Credit Watch Termination Initiative, 32368-32369 [E6-8638]
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Federal Register / Vol. 71, No. 107 / Monday, June 5, 2006 / Notices
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University of Tennessee-Chattanooga,
615 McCallie Avenue, Dept. #4905,
Chattanooga, TN 37403. Grant: $90,000
to fund three students.
13. North Carolina Central University,
Mr. Tyrone Eaton, North Carolina
Central University, 1801 Fayetteville
Street, Durham, NC 27707. Grant:
$90,000 to fund three students.
14. University of Alabama at
Birmingham, Dr. Akhlaque Hague,
University of Alabama at Birmingham,
1530 3rd Avenue, Birmingham, AL
35924. Grant: $90,000 to fund three
students.
15. University of Memphis, Ms. Helen
Awsumb, University of Memphis,
Administration Building, Suite 315,
Memphis, TN 38152. Grant: $90,000 to
fund three students.
16. Florida State University, Dr.
Charles Connerly, Florida State
University, 97 South Woodward
Avenue, Tallahassee, FL 32306. Grant:
$90,000 to fund three students.
17. University of Florida, Dr. Joseli
Macedo, University of Florida, PO Box
115706, Gainesville, FL 32611. Grant:
$90,000 to fund three students.
Region V
18. Minnesota State UniversityMankota, Dr. Anthony Filipovitch,
Minnesota State University-Mankota,
106 Morris Hall, Mankota, MN 56001.
Grant: $90,000 to fund three students.
19. Ohio State University Research
Foundation, Dr. Hazel Marrow-Jones,
Ohio State University Research
Foundation, 1960 Kenny Road,
Columbus, OH 43210. Grant: $90,000 to
fund three students.
20. Indiana University South Bend,
Ms. Cindy Curvin, Indiana University
South Bend, PO Box 1847, Bloomington,
IN 47402. Grant: $90,000 to fund three
students.
21. Michigan State University, Dr.
Herb Norman, Michigan State
University, 301 Administration, East
Lansing, MI 48824. Grant: $90,000 to
fund three students.
22. The Regents of the University of
Michigan, Ms. Gayle Jackson, The
Regents of the University of Michigan,
3003 S. State Street, Wolverine Tower
Building, Room 1044, Ann Arbor, MI
48109. Grant: $90,000 to fund three
students.
23. University of Illinois-Chicago, Dr.
Curtis Winkle, University of IllinoisChicago, MB 502, M/C 551, 809 S.
Marshfield Avenue, Chicago, IL 60612.
Grant: $90,000 to fund three students.
24. Cleveland State University, Dr.
Wendy Kellogg, Cleveland State
University, 2121 Euclid Avenue,
Cleveland, OH 44115. Grant: $90,000 to
fund three students.
VerDate Aug<31>2005
15:33 Jun 02, 2006
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25. University of Minnesota, Ms.
Darville, University of Minnesota, 200
Oak Street, SE, 450 McNamara Alumni
Center, Minneapolis, MN 55455. Grant:
$90,000 to fund three students.
26. University of WisconsinMilwaukee, Mr. Stephen Percy,
University of Wisconsin-Milwaukee, PO
Box 340, Milwaukee, WI 53201. Grant:
$90,000 to fund three students.
Region VI
27. North Central Texas Council of
Government, Ms. Lucille Johnson, North
Central Texas Council of Government,
PO Box 5888, Arlington, TX 76005.
Grant: $270,000 to fund three students
at three institutions.
Region VII
28. University of Nebraska at Omaha,
Dr. Russell Smith, University of
Nebraska at Omaha, 6001 Dodge Street,
Omaha, NE 68182. Grant: $90,000 to
fund three students.
29. University of Kansas Center for
Research, Mr. John Nalbandian,
University of Kansas Center for
Research, 2385 Irving Hill, Lawrence,
KS 66045. Grant: $90,000 to fund three
students.
30. Kansas State University, Mr. Larry
L. Lawhon, Kansas State University, 2
Fairchild Hall, Manhattan, KS 66506.
Grant: $90,000 to fund three students.
31. Iowa State University, Mr. Thane
Peterson, Iowa State University, 1138
Pearson, Ames, IA 50011. Grant:
$90,000 to fund three students.
Region IX
32. University of Southern California,
Mr. Leonard Mitchell, University of
Southern California, University Park
Campus, Los Angeles, CA 90089. Grant:
$90,000 to fund three students.
33. California Polytechnic State
University, Ms. Patti Wilhelm,
California Polytechnic State University,
1 Grand Avenue, San Luis Obispo, CA
93407. Grant: $90,000 to fund three
students.
34. The Regents of the University of
California, Ms. Susan Hedley, The
Regents of the University of California,
336 Sproull Hall, MC 5940, Berkeley,
CA 94720. Grant: $90,000 to fund three
students.
Region X
35. University of Oregon, Ms. Megan
Smith, University of Oregon, 5219
University of Oregon, Eugene, OR
97403. Grant: $90,000 to fund three
students.
36. Eastern Washington University,
Dr. Fred Hurand, Eastern Washington
University, 210 Showalter Hall, Cheney,
WA 99004. Grant: $90,000 to fund three
students.
PO 00000
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Dated: May 26, 2006.
Darlene F. Williams,
Assistant Secretary.
[FR Doc. E6–8639 Filed 6–2–06; 8:45 am]
BILLING CODE 4210–67–P
DEPARTMENT OF HOUSING AND
URBAN DEVELOPMENT
[Docket No. FR–4513–N–24]
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
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
E:\FR\FM\05JNN1.SGM
05JNN1
32369
Federal Register / Vol. 71, No. 107 / Monday, June 5, 2006 / Notices
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
26th 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
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
General Accounting 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
Allied Home MTG Capital
Corp.
Creative Mortgage Inc. .....
Everett Financial Inc. ........
International Lending Solutions Inc.
WR Starkey Mortgage LLP
141 J Technology Dr., Garner, NC 27529 .................
Greensboro .........
3/30/06
Atlanta.
5200 DTE Pkwy, Ste. 400, Englewood, CO 80111 ...
17290 Preston RD Ste. 300, Dallas, TX 75252 .........
6041 S. Syracuse Way Ste. 200, Greenwood Village, CO 80111.
700 Highlander Blvd., Arlington, TX 70615 ................
Denver ................
Dallas ..................
Denver ................
3/30/06
3/30/06
2/19/06
Denver.
Denver.
Denver.
Fort Worth ...........
3/30/06
Denver.
Dated: May 25, 2006.
Brian D. Montgomery,
Assistant Secretary for Housing-Federal
Housing Commissioner.
[FR Doc. E6–8638 Filed 6–2–06; 8:45 am]
BILLING CODE 4210–67–P
DEPARTMENT OF HOUSING AND
URBAN DEVELOPMENT
[Docket No. FR–4639–N–10]
Notice of HUD-Held Multifamily and
Healthcare Loan Sale (MHLS 2006–1)
Office of the Assistant
Secretary for Housing-Federal Housing
Commissioner, HUD.
ACTION: Notice of sale of mortgage loans.
cprice-sewell on PROD1PC66 with NOTICES
AGENCY:
SUMMARY: This notice announces HUD’s
intention to sell certain unsubsidized
multifamily and healthcare mortgage
loans, without Federal Housing
VerDate Aug<31>2005
18:00 Jun 02, 2006
Jkt 208001
Administration (FHA) insurance, in a
competitive, sealed bid sale (MHLS
2006–1). This notice also describes
generally the bidding process for the
sale and certain persons who are
ineligible to bid.
DATES: The Bidder’s Information
Package (BIP) will be made available to
qualified bidders on May 17, 2006. Bids
for the loans must be submitted on the
bid date, which is currently scheduled
for June 21, 2006. HUD anticipates that
awards will be made on or before June
22, 2006. Closings are expected to take
place on June 28, 2006.
ADDRESSES: To become a qualified
bidder and receive the BIP, prospective
bidders must complete, execute, and
submit a Confidentiality Agreement and
a Qualification Statement acceptable to
HUD. Both documents will be available
on the HUD Web site at https://
www.hud.gov/offices/hsg/comp/asset/
PO 00000
Frm 00069
Fmt 4703
Sfmt 4703
Termination
effective date
Homeownership
centers
mfam/mhls.cfm. The executed
documents must be mailed and faxed to
SSD Inc., HUD’s Transaction Specialist
for the sale, at 1400 K Street, NW., Suite
950, Attention: MHLS 2006–1 Sale
Coordinator, Fax: (202) 464–3047.
FOR FURTHER INFORMATION CONTACT: John
Lucey, Acting Deputy Director, Asset
Sales Office, Department of Housing and
Urban Development, 451 Seventh Street,
SW., Room 3136, Washington, DC
20410–8000; telephone (202) 708–2625,
extension 3927 or Gregory Bolton,
Senior Attorney, Office of Insured
Housing, Multifamily Division, Room
9230; telephone (202) 708–0614,
extension 5245. Hearing- or speechimpaired individuals may call (202)
708–4594 (TTY). These are not toll-free
numbers.
SUPPLEMENTARY INFORMATION: HUD
announces its intention to sell in MHLS
2006–1 certain unsubsidized mortgage
E:\FR\FM\05JNN1.SGM
05JNN1
]]>Agencies
[Federal Register Volume 71, Number 107 (Monday, June 5, 2006)]
[Notices]
[Pages 32368-32369]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-8638]
-----------------------------------------------------------------------
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
[Docket No. FR-4513-N-24]
Credit Watch Termination Initiative
AGENCY: Office of the Assistant Secretary for Housing-Federal Housing
Commissioner, HUD.
ACTION: Notice.
-----------------------------------------------------------------------
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
[[Page 32369]]
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 26th 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
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 General
Accounting 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:
--------------------------------------------------------------------------------------------------------------------------------------------------------
Termination
Mortgagee name Mortgagee branch address HUD office jurisdictions effective date Homeownership centers
--------------------------------------------------------------------------------------------------------------------------------------------------------
Allied Home MTG Capital Corp......... 141 J Technology Dr., Garner, Greensboro.................... 3/30/06 Atlanta.
NC 27529.
Creative Mortgage Inc................ 5200 DTE Pkwy, Ste. 400, Denver........................ 3/30/06 Denver.
Englewood, CO 80111.
Everett Financial Inc................ 17290 Preston RD Ste. 300, Dallas........................ 3/30/06 Denver.
Dallas, TX 75252.
International Lending Solutions Inc.. 6041 S. Syracuse Way Ste. Denver........................ 2/19/06 Denver.
200, Greenwood Village, CO
80111.
WR Starkey Mortgage LLP.............. 700 Highlander Blvd., Fort Worth.................... 3/30/06 Denver.
Arlington, TX 70615.
--------------------------------------------------------------------------------------------------------------------------------------------------------
Dated: May 25, 2006.
Brian D. Montgomery,
Assistant Secretary for Housing-Federal Housing Commissioner.
[FR Doc. E6-8638 Filed 6-2-06; 8:45 am]
BILLING CODE 4210-67-P
