Mortgage and Loan Insurance Programs Under the National Housing Act-Debenture Interest Rates, 3094-3095 [E9-991]
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3094
Federal Register / Vol. 74, No. 11 / Friday, January 16, 2009 / Notices
SUMMARY: This Notice identifies
unutilized, underutilized, excess, and
surplus Federal property reviewed by
HUD for suitability for possible use to
assist the homeless.
DATES: Effective Date: January 16, 2009.
FOR FURTHER INFORMATION CONTACT:
Kathy Ezzell, Department of Housing
and Urban Development, 451 Seventh
Street SW., Room 7262, Washington, DC
20410; telephone (202) 708–1234; TTY
number for the hearing- and speechimpaired (202) 708–2565, (these
telephone numbers are not toll-free), or
call the toll-free Title V information line
at 800–927–7588.
SUPPLEMENTARY INFORMATION: In
accordance with the December 12, 1988
court order in National Coalition for the
Homeless v. Veterans Administration,
No. 88–2503–OG (D.D.C.), HUD
publishes a Notice, on a weekly basis,
identifying unutilized, underutilized,
excess and surplus Federal buildings
and real property that HUD has
reviewed for suitability for use to assist
the homeless. Today’s Notice is for the
purpose of announcing that no
additional properties have been
determined suitable or unsuitable this
week.
Dated: January 8, 2009.
Mark R. Johnston,
Deputy Assistant Secretary for Special Needs.
[FR Doc. E9–564 Filed 1–15–09; 8:45 am]
BILLING CODE 4210–67–P
DEPARTMENT OF HOUSING AND
URBAN DEVELOPMENT
[Docket No. FR–5276–N–01]
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, 2009, is 33⁄4
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, 2009, is 41⁄8 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 January 1, 2009, is 41⁄8
percent; and (2) has approved the
establishment of the debenture interest
rate by the Secretary of HUD at 41⁄8
percent for the 6-month period
beginning January 1, 2009. 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 2009.
For convenience of reference, HUD is
publishing the following chart of
debenture interest rates applicable to
mortgages committed or endorsed since
January 1, 1980:
mstockstill on PROD1PC66 with NOTICES
Effective
interest rate
On or after
91⁄2 ...........................................................................................................................................................................
97⁄8 ...........................................................................................................................................................................
113⁄4 .........................................................................................................................................................................
127⁄8 .........................................................................................................................................................................
123⁄4 .........................................................................................................................................................................
101⁄4 .........................................................................................................................................................................
103⁄8 .........................................................................................................................................................................
111⁄2 .........................................................................................................................................................................
133⁄8 .........................................................................................................................................................................
115⁄8 .........................................................................................................................................................................
111⁄8 .........................................................................................................................................................................
101⁄4 .........................................................................................................................................................................
81⁄4 ...........................................................................................................................................................................
8 ...............................................................................................................................................................................
VerDate Nov<24>2008
19:02 Jan 15, 2009
Jkt 217001
PO 00000
Frm 00104
Fmt 4703
Sfmt 4703
E:\FR\FM\16JAN1.SGM
16JAN1
Jan.
July
Jan.
July
Jan.
Jan.
July
Jan.
July
Jan.
July
Jan.
July
Jan.
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1980
1980
1981
1981
1982
1983
1983
1984
1984
1985
1985
1986
1986
1987
Prior to
July
Jan.
July
Jan.
Jan.
July
Jan.
July
Jan.
July
Jan.
July
Jan.
July
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1980
1981
1981
1982
1983
1983
1984
1984
1985
1985
1986
1986
1987
1987
3095
Federal Register / Vol. 74, No. 11 / Friday, January 16, 2009 / Notices
Effective
interest rate
On or after
mstockstill on PROD1PC66 with NOTICES
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 ...........................................................................................................................................................................
5 ...............................................................................................................................................................................
41⁄2 ...........................................................................................................................................................................
45⁄8 ...........................................................................................................................................................................
41⁄8 ...........................................................................................................................................................................
Section 215 of Division G, Title II of
Public Law 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).
VerDate Nov<24>2008
19:02 Jan 15, 2009
Jkt 217001
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
PO 00000
Frm 00105
Fmt 4703
Sfmt 4703
July
Jan.
July
Jan.
July
Jan.
July
Jan.
July
Jan.
July
Jan.
July
Jan.
July
Jan.
July
Jan.
July
Jan.
July
Jan.
July
Jan.
July
Jan.
July
Jan.
July
Jan.
July
Jan.
July
Jan.
July
Jan.
July
Jan.
July
Jan.
July
Jan.
July
Jan.
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1987
1988
1988
1989
1989
1990
1990
1991
1991
1992
1992
1993
1993
1994
1994
1995
1995
1996
1996
1997
1997
1998
1998
1999
1999
2000
2000
2001
2001
2002
2002
2003
2003
2004
2004
2005
2005
2006
2006
2007
2007
2008
2008
2009
Prior to
Jan.
July
Jan.
July
Jan.
July
Jan.
July
Jan.
July
Jan.
July
Jan.
July
Jan.
July
Jan.
July
Jan.
July
Jan.
July
Jan.
July
Jan.
July
Jan.
July
Jan.
July
Jan.
July
Jan.
July
Jan.
July
Jan.
July
Jan.
July
Jan.
July
Jan.
July
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1988
1988
1989
1989
1990
1990
1991
1991
1992
1992
1993
1993
1994
1994
1995
1995
1996
1996
1997
1997
1998
1998
1999
1999
2000
2000
2001
2001
2002
2002
2003
2003
2004
2004
2005
2005
2006
2006
2007
2007
2008
2008
2009
2009
period beginning January 1, 2009, is 33⁄4
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: January 12, 2009.
Brian D. Montgomery,
Assistant Secretary for Housing—Federal
Housing Commissioner.
[FR Doc. E9–991 Filed 1–15–09; 8:45 am]
BILLING CODE 4210–67–P
E:\FR\FM\16JAN1.SGM
16JAN1
]]>Agencies
[Federal Register Volume 74, Number 11 (Friday, January 16, 2009)]
[Notices]
[Pages 3094-3095]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-991]
-----------------------------------------------------------------------
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
[Docket No. FR-5276-N-01]
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, 2009, is 3\3/4\ 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, 2009, is 4\1/8\
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 January 1, 2009, is 4\1/8\ percent; and
(2) has approved the establishment of the debenture interest rate by
the Secretary of HUD at 4\1/8\ percent for the 6-month period beginning
January 1, 2009. 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 2009.
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
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
[[Page 3095]]
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
4\1/8\.................................. Jan. 1, 2009 July 1, 2009
------------------------------------------------------------------------
Section 215 of Division G, Title II of Public Law 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 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, 2009, is 3\3/4\ 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: January 12, 2009.
Brian D. Montgomery,
Assistant Secretary for Housing--Federal Housing Commissioner.
[FR Doc. E9-991 Filed 1-15-09; 8:45 am]
BILLING CODE 4210-67-P
