Mortgage and Loan Insurance Programs Under the National Housing Act-Debenture Interest Rates, 6282-6284 [E7-2201]
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6282
Federal Register / Vol. 72, No. 27 / Friday, February 9, 2007 / Notices
Property Number: 97199010015
5500 Armstrong Road
Battle Creek Co: Calhoun MI 49016
Status: Underutilized
Reason: Being used for patient and program
activities.
Montana
Building
VA MT Healthcare
Property Number: 97200030001
210 S. Winchester
Miles City Co: Custer MT 59301
Status: Underutilized
Reason: transfer to Custer County.
[FR Doc. E7–1926 Filed 2–8–07; 8:45 am]
BILLING CODE 4210–67–P
DEPARTMENT OF HOUSING AND
URBAN DEVELOPMENT
[Docket No. FR–4917–N–10]
VA
New York
Land
VA Medical Center
Property Number: 97199010017
Fort Hill Avenue
Canandaigua Co: Ontario NY 14424
Status: Underutilized
Reason: Portion leased; portion landlocked.
Ohio
Building
Bldg. 116
Property Number: 97199920002
VA Medical Center
Dayton Co: Montgomery OH 45428
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Reason: preexisting agreement.
Pennsylvania
Land
VA Medical Center
Property Number: 97199010016
New Castle Road
Butler Co: Butler PA 16001
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Land No. 645
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VA. Medical Center
Highland Drive
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VA
Pennsylvania
Land
Land—34.16 acres
Property Number: 97199340001
VA Medical Center
1400 Black Horse Hill Road
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Wisconsin
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Bldg. 2
jlentini on PROD1PC65 with NOTICES
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VA Medical Center
5000 West National Ave.
Milwaukee WI 53295
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Reason: Subject of leasing negotiations.
Mortgage and Loan Insurance
Programs Under the National Housing
Act—Debenture Interest Rates
Office of the Assistant
Secretary for Housing—Federal Housing
Commissioner, HUD.
ACTION: Notice.
AGENCY:
SUMMARY: This notice announces
changes in the interest rates to be paid
on debentures issued with respect to a
loan or mortgage insured by the Federal
Housing Administration under the
provisions of the National Housing Act
(the Act). The interest rate for
debentures issued under section
221(g)(4) of the Act during the 6-month
period beginning January 1, 2007, is 47⁄8
percent. The interest rate for debentures
issued under any other provision of the
Act is the rate in effect on the date that
the commitment to insure the loan or
mortgage was issued, or the date that the
loan or mortgage was endorsed (or
initially endorsed if there are two or
more endorsements) for insurance,
whichever rate is higher. The interest
rate for debentures issued under these
other provisions with respect to a loan
or mortgage committed or endorsed
during the 6-month period beginning
January 1, 2007, is 43⁄4 percent.
However, as a result of an amendment
to section 224 of the Act, if an insurance
claim relating to a mortgage insured
under sections 203 or 234 of the Act and
endorsed for insurance after January 23,
2004, is paid in cash, the debenture
interest rate for purposes of calculating
a claim shall be the monthly average
yield, for the month in which the
default on the mortgage occurred, on
United States Treasury Securities
adjusted to a constant maturity of 10
years.
FOR FURTHER INFORMATION CONTACT:
Darryl E. Getter, Department of Housing
and Urban Development, 451 Seventh
Street, SW., Room 2232, Washington,
DC 20410–8000; telephone (202) 402–
7541 (this is not a toll-free number).
Individuals with speech or hearing
impairments may access this number
through TTY by calling the toll-free
Federal Information Relay Service at
(800) 877–8339.
SUPPLEMENTARY INFORMATION: Section
224 of the National Housing Act (12
U.S.C. 1715o) provides that debentures
issued under the Act with respect to an
insured loan or mortgage (except for
debentures issued pursuant to section
221(g)(4) of the Act) will bear interest at
the rate in effect on the date the
commitment to insure the loan or
mortgage was issued, or the date the
loan or mortgage was endorsed (or
initially endorsed if there are two or
more endorsements) for insurance,
whichever rate is higher. This provision
is implemented in HUD’s regulations at
24 CFR 203.405, 203.479, 207.259(e)(6),
and 220.830. These regulatory
provisions state that the applicable rates
of interest will be published twice each
year as a notice in the Federal Register.
Section 224 further provides that the
interest rate on these debentures will be
set from time to time by the Secretary
of HUD, with the approval of the
Secretary of the Treasury, in an amount
not in excess of the annual interest rate
determined by the Secretary of the
Treasury pursuant to a statutory formula
based on the average yield of all
outstanding marketable Treasury
obligations of maturities of 15 or more
years.
The Secretary of the Treasury (1) has
determined, in accordance with the
provisions of section 224, that the
statutory maximum interest rate for the
period beginning January 1, 2007, is 43⁄4
percent; and (2) has approved the
establishment of the debenture interest
rate by the Secretary of HUD at 43⁄4
percent for the 6-month period
beginning January 1, 2007. This interest
rate will be the rate borne by debentures
issued with respect to any insured loan
or mortgage (except for debentures
issued pursuant to section 221(g)(4))
with insurance commitment or
endorsement date (as applicable) within
the first 6 months of 2007.
For convenience of reference, HUD is
publishing the following chart of
debenture interest rates applicable to
mortgages committed or endorsed since
January 1, 1980:
Effective interest rate
On or after
91⁄2 ...........................................................................................................
97⁄8 ...........................................................................................................
113⁄4 .........................................................................................................
Jan. 1, 1980 ...................................
July 1, 1980 ...................................
Jan. 1, 1981 ...................................
VerDate Aug<31>2005
21:06 Feb 08, 2007
Jkt 211001
PO 00000
Frm 00089
Fmt 4703
Sfmt 4703
E:\FR\FM\09FEN1.SGM
Prior to
July 1, 1980.
Jan. 1, 1981.
July 1, 1981.
09FEN1
6283
Federal Register / Vol. 72, No. 27 / Friday, February 9, 2007 / Notices
Effective interest rate
On or after
12 ⁄ .........................................................................................................
123⁄4 .........................................................................................................
101⁄4 .........................................................................................................
103⁄8 .........................................................................................................
111⁄2 .........................................................................................................
133⁄8 .........................................................................................................
115⁄8 .........................................................................................................
111⁄8 .........................................................................................................
101⁄4 .........................................................................................................
81⁄4 ...........................................................................................................
8 ...............................................................................................................
9 ...............................................................................................................
91⁄8 ...........................................................................................................
93⁄8 ...........................................................................................................
91⁄4 ...........................................................................................................
9 ...............................................................................................................
81⁄8 ...........................................................................................................
9 ...............................................................................................................
83⁄4 ...........................................................................................................
81⁄2 ...........................................................................................................
8 ...............................................................................................................
8 ...............................................................................................................
73⁄4 ...........................................................................................................
7 ...............................................................................................................
65⁄8 ...........................................................................................................
73⁄4 ...........................................................................................................
83⁄8 ...........................................................................................................
71⁄4 ...........................................................................................................
61⁄2 ...........................................................................................................
71⁄4 ...........................................................................................................
63⁄4 ...........................................................................................................
71⁄8 ...........................................................................................................
63⁄8 ...........................................................................................................
61⁄8 ...........................................................................................................
51⁄2 ...........................................................................................................
61⁄8 ...........................................................................................................
61⁄2 ...........................................................................................................
61⁄2 ...........................................................................................................
6 ...............................................................................................................
57⁄8 ...........................................................................................................
51⁄4 ...........................................................................................................
53⁄4 ...........................................................................................................
5 ...............................................................................................................
41⁄2 ...........................................................................................................
51⁄8 ...........................................................................................................
51⁄2 ...........................................................................................................
47⁄8 ...........................................................................................................
41⁄2 ...........................................................................................................
47⁄8 ...........................................................................................................
53⁄8 ...........................................................................................................
43⁄4 ...........................................................................................................
jlentini on PROD1PC65 with NOTICES
78
Section 215 of Division G, Title II of
Pub. L. 108–199, enacted January 23,
2004 (HUD’s 2004 Appropriations Act)
amended section 224 of the Act, to
change the debenture interest rate for
purposes of calculating certain
insurance claim payments made in cash.
Therefore, effective immediately, for all
claims paid in cash on mortgages
insured under section 203 or 234 of the
National Housing Act and endorsed for
insurance after January 23, 2004, the
debenture interest rate will be the
monthly average yield, for the month in
which the default on the mortgage
occurred, on United States Treasury
Securities adjusted to a constant
maturity of 10 years, as found in Federal
VerDate Aug<31>2005
21:06 Feb 08, 2007
Jkt 211001
July 1, 1981
Jan. 1, 1982
Jan. 1, 1983
July 1, 1983
Jan. 1, 1984
July 1, 1984
Jan. 1, 1985
July 1, 1985
Jan. 1, 1986
July 1, 1986
Jan. 1, 1987
July 1, 1987
Jan. 1, 1988
July 1, 1988
Jan. 1, 1989
July 1, 1989
Jan. 1, 1990
July 1, 1990
Jan. 1, 1991
July 1, 1991
Jan. 1, 1992
July 1, 1992
Jan. 1, 1993
July 1, 1993
Jan. 1, 1994
July 1, 1994
Jan. 1, 1995
July 1, 1995
Jan. 1, 1996
July 1, 1996
Jan. 1, 1997
July 1, 1997
Jan. 1, 1998
July 1, 1998
Jan. 1, 1999
July 1, 1999
Jan. 1, 2000
July 1, 2000
Jan. 1, 2001
July 1, 2001
Jan. 1, 2002
July 1, 2002
Jan. 1, 2003
July 1, 2003
Jan. 1, 2004
July 1, 2004
Jan. 1, 2005
July 1, 2005
Jan. 1, 2006
July 1, 2006
Jan. 1, 2007
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Reserve Statistical Release H–15. The
Federal Housing Administration has
codified this provision in HUD
regulations at 24 CFR 203.405(b) and 24
CFR 203.479(b).
Section 221(g)(4) of the Act provides
that debentures issued pursuant to that
paragraph (with respect to the
assignment of an insured mortgage to
the Secretary) will bear interest at the
‘‘going Federal rate’’ in effect at the time
the debentures are issued. The term
‘‘going Federal rate’’ is defined to mean
the interest rate that the Secretary of the
Treasury determines, pursuant to a
statutory formula based on the average
yield on all outstanding marketable
Treasury obligations of 8-to 12-year
PO 00000
Frm 00090
Fmt 4703
Sfmt 4703
Prior to
Jan. 1, 1982.
Jan. 1, 1983.
July 1, 1983.
Jan. 1, 1984.
July 1, 1984.
Jan. 1, 1985.
July 1, 1985.
Jan. 1, 1986.
July 1, 1986.
Jan. 1. 1987.
July 1, 1987.
Jan. 1, 1988.
July 1, 1988.
Jan. 1, 1989.
July 1, 1989.
Jan. 1, 1990.
July 1, 1990.
Jan. 1, 1991.
July 1, 1991.
Jan. 1, 1992.
July 1, 1992.
Jan. 1, 1993.
July 1, 1993.
Jan. 1, 1994.
July 1, 1994.
Jan. 1, 1995.
July 1, 1995.
Jan. 1, 1996.
July 1, 1996.
Jan. 1, 1997.
July 1, 1997.
Jan. 1, 1998.
July 1, 1998.
Jan. 1, 1999.
July 1, 1999.
Jan. 1, 2000.
July 1, 2000.
Jan. 1, 2001.
July 1, 2001.
Jan. 1, 2002.
July 1, 2002.
Jan. 1, 2003.
July 1, 2003.
Jan. 1, 2004.
July 1, 2004.
Jan. 1, 2005.
July 1, 2005.
Jan. 1, 2006.
July 1, 2006.
Jan. 1, 2007.
July 1, 2007.
maturities, for the 6-month periods of
January through June and July through
December of each year. Section 221(g)(4)
is implemented in the HUD regulations
at 24 CFR 221.255 and 24 CFR 221.790.
The Secretary of the Treasury has
determined that the interest rate to be
borne by debentures issued pursuant to
section 221(g)(4) during the 6-month
period beginning January 1, 2007, is 47⁄8
percent.
HUD expects to publish its next
notice of change in debenture interest
rates in July 2007.
The subject matter of this notice falls
within the categorical exemption from
HUD’s environmental clearance
procedures set forth in 24 CFR
E:\FR\FM\09FEN1.SGM
09FEN1
6284
Federal Register / Vol. 72, No. 27 / Friday, February 9, 2007 / Notices
50.19(c)(6). For that reason, no
environmental finding has been
prepared for this notice.
Authority: Sections 211, 221, 224, National
Housing Act, 12 U.S.C. 1715b, 1715l, 1715o;
Section 7(d), Department of HUD Act, 42
U.S.C. 3535(d).)
Dated: February 1, 2007.
Brian D. Montgomery,
Assistant Secretary for Housing—Federal
Housing Commissioner.
[FR Doc. E7–2201 Filed 2–8–07; 8:45 am]
BILLING CODE 4210–67–P
DEPARTMENT OF THE INTERIOR
Fish and Wildlife Service
Sport Fishing and Boating Partnership
Council
Fish and Wildlife Service,
Interior.
ACTION: Notice of teleconference.
AGENCY:
SUMMARY: We, the Fish and Wildlife
Service, announce a public
teleconference of the Sport Fishing and
Boating Partnership Council (Council).
DATES: We will hold the teleconference
on Tuesday, February 20, 2007, from 3
p.m. to 5 p.m. (Eastern Time). Members
of the public wishing to participate in
the teleconference must notify Douglas
Hobbs by close of business on Friday,
February 16, 2007, per instructions
under the SUPPLEMENTARY INFORMATION
section of this notice. Submit written
statements for this teleconference no
later than February 13, 2007.
ADDRESSES: Council Coordinator, 4401
North Fairfax Drive, Mailstop 3103–
AEA, Arlington, VA 22203.
FOR FURTHER INFORMATION CONTACT:
Doug Hobbs (see ADDRESSES), (703) 358–
2336 (phone), (703) 358–2548 (fax), or
doug_hobbs@fws.gov (e-mail).
SUPPLEMENTARY INFORMATION: In
accordance with the requirements of the
Federal Advisory Committee Act, 5
U.S.C. App., we give notice that the
Sport Fishing and Boating Partnership
Council will hold a teleconference on
Tuesday, February 20, 2007, from 3 p.m.
to 5 p.m.
jlentini on PROD1PC65 with NOTICES
Background
The Council was formed in January
1993 to advise the Secretary of the
Interior, through the Director, U.S. Fish
and Wildlife Service, about sport fishing
and boating issues. The Council
represents the interests of the public
and private sectors of the sport fishing
and boating communities and is
organized to enhance partnerships
among industry, constituency groups,
VerDate Aug<31>2005
21:06 Feb 08, 2007
Jkt 211001
and government. The 18-member
Council, appointed by the Secretary of
the Interior, includes the Director of the
Service and the president of the
International Association of Fish and
Wildlife Agencies, who both serve in ex
officio capacities. Other Council
members are Directors from State
agencies responsible for managing
recreational fish and wildlife resources
and individuals who represent the
interests of saltwater and freshwater
recreational fishing, recreational
boating, the recreational fishing and
boating industries, recreational fisheries
resource conservation, aquatic resource
outreach and education, and tourism.
Background information on the Council
is available at https://www.fws.gov/sfbpc.
The Council will convene to: (1)
Approve recommendations to the
Director of the Fish and Wildlife Service
for funding Fiscal Year 2007 Boating
Infrastructure Grant proposals; and (2)
Be briefed on a Fish and Wildlife
Service proposal related to combining
some or all functions of the Fisheries
and Habitat Conservation program and
the Endangered Species program. The
final agenda will be posted on the
Internet at https://www.fws.gov/sfbpc.
PowerPoint, or Rich Text files in IBM–
PC/Windows 98/2000/XP format).
Summary minutes of the conference
will be maintained by the Council
Coordinator at 4401 N. Fairfax Drive,
MS–3101–AEA, Arlington, VA 22203,
and will be available for public
inspection during regular business
hours within 30 days following the
meeting. Personal copies may be
purchased for the cost of duplication.
Procedures for Public Input
SUMMARY: In accordance with the
National Environmental Policy Act of
1969 (NEPA, 42 U.S.C. 4321 et seq.) and
the Federal Land Policy and
Management Act of 1976 (FLPMA, 43
U.S.C. 1701 et seq.), the Bureau of Land
Management (BLM) has prepared a Draft
Resource Management Plan/
Environmental Impact Statement (RMP/
EIS) for the Little Snake Field Office and
by this notice is announcing the
opening of the comment period.
DATES: To assure that they will be
considered, BLM must receive written
comments on the Draft RMP/EIS within
90 days following the date the
Environmental Protection Agency
publishes their Notice of Availability in
the Federal Register. The BLM will
announce future meetings or hearings
and any other public involvement
activities at least 15 days in advance
through public notices, media news
releases, and/or mailings.
ADDRESSES: The Draft RMP/EIS will be
posted on the Internet at https://
www.co.blm.gov/lsra/rmp. You may
submit comments by any of the
following methods:
• E-mail: colsrmp@blm.gov.
• Fax: (970) 826–5002.
• Mail: Jeremy Casterson, BLM—
Little Snake Field Office, 455 Emerson
St., Craig, CO 81625.
FOR FURTHER INFORMATION CONTACT:
Jeremy Casterson, Planning and
Interested members of the public may
submit relevant written or oral
information for the Council to consider
during the public teleconference.
Questions from the public will not be
considered during this period. Speakers
who wish to expand upon their oral
statements or those who had wished to
speak but could not be accommodated
on the agenda are invited to submit
written statements to the Council.
Individuals or groups requesting an
oral presentation at the public Council
teleconference will be limited to 3
minutes per speaker, with no more than
a total of one-half hour for all speakers.
Interested parties should contact
Douglas Hobbs, Council Coordinator, in
writing (preferably via e-mail), by
Friday, February 16, 2007, at the contact
information under FOR FURTHER
INFORMATION CONTACT to be placed on
the public speaker list for this
teleconference. We must receive your
written statements by Tuesday,
February 13, 2007, so that the
information may be made available to
the Council for their consideration prior
to this teleconference. Submit your
written statements to the Council
Coordinator in the following formats:
One hard copy with original signature,
and one electronic copy via e-mail
(acceptable file format: Adobe Acrobat
PDF, WordPerfect, MS Word, MS
PO 00000
Frm 00091
Fmt 4703
Sfmt 4703
Dated: January 24, 2007.
Kevin Adams,
Acting Director.
[FR Doc. E7–2149 Filed 2–8–07; 8:45 am]
BILLING CODE 4310–55–P
DEPARTMENT OF THE INTERIOR
Bureau of Land Management
[CO–100–1610–DP]
Notice of Availability of Draft Little
Snake Resource Management Plan and
Environmental Impact Statement,
Colorado
Bureau of Land Management,
Interior.
ACTION: Notice of availability.
AGENCY:
E:\FR\FM\09FEN1.SGM
09FEN1
]]>Agencies
[Federal Register Volume 72, Number 27 (Friday, February 9, 2007)]
[Notices]
[Pages 6282-6284]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-2201]
-----------------------------------------------------------------------
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
[Docket No. FR-4917-N-10]
Mortgage and Loan Insurance Programs Under the National Housing
Act--Debenture Interest Rates
AGENCY: Office of the Assistant Secretary for Housing--Federal Housing
Commissioner, HUD.
ACTION: Notice.
-----------------------------------------------------------------------
SUMMARY: This notice announces changes in the interest rates to be paid
on debentures issued with respect to a loan or mortgage insured by the
Federal Housing Administration under the provisions of the National
Housing Act (the Act). The interest rate for debentures issued under
section 221(g)(4) of the Act during the 6-month period beginning
January 1, 2007, is 4\7/8\ percent. The interest rate for debentures
issued under any other provision of the Act is the rate in effect on
the date that the commitment to insure the loan or mortgage was issued,
or the date that the loan or mortgage was endorsed (or initially
endorsed if there are two or more endorsements) for insurance,
whichever rate is higher. The interest rate for debentures issued under
these other provisions with respect to a loan or mortgage committed or
endorsed during the 6-month period beginning January 1, 2007, is 4\3/4\
percent. However, as a result of an amendment to section 224 of the
Act, if an insurance claim relating to a mortgage insured under
sections 203 or 234 of the Act and endorsed for insurance after January
23, 2004, is paid in cash, the debenture interest rate for purposes of
calculating a claim shall be the monthly average yield, for the month
in which the default on the mortgage occurred, on United States
Treasury Securities adjusted to a constant maturity of 10 years.
FOR FURTHER INFORMATION CONTACT: Darryl E. Getter, Department of
Housing and Urban Development, 451 Seventh Street, SW., Room 2232,
Washington, DC 20410-8000; telephone (202) 402-7541 (this is not a
toll-free number). Individuals with speech or hearing impairments may
access this number through TTY by calling the toll-free Federal
Information Relay Service at (800) 877-8339.
SUPPLEMENTARY INFORMATION: Section 224 of the National Housing Act (12
U.S.C. 1715o) provides that debentures issued under the Act with
respect to an insured loan or mortgage (except for debentures issued
pursuant to section 221(g)(4) of the Act) will bear interest at the
rate in effect on the date the commitment to insure the loan or
mortgage was issued, or the date the loan or mortgage was endorsed (or
initially endorsed if there are two or more endorsements) for
insurance, whichever rate is higher. This provision is implemented in
HUD's regulations at 24 CFR 203.405, 203.479, 207.259(e)(6), and
220.830. These regulatory provisions state that the applicable rates of
interest will be published twice each year as a notice in the Federal
Register.
Section 224 further provides that the interest rate on these
debentures will be set from time to time by the Secretary of HUD, with
the approval of the Secretary of the Treasury, in an amount not in
excess of the annual interest rate determined by the Secretary of the
Treasury pursuant to a statutory formula based on the average yield of
all outstanding marketable Treasury obligations of maturities of 15 or
more years.
The Secretary of the Treasury (1) has determined, in accordance
with the provisions of section 224, that the statutory maximum interest
rate for the period beginning January 1, 2007, is 4\3/4\ percent; and
(2) has approved the establishment of the debenture interest rate by
the Secretary of HUD at 4\3/4\ percent for the 6-month period beginning
January 1, 2007. This interest rate will be the rate borne by
debentures issued with respect to any insured loan or mortgage (except
for debentures issued pursuant to section 221(g)(4)) with insurance
commitment or endorsement date (as applicable) within the first 6
months of 2007.
For convenience of reference, HUD is publishing the following chart
of debenture interest rates applicable to mortgages committed or
endorsed since January 1, 1980:
------------------------------------------------------------------------
Effective interest rate On or after Prior to
------------------------------------------------------------------------
9\1/2\.......................... Jan. 1, 1980...... July 1, 1980.
9\7/8\.......................... July 1, 1980...... Jan. 1, 1981.
11\3/4\......................... Jan. 1, 1981...... July 1, 1981.
[[Page 6283]]
12\7/8\......................... July 1, 1981...... Jan. 1, 1982.
12\3/4\......................... Jan. 1, 1982...... Jan. 1, 1983.
10\1/4\......................... Jan. 1, 1983...... July 1, 1983.
10\3/8\......................... July 1, 1983...... Jan. 1, 1984.
11\1/2\......................... Jan. 1, 1984...... July 1, 1984.
13\3/8\......................... July 1, 1984...... Jan. 1, 1985.
11\5/8\......................... Jan. 1, 1985...... July 1, 1985.
11\1/8\......................... July 1, 1985...... Jan. 1, 1986.
10\1/4\......................... Jan. 1, 1986...... July 1, 1986.
8\1/4\.......................... July 1, 1986...... Jan. 1. 1987.
8............................... Jan. 1, 1987...... July 1, 1987.
9............................... July 1, 1987...... Jan. 1, 1988.
9\1/8\.......................... Jan. 1, 1988...... July 1, 1988.
9\3/8\.......................... July 1, 1988...... Jan. 1, 1989.
9\1/4\.......................... Jan. 1, 1989...... July 1, 1989.
9............................... July 1, 1989...... Jan. 1, 1990.
8\1/8\.......................... Jan. 1, 1990...... July 1, 1990.
9............................... July 1, 1990...... Jan. 1, 1991.
8\3/4\.......................... Jan. 1, 1991...... July 1, 1991.
8\1/2\.......................... July 1, 1991...... Jan. 1, 1992.
8............................... Jan. 1, 1992...... July 1, 1992.
8............................... July 1, 1992...... Jan. 1, 1993.
7\3/4\.......................... Jan. 1, 1993...... July 1, 1993.
7............................... July 1, 1993...... Jan. 1, 1994.
6\5/8\.......................... Jan. 1, 1994...... July 1, 1994.
7\3/4\.......................... July 1, 1994...... Jan. 1, 1995.
8\3/8\.......................... Jan. 1, 1995...... July 1, 1995.
7\1/4\.......................... July 1, 1995...... Jan. 1, 1996.
6\1/2\.......................... Jan. 1, 1996...... July 1, 1996.
7\1/4\.......................... July 1, 1996...... Jan. 1, 1997.
6\3/4\.......................... Jan. 1, 1997...... July 1, 1997.
7\1/8\.......................... July 1, 1997...... Jan. 1, 1998.
6\3/8\.......................... Jan. 1, 1998...... July 1, 1998.
6\1/8\.......................... July 1, 1998...... Jan. 1, 1999.
5\1/2\.......................... Jan. 1, 1999...... July 1, 1999.
6\1/8\.......................... July 1, 1999...... Jan. 1, 2000.
6\1/2\.......................... Jan. 1, 2000...... July 1, 2000.
6\1/2\.......................... July 1, 2000...... Jan. 1, 2001.
6............................... Jan. 1, 2001...... July 1, 2001.
5\7/8\.......................... July 1, 2001...... Jan. 1, 2002.
5\1/4\.......................... Jan. 1, 2002...... July 1, 2002.
5\3/4\.......................... July 1, 2002...... Jan. 1, 2003.
5............................... Jan. 1, 2003...... July 1, 2003.
4\1/2\.......................... July 1, 2003...... Jan. 1, 2004.
5\1/8\.......................... Jan. 1, 2004...... July 1, 2004.
5\1/2\.......................... July 1, 2004...... Jan. 1, 2005.
4\7/8\.......................... Jan. 1, 2005...... July 1, 2005.
4\1/2\.......................... July 1, 2005...... Jan. 1, 2006.
4\7/8\.......................... Jan. 1, 2006...... July 1, 2006.
5\3/8\.......................... July 1, 2006...... Jan. 1, 2007.
4\3/4\.......................... Jan. 1, 2007...... July 1, 2007.
------------------------------------------------------------------------
Section 215 of Division G, Title II of Pub. L. 108-199, enacted
January 23, 2004 (HUD's 2004 Appropriations Act) amended section 224 of
the Act, to change the debenture interest rate for purposes of
calculating certain insurance claim payments made in cash. Therefore,
effective immediately, for all claims paid in cash on mortgages insured
under section 203 or 234 of the National Housing Act and endorsed for
insurance after January 23, 2004, the debenture interest rate will be
the monthly average yield, for the month in which the default on the
mortgage occurred, on United States Treasury Securities adjusted to a
constant maturity of 10 years, as found in Federal Reserve Statistical
Release H-15. The Federal Housing Administration has codified this
provision in HUD regulations at 24 CFR 203.405(b) and 24 CFR
203.479(b).
Section 221(g)(4) of the Act provides that debentures issued
pursuant to that paragraph (with respect to the assignment of an
insured mortgage to the Secretary) will bear interest at the ``going
Federal rate'' in effect at the time the debentures are issued. The
term ``going Federal rate'' is defined to mean the interest rate that
the Secretary of the Treasury determines, pursuant to a statutory
formula based on the average yield on all outstanding marketable
Treasury obligations of 8-to 12-year maturities, for the 6-month
periods of January through June and July through December of each year.
Section 221(g)(4) is implemented in the HUD regulations at 24 CFR
221.255 and 24 CFR 221.790.
The Secretary of the Treasury has determined that the interest rate
to be borne by debentures issued pursuant to section 221(g)(4) during
the 6-month period beginning January 1, 2007, is 4\7/8\ percent.
HUD expects to publish its next notice of change in debenture
interest rates in July 2007.
The subject matter of this notice falls within the categorical
exemption from HUD's environmental clearance procedures set forth in 24
CFR
[[Page 6284]]
50.19(c)(6). For that reason, no environmental finding has been
prepared for this notice.
(Authority: Sections 211, 221, 224, National Housing Act, 12
U.S.C. 1715b, 1715l, 1715o; Section 7(d), Department of HUD Act, 42
U.S.C. 3535(d).)
Dated: February 1, 2007.
Brian D. Montgomery,
Assistant Secretary for Housing--Federal Housing Commissioner.
[FR Doc. E7-2201 Filed 2-8-07; 8:45 am]
BILLING CODE 4210-67-P
