Organization and Functions of the Board of Directors, 51621-51623 [E8-20298]

Agencies

• Board of Directors of the Hope for Homeowners Program

[Federal Register Volume 73, Number 172 (Thursday, September 4, 2008)]
[Notices]
[Pages 51621-51623]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-20298]


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BOARD OF DIRECTORS OF THE HOPE FOR HOMEOWNERS PROGRAM

[Docket No. FR-5249-N-01]


Organization and Functions of the Board of Directors

AGENCY: Board of Directors of the HOPE for Homeowners Program.

ACTION: Notice.

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SUMMARY: The Board of Directors (Board) of the HOPE for Homeowners 
Program (Program) was established by statute to oversee the Program. 
Through this notice, the Board is publishing the bylaws that it has 
adopted regarding the Board's organization, staffing, and operational 
procedures.

DATES: Effective Date: August 15, 2008.

FOR FURTHER INFORMATION CONTACT: Camille E. Acevedo, Associate General 
Counsel for Legislation and Regulations, Department of Housing and 
Urban Development, 451 7th Street, SW., Room 10282, Washington, DC 
20410-0500, telephone 202-708-1793 (this is not a toll-free number). 
Persons with hearing- or speech-impairments may access this number 
through TTY by calling the toll-free Federal Information Relay Service 
at 800-877-8339.

SUPPLEMENTARY INFORMATION: 

Background

    Title IV of Division A of the Housing and Economic Recovery Act of 
2008 (Pub. L. 110-289, 122 Stat. 2654, approved July 30, 2008) (Act) 
amended Title II of the National Housing Act (NHA) to add a new section 
257. This section established the Program as a temporary Federal 
Housing Administration (FHA) program that offers voluntary 
participation on the part of homeowners and existing loan holders (or 
servicers acting on their behalf) to insure refinanced loans for 
distressed borrowers to support long-term sustainable homeownership, 
including among other things, allowing homeowners to avoid foreclosure. 
Under the Program, a qualified mortgage borrower may refinance his or 
her existing mortgage into a new mortgage loan insured by the FHA, 
subject to conditions and restrictions specified in the Act. The 
Program authorizes FHA to insure such eligible mortgages commencing no 
earlier than October 1, 2008, and the authority to insure expires 
September 30, 2011.

[[Page 51622]]

    Section 257(t) of the NHA establishes a Board of Directors to 
oversee the Program. The Board is composed of the Secretary of Housing 
and Urban Development, the Secretary of the Treasury, the Chairman of 
the Board of Governors of the Federal Reserve System, and the 
Chairperson of the Board of Directors of the Federal Deposit Insurance 
Corporation, or the respective designee of each. Section 257(t) of the 
NHA requires the Board to, among other things, establish requirements 
and standards for the Program and prescribe regulations and guidelines 
as may be necessary or appropriate to implement such requirements and 
standards.
    Section 257(t) of the NHA also provides that the Board may 
``prescribe, amend, and repeal such bylaws as may be necessary for 
carrying out the functions of the Board.'' Consistent with this 
provision, the Board has adopted bylaws regarding its organization, 
staffing, and operational procedures in order to facilitate the prompt 
implementation of the Program, and these bylaws are set forth in this 
notice.
    The bylaws provide for appointment by the Board of an official 
staff consisting of an Executive Director, Counselor, Financial 
Officer, and Secretary, with their initial respective responsibilities 
set out in the organizational rules. The bylaws provide that the Board 
may request that any Federal Government employee be detailed to the 
Board without reimbursement by the Board and may arrange for the 
procurement of the services of outside experts and consultants as the 
Board considers necessary to assist it in fulfilling its duties with 
respect to the Program, as authorized by the Act. The Board may 
delegate authority to take certain actions to its official staff, 
officials or staff of the agencies represented on the Board, or other 
Federal Government employees detailed or providing services to the 
Board subject to such terms and conditions as the Board deems 
appropriate.
    The bylaws further provide that records of the Board will be 
maintained at the main office of the Department of Housing and Urban 
Development, which also will serve as the principal place of business 
of the Board. The Board is publishing these bylaws in the Federal 
Register pursuant to 5 U.S.C. 552(a)(1)(A) and (B).

Section 1 Purpose and Scope

    These bylaws describe the organizational structure of the Board of 
Directors (Board) established to oversee the program authorized by 
section 257 of the National Housing Act (Act) (12 U.S.C. 1715z-22) (the 
Program) and the general operational procedures by which the Board will 
carry out its oversight functions.

Section 2 Composition of the Board; Chairperson

    a. Composition. The Board consists of--
    1. The Secretary of Housing and Urban Development, or the 
Secretary's designee;
    2. The Secretary of the Treasury, or the Secretary's designee;
    3. The Chairman of the Board of Governors of the Federal Reserve 
System, or the Chairman's designee; and
    4. The Chairperson of the Board of Directors of the Federal Deposit 
Insurance Corporation, or the Chairperson's designee.
    b. Chairperson of the Board. The Secretary of Housing and Urban 
Development, or the Secretary's designee, shall serve as the 
Chairperson of the Board.

Section 3 Offices

    The principal offices of the Board are at 451 7th Street, SW., 
Washington, DC 20410. The official records of the Board will be 
compiled and stored at this location.

 Section 4 Meetings and Actions of the Board

    a. Place and frequency. The Board meets on the call of the 
Chairperson of the Board in order to consider matters requiring review 
or action by the Board. The time and place for any such meeting shall 
be determined by the members of the Board.
    b. Quorum and voting. A majority of the members of the Board 
constitute a quorum for the transaction of business. All decisions and 
determinations of the Board shall be made by a majority vote of the 
voting members. Votes on determinations of the Board shall be recorded 
in the minutes. A Board member may request that any vote be recorded 
according to individual Board members.
    c. Agenda of meetings. To the extent practicable, an agenda for 
each meeting shall be distributed to members of the Board in advance of 
the date of the meeting, together with copies of materials relevant to 
the agenda items.
    d. Minutes. The Secretary of the Board shall keep minutes of each 
Board meeting and of action taken without a meeting, a draft of which 
is to be distributed to each member of the Board as soon as practicable 
after each meeting or action. To the extent practicable, the minutes of 
a Board meeting shall be corrected and approved at the next meeting of 
the Board.
    e. Use of conference call communications equipment. Any member may 
participate in a meeting of the Board through the use of conference 
call, telephone, or similar communications equipment, by means of which 
all persons participating in the meeting can simultaneously speak and 
hear each other. Any member so participating in a meeting shall be 
deemed present for all purposes. Actions taken by the Board at meetings 
conducted through the use of such equipment, including the votes of 
each member, shall be recorded in the usual manner in the minutes of 
the meetings of the Board.
    f. Actions between meetings. When, in the judgment of the 
Chairperson, circumstances make it desirable for the Board to consider 
action other than at a meeting, the relevant information and 
recommendations for action may be transmitted to the members by the 
Secretary of the Board and the voting members may communicate their 
votes to the Chairperson in writing (including an action signed in 
counterpart by each Board member), electronically, or orally (including 
telephone communication). Any action taken under this paragraph (f) has 
the same effect as an action taken at a meeting.

Section 5 Staff

    a. Executive Director. The Executive Director of the Board advises 
and assists the Board in carrying out its responsibilities under the 
Act, provides general direction with respect to the administration of 
the Board's actions, directs the activities of the staff, and performs 
such other duties as the Board may require.
    b. Counselor. The Counselor to the Board provides legal advice 
relating to the responsibilities of the Board and performs such other 
duties as the Board or Executive Director may require.
    c. Financial Officer. The Financial Officer of the Board provides 
financial advice relating to the responsibilities of the Board and 
performs such other duties as the Board or Executive Director may 
require.
    d. Secretary. The Secretary of the Board sends notice of all 
meetings, prepares minutes of all meetings, maintains a complete record 
of all votes and actions taken by the Board, has custody of all records 
of the Board, and performs such other duties as the Executive Director 
may require.
     e. Additional staff. The Board may request that any Federal 
Government employee be detailed or provide service to the Board without 
reimbursement by

[[Page 51623]]

the Board and without interruption or loss of civil service status or 
privilege.
    f. Committees. The Board may establish committees composed of 
members of the Board, staff of the Board, employees of any other agency 
of the U.S. Government who are detailed or providing services to the 
Board, or any combination of the foregoing.
    g. Individuals holding multiple staff positions. An individual may 
hold more than one staff or committee position.

Section 6 Delegations

    a. General. Subject to such terms and conditions as the Board deems 
appropriate, the Board may delegate authority to take certain actions 
not required by the Act to be taken by the Board to--
    1. An individual member of the Board;
    2. The Executive Director, the Counselor, Financial Officer, or the 
Secretary of the Board;
    3. Any officer or employee of the Department of Housing and Urban 
Development, the Department of Treasury, the Board of Governors of the 
Federal Reserve System, the Federal Deposit Insurance Corporation, or 
any other U.S. Government employee detailed or providing services to 
the Board; or
    4. A committee composed of any of the foregoing persons.
    b. Records. All delegations shall be made pursuant to resolutions 
of the Board and recorded in writing. Any action taken pursuant to 
delegated authority has the effect of an action taken by the Board.

 Section 7 Experts and Consultants

    The Board may arrange for the procurement of the services of 
experts or consultants as it determines appropriate to assist the Board 
in fulfilling its oversight duties and responsibilities.

Section 8 Review and Approval of Administrative Expenses

    The Board may establish such processes for the review, approval, 
and monitoring of administrative expenses and other costs of the 
Program as the Board determines necessary and appropriate.

Section 9 Compensation

    Members of the Board shall serve without compensation, but shall be 
reimbursed by their respective agencies for travel expenses, including 
per diem in lieu of subsistence equivalent to those set forth in 
subchapter I of 5 U.S.C. chapter 57.

Section 10 Amendments

    These rules of organization and procedures of the Board may be 
adopted or amended, or new rules of organization or procedure may be 
adopted, only by majority vote of the Board.

    Dated at Washington, DC, this 15th day of August, 2008.

    By order of the Board of Directors of the HOPE for Homeowners 
Program.
Emmanuel Yeow,
Secretary of the Board.
 [FR Doc. E8-20298 Filed 9-3-08; 8:45 am]
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