Change will hold a teleconference on December 21, 2007 from 12 p.m.–4 p.m. Eastern Standard Time. Agenda: The purpose of the teleconference is to discuss the results of the peer review process for SAP 3.4. The first draft of the SAP was peer reviewed by 24 scientists with expertise tied to the subject matter of the report. Comments from the peer reviewers were collated and distributed to the chapter lead authors of the report. The chapter authors have prepared proposed responses to the peer review comments and distributed them to the full Committee for deliberation at the December 21 teleconference. The teleconference is open to the public. Pre-registration is required to attend. Contact the Designated Federal Officer (DFO) at the address below by December 17 to pre-register and to receive a copy of the peer review comments and proposed responses. The teleconference will take place in a conference room at the USGS in Reston, VA (full address below). In order to participate in the teleconference, members of the public will need to attend in person at the USGS in Reston, VA. Prepared statements may be presented orally to the Committee during the teleconference between 12 p.m. and 12:30 p.m. Public statements will be limited to 3 minutes per person. For scheduling reasons, intent to make a public statement must be established at the time of pre-registration. A written copy of the oral statement must be left with the Committee’s DFO as a matter of public record. Additional short E:\FR\FM\03DEN1.SGM 03DEN1

Agencies

[Federal Register Volume 72, Number 231 (Monday, December 3, 2007)]
[Notices]
[Pages 67946-67947]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-23321]


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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-5161-N-02]


Credit Watch Termination Initiative

AGENCY: Office of the Assistant Secretary for Housing--Federal Housing 
Commissioner, HUD.

ACTION: Notice.

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SUMMARY: This notice advises of the cause and effect of termination of 
Origination Approval Agreements taken by HUD's Federal Housing 
Administration (FHA) against HUD-approved mortgagees through the FHA 
Credit Watch Termination Initiative. This notice includes a list of 
mortgagees which have had their Origination Approval Agreements 
terminated.

FOR FURTHER INFORMATION CONTACT: The Quality Assurance Division, Office 
of Housing, Department of Housing and Urban Development, 451 Seventh 
Street, SW., Room B133-P3214, Washington, DC 20410-8000; telephone 
(202) 708-2830 (this is not a toll free number). Persons with hearing 
or speech impairments may access that number through TTY by calling the 
Federal Information Relay Service at (800) 877-8339.

SUPPLEMENTARY INFORMATION: HUD has the authority to address 
deficiencies in the performance of lenders' loans as provided in HUD's 
mortgagee approval regulations at 24 CFR 202.3. On May 17, 1999 (64 FR 
26769), HUD published a notice on its procedures for terminating 
Origination Approval Agreements with FHA lenders and placement of FHA 
lenders on Credit Watch status (an evaluation period). In the May 17, 
1999 notice, HUD advised that it would publish in the Federal Register 
a list of mortgagees, which have had their Origination Approval 
Agreements terminated.
    Termination of Origination Approval Agreement: Approval of a 
mortgagee by HUD/FHA to participate in FHA mortgage insurance programs 
includes an Origination Approval Agreement (Agreement) between HUD and 
the mortgagee. Under the Agreement, the mortgagee is authorized to 
originate single-family mortgage loans and submit them to FHA for 
insurance endorsement. The Agreement may be terminated on the basis of 
poor performance of FHA-insured mortgage loans originated by the 
mortgagee. The termination of a mortgagee's Agreement is separate and 
apart from any action taken by HUD's Mortgagee Review Board under HUD's 
regulations at 24 CFR part 25.
    Cause: HUD's regulations permit HUD to terminate the Agreement with 
any mortgagee having a default and claim rate for loans endorsed within 
the preceding 24 months that exceeds 200 percent of the default and 
claim rate within the geographic area served by a HUD field office, and 
also exceeds the national default and claim rate. For the 32nd review 
period, HUD is terminating the Agreement of mortgagees whose default 
and claim rate exceeds both the national rate and 200 percent of the 
field office rate.
    Effect: Termination of the Agreement precludes that branch(s) of 
the mortgagee from originating FHA-insured single-family mortgages 
within the area of the HUD field office(s) listed in this notice. 
Mortgagees authorized to purchase, hold, or service FHA-insured 
mortgages may continue to do so.
    Loans that closed or were approved before the termination became 
effective may be submitted for insurance endorsement. Approved loans 
are (1) those already underwritten and approved by a Direct Endorsement 
(DE) underwriter employed by an unconditionally approved DE lender and 
(2) cases covered by a firm commitment issued by HUD. Cases at earlier 
stages of processing cannot be submitted for insurance by the 
terminated branch; however, they may be transferred for completion of 
processing and underwriting to another mortgagee or branch authorized 
to originate FHA insured mortgages in that area. Mortgagees are 
obligated to continue to pay existing insurance premiums and meet all 
other obligations associated with insured mortgages.
    A terminated mortgagee may apply for a new Origination Approval 
Agreement if the mortgagee continues to be an approved mortgagee 
meeting the requirements of 24 CFR 202.5, 202.6, 202.7, 202.8 or 202.10 
and 202.12, if there has been no Origination Approval Agreement for at 
least six months, and if the Secretary determines that the underlying 
causes for termination have been remedied. To enable the Secretary to 
ascertain whether the underlying causes for termination have been

[[Page 67947]]

remedied, a mortgagee applying for a new Origination Approval Agreement 
must obtain an independent review of the terminated office's operations 
as well as its mortgage production, specifically including the FHA-
insured mortgages cited in its termination notice. This independent 
analysis shall identify the underlying cause for the mortgagee's high 
default and claim rate. The review must be conducted and issued by an 
independent Certified Public Accountant (CPA) qualified to perform 
audits under Government Auditing Standards as provided by the 
Government Accountability Office. The mortgagee must also submit a 
written corrective action plan to address each of the issues identified 
in the CPA's report, along with evidence that the plan has been 
implemented. The application for a new Agreement should be in the form 
of a letter, accompanied by the CPA's report and corrective action 
plan. The request should be sent to the Director, Office of Lender 
Activities and Program Compliance, 451 Seventh Street, SW., Room B133-
P3214, Washington, DC 20410-8000 or by courier to 490 L'Enfant Plaza, 
East, SW., Suite 3214, Washington, DC 20024-8000.
    Action: The following mortgagees have had their Agreements 
terminated by HUD:

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           Mortgagee name               Mortgagee branch address     HUD office jurisdictions    Termination effective date     Homeownership centers
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Alethes LLC.........................  8601 RR 2222 BLDG 1,         Ft Worth...................  ...........................  Denver.
                                       AUSTIN, TX 78730.
Rocky Mountain......................  7075 S. ALTON WAY,           Denver.....................  ...........................  Denver.
                                       CENTENNIAL, CO 80112.
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    Dated: November 20, 2007.
Brian D. Montgomery,
Assistant Secretary for Housing--Federal Housing Commissioner.
[FR Doc. E7-23321 Filed 11-30-07; 8:45 am]
BILLING CODE 4210-67-P