Mortgage and Loan Insurance Programs Under the National Housing Act-Debenture Interest Rates, 45234-45236 [E8-17742]
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45234
Federal Register / Vol. 73, No. 150 / Monday, August 4, 2008 / Notices
for the proper performance of the
functions of the agency, including
whether the information will have
practical utility; (2) Evaluate the
accuracy of the agency’s estimate of the
burden of the proposed collection of
information; (3) Enhance the quality,
utility, and clarity of the information to
be collected; and (4) Minimize the
burden of the collection of information
on those who are to respond; including
through the use of appropriate
automated collection techniques or
other forms of information technology,
e.g., permitting electronic submission of
responses.
This Notice also Lists the Following
Information
Title of Proposal: Customer
Satisfaction Surveys.
OMB Control Number, if applicable:
2535–0116.
Description of the need for the
information and proposed use:
Executive Order 12862, ‘‘Setting
Customer Service Standards’’ requires
that Federal agencies provide the
highest quality service to our customers
by identifying them and determining
what they think about our services. The
surveys covered in the request for a
generic clearance will provide HUD a
means to gather this data directly from
our customers. HUD will conduct
various customer satisfaction surveys to
gather feedback and data directly from
our customers to determine the kind
and quality of services and products
they want and expect to receive.
Agency form numbers, if applicable:
None.
Members of Affected Public:
Individuals or Households, Business or
Other for-Profit, Not-for-Profit
Institutions, State, Local or Tribal.
Frequency of Submission: On
occasion.
Estimation of the total number of
hours needed to prepare the information
collection including number of
respondents, frequency of response, and
hours of response:
Number of respondents
Annual responses
1
1
Reporting Burden: .............................................................................
Total Estimated Burden Hours: 1.
Status of the proposed information
collection: Extension of a currently
approved collection.
Authority: Section 3506 of the Paperwork
Reduction Act of 1995, 44 U.S.C. Chapter 35,
as amended.
Dated: July 29, 2008.
Lillian L. Deitzer,
Departmental Paperwork Reduction Act
Officer, Office of the Chief Information
Officer.
[FR Doc. E8–17811 Filed 8–1–08; 8:45 am]
BILLING CODE 4210–67–P
DEPARTMENT OF HOUSING AND
URBAN DEVELOPMENT
[Docket No. FR–5202–N–02]
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.
pwalker on PROD1PC71 with NOTICES
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 July 1, 2008, is 37⁄8
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
VerDate Aug<31>2005
16:50 Aug 01, 2008
Jkt 214001
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
July 1, 2008, is 45⁄8 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:
Yong Sun, Department of Housing and
Urban Development, 451 Seventh Street,
SW., Room 5148, Washington, DC
20410–8000; telephone 202–402–4778
(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
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Fmt 4703
Sfmt 4703
x
Hours per response
1
=
Burden hours
1
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 July 1, 2008, is 45⁄8
percent; and (2) has approved the
establishment of the debenture interest
rate by the Secretary of HUD at 45⁄8
percent for the 6-month period
beginning July 1, 2008. 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 latter 6 months of 2008.
For convenience of reference, HUD is
publishing the following chart of
debenture interest rates applicable to
mortgages committed or endorsed since
January 1, 1980:
E:\FR\FM\04AUN1.SGM
04AUN1
45235
Federal Register / Vol. 73, No. 150 / Monday, August 4, 2008 / Notices
Effective interest rate
On or after
9 ⁄ ...........................................................................................................
97⁄8 ...........................................................................................................
113⁄4 .........................................................................................................
127⁄8 .........................................................................................................
123⁄4 .........................................................................................................
101⁄4 .........................................................................................................
103⁄8 .........................................................................................................
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9 ...............................................................................................................
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9 ...............................................................................................................
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8 ...............................................................................................................
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51⁄4 ...........................................................................................................
53⁄4 ...........................................................................................................
5 ...............................................................................................................
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47⁄8 ...........................................................................................................
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53⁄8 ...........................................................................................................
43⁄4 ...........................................................................................................
5 ...............................................................................................................
41⁄2 ...........................................................................................................
45⁄8 ...........................................................................................................
pwalker on PROD1PC71 with NOTICES
12
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, 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
VerDate Aug<31>2005
16:50 Aug 01, 2008
Jkt 214001
Jan. 1, 1980
July 1, 1980
Jan. 1, 1981
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
July 1, 2007
Jan. 1, 2008
July 1, 2008
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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
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Frm 00031
Fmt 4703
Sfmt 4703
Prior to
July 1, 1980.
Jan. 1, 1981.
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.
July 1, 2007.
Jan. 1, 2008.
July 1, 2008.
Jan. 1, 2009.
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
E:\FR\FM\04AUN1.SGM
04AUN1
45236
Federal Register / Vol. 73, No. 150 / Monday, August 4, 2008 / Notices
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 July 1, 2008, is 37⁄8
percent.
The subject matter of this notice falls
within the categorical exemption from
HUD’s environmental clearance
procedures set forth in 24 CFR
50.19(c)(6). For that reason, no
environmental finding has been
prepared for this notice.
or file written statements. Such requests
should be made prior to the meeting to:
Jan H. Reitsma, Executive Director, John
H. Chafee, Blackstone River Valley
National Heritage Corridor Commission,
One Depot Square, Woonsocket, RI
02895, Tel.: (401) 762–0250.
Further information concerning this
meeting may be obtained from Jan H.
Reitsma, Executive Director of the
Commission at the aforementioned
address.
Jan H. Reitsma,
Executive Director, BRVNHCC.
[FR Doc. E8–17789 Filed 8–1–08; 8:45 am]
BILLING CODE 4310–RK–P
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).
DEPARTMENT OF THE INTERIOR
Dated: July 25, 2008.
Brian D. Montgomery,
Assistant Secretary for Housing—Federal
Housing Commissioner.
[FR Doc. E8–17742 Filed 8–1–08; 8:45 am]
Reestablishment of the Lake
Champlain Sea Lamprey Control
Alternatives Workgroup
Office of the Secretary
Blackstone River Valley National
Heritage Corridor Commission
pwalker on PROD1PC71 with NOTICES
Notice of Meeting
Notice is hereby given in accordance
with Section 552b of Title 5, United
States Code, that a meeting of the John
H. Chafee Blackstone River Valley
National Heritage Corridor Commission
will be held on Thursday, September
18, 2008.
The Commission was established
pursuant to Pub. L. 99–647. The
purpose of the Commission is to assist
federal, state and local authorities in the
development and implementation of an
integrated resource management plan
for those lands and waters within the
Corridor.
The meeting will convene on
September 18, 2008 at 9 a.m. at
Banneker Industries, located at 582
Great Road, North Smithfield, RI for the
following reasons:
1. Approval of Minutes
2. Chairman’s Report
3. Executive Director’s Report
4. Financial Budget
5. Public Input
It is anticipated that about thirty
people will be able to attend the session
in addition to the Commission
members.
Interested persons may make oral or
written presentations to the Commission
16:50 Aug 01, 2008
Office of the Secretary
ACTION:
DEPARTMENT OF INTERIOR
VerDate Aug<31>2005
Certification
Jkt 214001
Office of the Secretary, Interior.
Notice of Reestablishment.
AGENCY:
BILLING CODE 4210–67–P
(3) facilitating coordinated research
between Lake Champlain and the Great
Lakes; and (4) development of requests
for proposals, project proposals, and
research efforts affecting the Lake
Champlain Basin.
The Workgroup consists of up to 20
members representing Federal and State
agencies and stakeholders. In addition,
up to five of the members may be
special Government employees, selected
for their scientific expertise. All
members are knowledgeable about Lake
Champlain fishery management issues,
including sea lamprey control.
The Certification for reestablishment
is published below.
SUMMARY: The Secretary of the Interior
(Secretary), after consultation with the
General Services Administration, has
reestablished the Lake Champlain Sea
Lamprey Control Alternatives
Workgroup (Workgroup) for 2 years. The
Workgroup provides an opportunity for
stakeholders to give policy and
technical input on efforts to develop
and implement sea lamprey control
techniques alternative to lampricides in
Lake Champlain.
DATES: The Council’s charter will be
filed under the Federal Advisory
Committee Act August 19, 2008.
FOR FURTHER INFORMATION CONTACT:
Dave Tilton, Fish and Wildlife Service,
Lake Champlain Fish and Wildlife
Resources Complex, 11 Lincoln Street,
Essex Junction, VT 05452, 802–872–
0629, extension 12.
SUPPLEMENTARY INFORMATION: The
Workgroup conducts its operations in
accordance with the provisions of the
Federal Advisory Committee Act (5
U.S.C. Appendix). It reports to the
Secretary through the Fish and Wildlife
Service (Service) and Lake Champlain
Fish and Wildlife Management
Cooperative (Cooperative) and functions
solely as an advisory body. The
Workgroup provides recommendations
and advice to the Cooperative. Specific
responsibilities of the Workgroup are to
provide recommendations on: (1)
Feasible and appropriate sea lamprey
management methods alternative to
lampricides; (2) funding priorities for
research and/or demonstration projects;
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Frm 00032
Fmt 4703
Sfmt 4703
I hereby certify that the Lake
Champlain Sea Lamprey Control
Alternatives Workgroup (Workgroup) is
necessary and is in the public interest
in connection with the performance of
duties imposed on the Department of
the Interior through the Supplemental
Environmental Impact Statement for a
Long-term Program of Sea Lamprey
Control in Lake Champlain as published
in 2001 (66 FR 46651, September 6,
2001).
Dated: July 24, 2008.
Dirk Kempthorne,
Secretary of the Interior.
[FR Doc. E8–17737 Filed 8–1–08; 8:45 am]
BILLING CODE 4310–55–P
DEPARTMENT OF THE INTERIOR
Fish and Wildlife Service
[FWS–R8–ES–2008–N0114; 80221–1113–
0000–C2]
Draft Revised Recovery Plan for
Mojave Population of the Desert
Tortoise (Gopherus agassizii)
Fish and Wildlife Service,
Interior.
ACTION: Notice of document availability
for review and comment.
AGENCY:
SUMMARY: We, U.S. Fish and Wildlife
Service (Service), announce the
availability of a draft revised recovery
plan for the Mojave population of the
desert tortoise for public review and
comment.
We must receive any comments
on the draft recovery plan on or before
November 3, 2008.
ADDRESSES: The draft recovery plan and
reference materials are available for
inspection, by appointment, during
normal business hours at the following
location: U.S. Fish and Wildlife Service,
Nevada Fish and Wildlife Office, 1340
DATES:
E:\FR\FM\04AUN1.SGM
04AUN1
]]>Agencies
[Federal Register Volume 73, Number 150 (Monday, August 4, 2008)]
[Notices]
[Pages 45234-45236]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-17742]
-----------------------------------------------------------------------
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
[Docket No. FR-5202-N-02]
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 July
1, 2008, is 3\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 July 1, 2008, is 4\5/8\ 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: Yong Sun, Department of Housing and
Urban Development, 451 Seventh Street, SW., Room 5148, Washington, DC
20410-8000; telephone 202-402-4778 (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 July 1, 2008, is 4\5/8\ percent; and (2)
has approved the establishment of the debenture interest rate by the
Secretary of HUD at 4\5/8\ percent for the 6-month period beginning
July 1, 2008. 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 latter 6
months of 2008.
For convenience of reference, HUD is publishing the following chart
of debenture interest rates applicable to mortgages committed or
endorsed since January 1, 1980:
[[Page 45235]]
------------------------------------------------------------------------
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.
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.
5............................... July 1, 2007...... Jan. 1, 2008.
4\1/2\.......................... Jan. 1, 2008...... July 1, 2008.
4\5/8\.......................... July 1, 2008...... Jan. 1, 2009.
------------------------------------------------------------------------
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,
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
[[Page 45236]]
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 July 1, 2008, is 3\7/8\ percent.
The subject matter of this notice falls within the categorical
exemption from HUD's environmental clearance procedures set forth in 24
CFR 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: July 25, 2008.
Brian D. Montgomery,
Assistant Secretary for Housing--Federal Housing Commissioner.
[FR Doc. E8-17742 Filed 8-1-08; 8:45 am]
BILLING CODE 4210-67-P
