Mortgage and Loan Insurance Programs Under the National Housing Act-Debenture Interest Rates, 4359-4360 [2012-1818]
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Federal Register / Vol. 77, No. 18 / Friday, January 27, 2012 / Notices
DEPARTMENT OF HOUSING AND
URBAN DEVELOPMENT
[Docket No. FR–5614–N–01]
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:
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 (FHA) 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, 2012, is 17⁄8
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, 2012, is 27⁄8 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.
SUMMARY:
tkelley on DSK3SPTVN1PROD with NOTICES
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 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
VerDate Mar<15>2010
18:14 Jan 26, 2012
Jkt 226001
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 has
determined, in accordance with the
provisions of section 224, that (1) the
statutory maximum interest rate for the
period beginning January 1, 2012, is 27⁄8
percent; and (2) has approved the
establishment of the debenture interest
rate by the Secretary of HUD at 27⁄8
percent for the 6-month period
beginning January 1, 2012. 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 2012.
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
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 ...................
9 ...................
91⁄8 ...............
93⁄8 ...............
91⁄4 ...............
9 ...................
81⁄8 ...............
9 ...................
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
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.
PO 00000
Frm 00085
Fmt 4703
Sfmt 4703
4359
Effective interest rate
on or after
prior to
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 ...............
41⁄8 ...............
41⁄4 ...............
41⁄8 ...............
37⁄8 ...............
41⁄8 ...............
27⁄8 ...............
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
July 1, 2009
Jan. 1, 2010
July 1, 2010
Jan. 1, 2011
July 1, 2011
Jan. 1, 2012
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.
July 1, 2009.
Jan. 1, 2010.
July 1, 2010.
Jan. 1, 2011.
July 1, 2011.
Jan. 1, 2012.
July 1, 2012.
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
E:\FR\FM\27JAN1.SGM
27JAN1
4360
Federal Register / Vol. 77, No. 18 / Friday, January 27, 2012 / Notices
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, 2012, is 1
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).
sale, including minimum bids, royalty
rates, and rentals.
DATES: Affected states may comment on
the size, timing, and location of
proposed Sale 216/222 within 60 days
following their receipt of the proposed
NOS. The final NOS will be published
in the Federal Register at least 30 days
prior to the date of bid opening. Bid
opening is currently scheduled for June
20, 2012.
SUPPLEMENTARY INFORMATION: The
proposed NOS for Sale 216/222 and a
‘‘Proposed Notice of Sale Package’’
containing information essential to
potential bidders may be obtained from
the Public Information Unit, Gulf of
Mexico Region, Bureau of Ocean Energy
Management, 1201 Elmwood Park
Boulevard, New Orleans, Louisiana
70123–2394. Telephone: (504) 736–
2519.
Agency Contact: Steven Textoris,
Acting Leasing Division Chief,
Steven.Textoris@boem.gov.
Dated: January 19, 2012.
Tommy P. Beaudreau,
Director, Bureau of Ocean Energy
Management.
[FR Doc. 2012–1819 Filed 1–26–12; 8:45 am]
Dated: January 20, 2012.
Carol J. Galante,
Acting Assistant Secretary for Housing—
Federal Housing Commissioner.
BILLING CODE 4310–VH–P
[FR Doc. 2012–1818 Filed 1–26–12; 8:45 am]
Bureau of Land Management
BILLING CODE 4210–67–P
[LLNVW0300.L51100000.
GN0000.LVEMF1000880 241A; 12–08807;
MO# 4500030363; TAS: 14X5017]
DEPARTMENT OF THE INTERIOR
DEPARTMENT OF THE INTERIOR
Bureau of Ocean Energy Management
Notice of Availability of the Proposed
Notice of Sale for Outer Continental
Shelf (OCS) Oil and Gas Lease Sale
216/222 in the Central Planning Area
(CPA) in the Gulf of Mexico
BOEM announces the
availability of the proposed Notice of
Sale (NOS) for proposed Sale 216/222 in
the CPA. This Notice is published
pursuant to 30 CFR 556.29(c) as a matter
of information to the public. With
regard to oil and gas leasing on the OCS,
the Secretary of the Interior, pursuant to
section 19 of the OCS Lands Act,
provides the affected states the
opportunity to review the proposed
NOS. The proposed NOS sets forth the
proposed terms and conditions of the
tkelley on DSK3SPTVN1PROD with NOTICES
VerDate Mar<15>2010
18:14 Jan 26, 2012
Jkt 226001
Bureau of Land Management,
Interior.
ACTION: Notice of availability.
AGENCY:
In compliance with the
National Environmental Policy Act of
1969, as amended, (NEPA) and the
Federal Land Policy and Management
Act of 1976, as amended, the Bureau of
Land Management (BLM) Winnemucca
District, Black Rock Field Office,
Winnemucca, Nevada has prepared a
Draft Environmental Impact Statement
(EIS) for the Hycroft Mine Expansion
and by this notice is announcing the
opening of the comment period.
DATES: To ensure comments will be
considered, the BLM must receive
written comments on the Hycroft Mine
Expansion Draft EIS within 45 days
following the date the Environmental
Protection Agency publishes its Notice
of Availability in the Federal Register.
SUMMARY:
Bureau of Ocean Energy
Management, Interior.
ACTION: Notice of Availability of the
Proposed Notice of Sale for Proposed
Sale 216/222.
AGENCY:
SUMMARY:
Notice of Availability of the Draft
Environmental Impact Statement for
the Hycroft Mine Expansion, Humboldt
and Pershing Counties, NV
PO 00000
Frm 00086
Fmt 4703
Sfmt 4703
The BLM will announce future meetings
or hearings and any other public
involvement activities at least 15 days
in advance through public notices,
media releases, and/or mailings.
ADDRESSES: You may submit comments
related to the Hycroft Mine Expansion
Draft EIS by any of the following
methods:
• Web site: www.blm.gov/nv/st/en/fo/
wfo/blm_information/nepa0.html.
• Email: wfoweb_comments@blm.gov.
• Fax: (775) 623–1503.
• Mail: Bureau of Land Management,
Winnemucca District Office, 5100 E.
Winnemucca Boulevard, Winnemucca,
Nevada 89445, Attn. Kathleen Rehberg.
Copies of the Hycroft Mine Expansion
Draft EIS are available in the
Winnemucca District Office at the above
address.
FOR FURTHER INFORMATION CONTACT:
Kathleen Rehberg, Project Lead,
telephone (775) 623–1500; address 5100
E. Winnemucca Boulevard,
Winnemucca, Nevada 89445; email:
wfoweb@blm.gov. Persons who use a
telecommunications device for the deaf
(TDD) may call the Federal Information
Relay Service (FIRS) at 1–(800) 877–
8339 to contact the above individual
during normal business hours. The FIRS
is available 24 hours a day, 7 days a
week, to leave a message or question
with the above individual. You will
receive a reply during normal business
hours.
SUPPLEMENTARY INFORMATION: Hycroft
Resources Development Inc., (HRDI)
proposes to expand mining activities at
the existing Hycroft Mine on BLMmanaged public land and on private
land in Humboldt and Pershing
counties, approximately 55 miles west
of Winnemucca, Nevada, on the west
flank of the Kamma Mountains. HRDI
submitted an amended Plan of
Operations to the BLM for approval,
which proposes to expand the existing
project boundary of 8,858 acres an
additional 5,895 acres for a total project
area of approximately 14,753 acres of
public and private land. The Hycroft
Mine currently employs approximately
205 workers. The proposed expansion
would increase the mine life by
approximately 12 years and increase
employment to approximately 537 mine
personnel.
The Draft EIS analyzes the potential
environmental impacts associated with
the proposed expansion, which includes
2,173 acres of new surface disturbance.
An updated inventory of wilderness
characteristics was used for the analysis
of potential impacts associated with this
project. The existing open pit operation
and associated disturbance would be
E:\FR\FM\27JAN1.SGM
27JAN1
]]>Agencies
[Federal Register Volume 77, Number 18 (Friday, January 27, 2012)]
[Notices]
[Pages 4359-4360]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-1818]
[[Page 4359]]
-----------------------------------------------------------------------
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
[Docket No. FR-5614-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 (FHA) 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, 2012, is 1\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, 2012, is 2\7/8\
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 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 has determined, in accordance with
the provisions of section 224, that (1) the statutory maximum interest
rate for the period beginning January 1, 2012, is 2\7/8\ percent; and
(2) has approved the establishment of the debenture interest rate by
the Secretary of HUD at 2\7/8\ percent for the 6-month period beginning
January 1, 2012. 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 2012.
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.
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.
4\1/8\......................... July 1, 2009....... Jan. 1, 2010.
4\1/4\......................... Jan. 1, 2010....... July 1, 2010.
4\1/8\......................... July 1, 2010....... Jan. 1, 2011.
3\7/8\......................... Jan. 1, 2011....... July 1, 2011.
4\1/8\......................... July 1, 2011....... Jan. 1, 2012.
2\7/8\......................... Jan. 1, 2012....... July 1, 2012.
------------------------------------------------------------------------
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
[[Page 4360]]
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, 2012, is 1 \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: January 20, 2012.
Carol J. Galante,
Acting Assistant Secretary for Housing--Federal Housing Commissioner.
[FR Doc. 2012-1818 Filed 1-26-12; 8:45 am]
BILLING CODE 4210-67-P
