Multifamily Mortgage Insurance Premiums; Withdrawal of Proposal to Increase MIPs for FY2007, 57994-57995 [06-8422]

Download as PDF 57994 Federal Register / Vol. 71, No. 190 / Monday, October 2, 2006 / Notices 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 effective date Mortgagee name Mortgagee branch address HUD office jurisdictions Alethes LLC ............................ Level I Mortgage Corp ............ 6010 Balcones Dr., #209, Austin, TX 78731 .. 1745 Shea Center Dr., Ste 140, Littleton, CO 80129. San Antonio, TX ..................... Denver, Colorado .................... Dated: September 22, 2006. Brian D. Montgomery, Assistant Secretary for Housing—Federal Housing Commissioner. [FR Doc. E6–16183 Filed 9–29–06; 8:45 am] BILLING CODE 4210–67–P DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT [Docket No. FR–4917–N–09] Notice of FHA Debenture Call Office of the Assistant Secretary for Housing—Federal Housing Commissioner, HUD. ACTION: Notice. rmajette on PROD1PC67 with NOTICES1 AGENCY: SUMMARY: This notice announces a debenture recall of certain Federal Housing Administration (FHA) debentures, in accordance with authority provided in the National Housing Act. FOR FURTHER INFORMATION CONTACT: Darryl Getter, Office of Evaluation, Department of Housing and Urban Development, 451 Seventh Street, SW., Room 2232, Washington, DC 20410; telephone (202) 755–7500, extension 7541. This is not a toll-free number. SUPPLEMENTARY INFORMATION: Pursuant to Sections 204(c) and 207(j) of the National Housing Act, 12 U.S.C. 1710(c) and 1713(j), and in accordance with HUD’s regulations at 24 CFR 203.409 and 207.259(e)(3), the Assistant Secretary for Housing—Federal Housing Commissioner, with the approval of the Secretary of HUD and the Secretary of the Treasury, announces the call of all FHA debentures, with a coupon rate of 6.00 percent or above, except for those VerDate Aug<31>2005 15:07 Sep 29, 2006 Jkt 211001 debentures subject to ‘‘debenture lock agreements,’’ that have been registered on the books of the Bureau of Public Debt, Department of the Treasury, and are, therefore, ‘‘outstanding’’ as of September 30, 2006. The date of the call is January 1, 2007. The debentures will be redeemed at par value plus accrued interest. Interest will cease to accrue on the debentures as of the call date. At redemption, final interest on any called debentures will be paid along with the principal. Payment of final principal and interest due on January 1, 2007, will be made automatically to the registered holder. During the period from the date of this notice to the call date, debentures that are subject to the call may not be used by the mortgagee for a special redemption purchase in payment of a mortgage insurance premium. No transfer of debentures covered by the foregoing call will be made on the books maintained by the Department of the Treasury on or after December 15, 2006. This debenture call does not affect the right of the holder of a debenture to sell or assign the debenture on or after this date. Dated: September 16, 2006. Brian D. Montgomery, Assistant Secretary for Housing—Federal Housing Commissioner. [FR Doc. E6–16185 Filed 9–29–06; 8:45 am] BILLING CODE 4210–67–P PO 00000 Frm 00078 Fmt 4703 Sfmt 4703 7/15/2006 9/1/2006 Homeownership centers Denver. Denver. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT [Docket No. FR–4679–N–12] Multifamily Mortgage Insurance Premiums; Withdrawal of Proposal to Increase MIPs for FY2007 Office of the Assistant Secretary for Housing—Federal Housing Commissioner, HUD. ACTION: Final notice. AGENCY: SUMMARY: HUD issued a notice on June 28, 2006, announcing for public comment, proposed changes in the mortgage insurance premiums (MIP) for Federal Housing Administration (FHA) multifamily mortgage insurance programs whose commitments will be issued or reissued in Fiscal Year (FY) 2007. The notice allowed 30 days for public comment. Approximately 359 comments were received by the comment due date, and the comments, including a letter signed by 121 members of the U.S. House of Representatives and 26 United States Senators, were overwhelmingly opposed to the MIP increases proposed for a number of HUD’s multifamily housing mortgage insurance programs. Based on consideration of the concerns raised in the comments, HUD has decided not to proceed with implementation of the MIP increases for FY 2007. Instead, the FY 2006 MIPs, issued on August 30, 2005, will remain in effect for FY 2007. However, FHA will continue to evaluate alternative pricing strategies to maintain the integrity of the fund and achieve policy goals. DATES: Effective Date: October 1, 2006. E:\FR\FM\02OCN1.SGM 02OCN1 Federal Register / Vol. 71, No. 190 / Monday, October 2, 2006 / Notices Eric Stevenson, Director, Policy Division, Office of Multifamily Development, Department of Housing and Urban Development, 451 Seventh Street, SW., Washington, DC 20410–8000, Telephone: (202) 708–1142 (this is not a toll-free number). Hearing- or speechimpaired individuals may access these numbers through TTY by calling the Federal Information Relay Service at (800) 877–8339 (this is a toll-free number). FOR FURTHER INFORMATION CONTACT: Dated: September 27, 2006. Brian D. Montgomery, Assistant Secretary for Housing—Federal Housing Commissioner. [FR Doc. 06–8422 Filed 9–29–06; 8:45 am] BILLING CODE 4210–67–P DEPARTMENT OF THE INTERIOR Bureau of Indian Affairs SUPPLEMENTARY INFORMATION: Final Determination for the Burt Lake Band of Ottawa and Chippewa Indians, Inc. Introduction AGENCY: HUD’s regulations at 24 CFR 207.252, 207.252a and 207.254 provide that instead of setting the MIP at one specific rate for all programs, the Secretary is permitted to change an MIP program by program within the full range of HUD’s statutory authority of one fourth of one percent to one percent of the outstanding mortgage principal per annum through a notice, as provided in section 203(c)(1) of the National Housing Act (the Act) (12 U.S.C. 1709(c)(1)). The regulation states that HUD will provide a 30-day period for public comment on notices changing MIPs in multifamily insured housing programs. Public Comments rmajette on PROD1PC67 with NOTICES1 The public comment period for the notice of proposed MIP changes for FY2006, published on June 28, 2006 (71 FR 36968) closed on July 28, 2006. By the close of the public comment period, approximately 359 public comments were received by the Department, of which the majority were in the nature of a form letter. In addition to the comments submitted by form letters, several organizations submitted comments, and 121 members of the U.S. House of Representatives and 26 U.S. Senators signed a comment letter opposing the increase in MIPs for FY2007. In addition to the opposition by Congressional members, virtually, all of the public comments were opposed to the MIP increases in a number multifamily housing programs, citing a variety of problems that could occur within individual programs and raising questions about HUD’s cost justification for the increases. FY 2007 Mortgage Insurance Premiums The Department has therefore decided that the FY 2007 MIPs will be the same as the FY2006 MIPs. The FY 2006 MIPs are published on August 30, 2005, at 70 FR 51539 and remain in effect. VerDate Aug<31>2005 15:07 Sep 29, 2006 Jkt 211001 Bureau of Indian Affairs, Interior. ACTION: Notice of final determination. SUMMARY: Pursuant to 25 CFR 83.10(h), notice is hereby given that the Associate Deputy Secretary (ADS) has determined that the Burt Lake Band of Ottawa and Chippewa Indians, Inc., c/o Mr. Curtis Chambers, does not satisfy all seven criteria for acknowledgment as an Indian tribe in 25 CFR 83.7. DATES: This determination is final and will become effective 90 days from publication of the Final Determination, pursuant to 25 CFR 83.10(l)(4), unless a request for reconsideration is filed pursuant to 25 CFR 83.11. ADDRESSES: Requests for a copy of the summary evaluation of the evidence should be addressed to the Office of the Assistant Secretary—Indian Affairs, Attention: Office of Federal Acknowledgment, 1951 Constitution Avenue, NW., MS: 34B–SIB, Washington, DC 20240. FOR FURTHER INFORMATION CONTACT: R. Lee Fleming, Director, Office of Federal Acknowledgment, (202) 513–7650. SUPPLEMENTARY INFORMATION: This notice is published in the exercise of authority delegated by the Secretary of the Interior to the ADS by Secretarial Order 3259, of February 8, 2005, as amended on August 11, 2005, and on March 31, 2006. This notice is based on a determination that the Burt Lake Band of Ottawa and Chippewa Indians, Inc. (BLB) does not satisfy all of the seven mandatory criteria for acknowledgment in 25 CFR 83.7, as modified by section 83.8. The acknowledgment process is based on the regulations at 25 CFR part 83. Under these regulations, the petitioner has the burden to present evidence that it meets the seven mandatory criteria in section 83.7. A notice of the Proposed Finding to decline to acknowledge the BLB was published in the Federal Register on April 15, 2004. The regulations provide PO 00000 Frm 00079 Fmt 4703 Sfmt 4703 57995 a 180-day period for comment on the Proposed Finding and at the petitioner’s request this comment period was extended three times to close on May 2, 2005. This determination is made following a review of the BLB’s response to the Proposed Finding. No third parties submitted comments on the Proposed Finding. This Final Determination concludes that the petitioner is eligible to be evaluated under section 83.8 with a last date of acknowledgment as of 1917. Under 83.8(d)(5), the petitioner was evaluated under criterion 83.7(a), which requires that the petitioner be identified as an American Indian entity on a substantially continuous basis, from the point of last Federal acknowledgment. The available evidence demonstrates that external observers have identified the petitioning group as an American Indian entity on a substantially continuous basis since 1917, the date of last Federal acknowledgment. Criterion 83.7(b), as modified by section 83.8(d)(2), requires that a predominant portion of the petitioning group comprise a distinct community and exist as a community at present. The BLB submitted evidence from ghost supper sign-in sheets, photographs, funeral records, and interviews submitted by the petitioner to supplement materials already in the record. The evidence demonstrates that the BLB as defined by its membership list is not a community. More than half of the petitioner’s members only rarely if ever participate in activities with other BLB members. The evidence demonstrates further that the BLB petitioner’s core social community is part of a greater Burt Lake community composed predominantly of members of a federally recognized tribe, the Little Traverse Bay Bands of Odawa Indians (LTBB), and members of the BLB petitioner. Neither the petitioner’s core social community nor the petitioner itself is distinct from this greater Burt Lake community. Further, the peripheral members of BLB are more likely to interact socially with older parents or grandparents and other relatives enrolled in LTBB than with non-relatives in BLB. The BLB petitioner does not meet criterion 83.7(b) because it is not a distinct social community at present, as the regulations require. Criterion 83.7(c), as modified by section 83.8(d)(3), requires that the petitioner has maintained political influence or authority over its members as an autonomous entity from 1917 until the present. The BLB petitioner does not meet criterion 83.7(c), as modified by section 83.8(d)(3), because it has not E:\FR\FM\02OCN1.SGM 02OCN1

Agencies

[Federal Register Volume 71, Number 190 (Monday, October 2, 2006)]
[Notices]
[Pages 57994-57995]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 06-8422]


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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-4679-N-12]


Multifamily Mortgage Insurance Premiums; Withdrawal of Proposal 
to Increase MIPs for FY2007

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

ACTION: Final notice.

-----------------------------------------------------------------------

SUMMARY: HUD issued a notice on June 28, 2006, announcing for public 
comment, proposed changes in the mortgage insurance premiums (MIP) for 
Federal Housing Administration (FHA) multifamily mortgage insurance 
programs whose commitments will be issued or reissued in Fiscal Year 
(FY) 2007. The notice allowed 30 days for public comment. Approximately 
359 comments were received by the comment due date, and the comments, 
including a letter signed by 121 members of the U.S. House of 
Representatives and 26 United States Senators, were overwhelmingly 
opposed to the MIP increases proposed for a number of HUD's multifamily 
housing mortgage insurance programs. Based on consideration of the 
concerns raised in the comments, HUD has decided not to proceed with 
implementation of the MIP increases for FY 2007. Instead, the FY 2006 
MIPs, issued on August 30, 2005, will remain in effect for FY 2007. 
However, FHA will continue to evaluate alternative pricing strategies 
to maintain the integrity of the fund and achieve policy goals.

DATES: Effective Date: October 1, 2006.

[[Page 57995]]


FOR FURTHER INFORMATION CONTACT: Eric Stevenson, Director, Policy 
Division, Office of Multifamily Development, Department of Housing and 
Urban Development, 451 Seventh Street, SW., Washington, DC 20410-8000, 
Telephone: (202) 708-1142 (this is not a toll-free number). Hearing- or 
speech-impaired individuals may access these numbers through TTY by 
calling the Federal Information Relay Service at (800) 877-8339 (this 
is a toll-free number).

SUPPLEMENTARY INFORMATION:

Introduction

    HUD's regulations at 24 CFR 207.252, 207.252a and 207.254 provide 
that instead of setting the MIP at one specific rate for all programs, 
the Secretary is permitted to change an MIP program by program within 
the full range of HUD's statutory authority of one fourth of one 
percent to one percent of the outstanding mortgage principal per annum 
through a notice, as provided in section 203(c)(1) of the National 
Housing Act (the Act) (12 U.S.C. 1709(c)(1)). The regulation states 
that HUD will provide a 30-day period for public comment on notices 
changing MIPs in multifamily insured housing programs.

Public Comments

    The public comment period for the notice of proposed MIP changes 
for FY2006, published on June 28, 2006 (71 FR 36968) closed on July 28, 
2006. By the close of the public comment period, approximately 359 
public comments were received by the Department, of which the majority 
were in the nature of a form letter. In addition to the comments 
submitted by form letters, several organizations submitted comments, 
and 121 members of the U.S. House of Representatives and 26 U.S. 
Senators signed a comment letter opposing the increase in MIPs for 
FY2007. In addition to the opposition by Congressional members, 
virtually, all of the public comments were opposed to the MIP increases 
in a number multifamily housing programs, citing a variety of problems 
that could occur within individual programs and raising questions about 
HUD's cost justification for the increases.

FY 2007 Mortgage Insurance Premiums

    The Department has therefore decided that the FY 2007 MIPs will be 
the same as the FY2006 MIPs. The FY 2006 MIPs are published on August 
30, 2005, at 70 FR 51539 and remain in effect.

    Dated: September 27, 2006.
Brian D. Montgomery,
Assistant Secretary for Housing--Federal Housing Commissioner.
[FR Doc. 06-8422 Filed 9-29-06; 8:45 am]
BILLING CODE 4210-67-P
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