Use of Eminent Domain To Restructure Performing Loans, 47652 [2012-19566]

Download as PDF 47652 Federal Register / Vol. 77, No. 154 / Thursday, August 9, 2012 / Notices RECORD ACCESS PROCEDURES: Direct inquiries as to whether this system contains a record pertaining to an individual to the Privacy Act Officer either electronically, or by regular mail, or facsimile. Submit electronic requests at https://publicaccesslink.fhfa.gov/ palMain.aspx. The regular mail address is: Privacy Act Officer, Federal Housing Finance Agency, 400 7th Street SW., Washington, DC 20024. The facsimile number is: 202–649–1073. For the quickest possible handling, mark your electronic submission, letter, or facsimile and the subject line, envelope, or facsimile cover sheet ‘‘Privacy Act Request’’ in accordance with the procedures set forth in 12 CFR part 1204. CONTESTING RECORD PROCEDURES: Direct inquiries as to whether this system contains a record pertaining to an individual to the Privacy Act Officer either electronically, or by regular mail, or facsimile. Submit electronic requests at https://publicaccesslink.fhfa.gov/ palMain.aspx. The regular mail address is: Privacy Act Officer, Federal Housing Finance Agency, 400 7th Street SW., Washington, DC 20024. The facsimile number is: 202–649–1073. For the quickest possible handling, mark your electronic submission, letter, or facsimile and the subject line, envelope, or facsimile cover sheet ‘‘Privacy Act Request’’ in accordance with the procedures set forth in 12 CFR part 1204. RECORD SOURCE CATEGORIES: Information is provided by individuals accessing or using FHFA telecommunication resources or devices. EXEMPTIONS CLAIMED FOR THE SYSTEM: None. Dated: August 1, 2012. Edward J. DeMarco, Acting Director, Federal Housing Finance Agency. [FR Doc. 2012–19572 Filed 8–8–12; 8:45 am] BILLING CODE 8070–01–P FEDERAL HOUSING FINANCE AGENCY tkelley on DSK3SPTVN1PROD with NOTICES [No. 2012–N–11] Use of Eminent Domain To Restructure Performing Loans AGENCY: Federal Housing Finance Agency. Notice; input accepted. ACTION: The Federal Housing Finance Agency (FHFA) oversees the Federal National VerDate Mar<15>2010 16:38 Aug 08, 2012 Jkt 226001 Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), and the Federal Home Loan Banks (Banks). Fannie Mae and Freddie Mac (the Enterprises) are operating in conservatorships with a core mission of supporting the housing market. FHFA’s obligations, as conservator, are to preserve and conserve assets of the Enterprises and to minimize costs to taxpayers. The Enterprises purchase a large portion of the mortgages originated in the United States and they hold private label mortgage backed securities containing pools of non-Enterprise loans. The Banks likewise have important holdings of such securities. In addition, the Banks accept collateral that consists of mortgages of member financial firms pledged in exchange for advances of funds. FHFA Concerns FHFA has significant concerns about the use of eminent domain to revise existing financial contracts and the alteration of the value of Enterprise or Bank securities holdings. In the case of the Enterprises, resulting losses from such a program would represent a cost ultimately borne by taxpayers. At the same time, FHFA has significant concerns with programs that could undermine and have a chilling effect on the extension of credit to borrowers seeking to become homeowners and on investors that support the housing market. FHFA has determined that action may be necessary on its part as conservator for the Enterprises and as regulator for the Banks to avoid a risk to safe and sound operations and to avoid taxpayer expense. Among questions raised regarding the proposed use of eminent domain are the constitutionality of such use; the application of federal and state consumer protection laws; the effects on holders of existing securities; the impact on millions of negotiated and performing mortgage contracts; the role of courts in administering or overseeing such a program, including available judicial resources; fees and costs attendant to such programs; and, in particular, critical issues surrounding the valuation by local governments of complex contractual arrangements that are traded in national and international markets. Input FHFA will accept input from any person with views on this subject through its Office of General Counsel (OGC), no later than September 7, 2012, as the agency moves forward with its PO 00000 Frm 00064 Fmt 4703 Sfmt 4703 deliberations on appropriate action. Communications may be addressed to FHFA OGC, 400 Seventh Street SW., Eighth Floor, Washington, DC 20024, or emailed to FHFA OGC at eminentdomainOGC@fhfa.gov. Communications to FHFA may be made public. Dated: August 6, 2012. Richard Hornsby, Chief Operating Officer, Federal Housing Finance Agency. [FR Doc. 2012–19566 Filed 8–8–12; 8:45 am] BILLING CODE 8070–01–P DEPARTMENT OF HEALTH AND HUMAN SERVICES Food and Drug Administration [Docket No. FDA–2012–N–0001] Second Annual Food and Drug Administration Health Professional Organizations Conference AGENCY: Food and Drug Administration, HHS. ACTION: Notice of conference. The Food and Drug Administration (FDA) is announcing a conference for representatives of health professional organizations. Topics on the agenda include an update on the FDA Safety and Innovation Act (Pub. L. 112–144) and an overview of FDA’s Network of Experts (public/private partnerships). The afternoon will consist of interactive breakout sessions facilitated by FDA staff from various Centers and Offices, including a networking session to meet FDA personnel. DATES: Date and Time: The conference will be held on October 4, 2012, from 9 a.m. to 4 p.m. Location: The conference will be held at FDA White Oak Campus, 10903 New Hampshire Ave., Bldg. 31 Conference Center, the Great Room (rm. 1503), Silver Spring, MD 20993. Contact Person: Janelle Derbis, Office of Special Health Issues, Food and Drug Administration, 10903 New Hampshire Ave., Silver Spring, MD 20993, 301– 796–8460, email: Janelle.Derbis@fda.hhs.gov. Registration: Register at: https:// www.surveymonkey.com/s/ FDAConference. Please include the name and title of the person attending, the name of the organization, and email address. There is no registration fee for this conference. Early registration is suggested because space is limited. SUPPLEMENTARY INFORMATION: The aim of the conference is to further the public health mission of FDA through training, E:\FR\FM\09AUN1.SGM 09AUN1

Agencies

[Federal Register Volume 77, Number 154 (Thursday, August 9, 2012)]
[Notices]
[Page 47652]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-19566]


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FEDERAL HOUSING FINANCE AGENCY

[No. 2012-N-11]


Use of Eminent Domain To Restructure Performing Loans

AGENCY: Federal Housing Finance Agency.

ACTION: Notice; input accepted.

-----------------------------------------------------------------------

    The Federal Housing Finance Agency (FHFA) oversees the Federal 
National Mortgage Association (Fannie Mae), the Federal Home Loan 
Mortgage Corporation (Freddie Mac), and the Federal Home Loan Banks 
(Banks). Fannie Mae and Freddie Mac (the Enterprises) are operating in 
conservatorships with a core mission of supporting the housing market. 
FHFA's obligations, as conservator, are to preserve and conserve assets 
of the Enterprises and to minimize costs to taxpayers. The Enterprises 
purchase a large portion of the mortgages originated in the United 
States and they hold private label mortgage backed securities 
containing pools of non-Enterprise loans. The Banks likewise have 
important holdings of such securities. In addition, the Banks accept 
collateral that consists of mortgages of member financial firms pledged 
in exchange for advances of funds.

FHFA Concerns

    FHFA has significant concerns about the use of eminent domain to 
revise existing financial contracts and the alteration of the value of 
Enterprise or Bank securities holdings. In the case of the Enterprises, 
resulting losses from such a program would represent a cost ultimately 
borne by taxpayers. At the same time, FHFA has significant concerns 
with programs that could undermine and have a chilling effect on the 
extension of credit to borrowers seeking to become homeowners and on 
investors that support the housing market.
    FHFA has determined that action may be necessary on its part as 
conservator for the Enterprises and as regulator for the Banks to avoid 
a risk to safe and sound operations and to avoid taxpayer expense.
    Among questions raised regarding the proposed use of eminent domain 
are the constitutionality of such use; the application of federal and 
state consumer protection laws; the effects on holders of existing 
securities; the impact on millions of negotiated and performing 
mortgage contracts; the role of courts in administering or overseeing 
such a program, including available judicial resources; fees and costs 
attendant to such programs; and, in particular, critical issues 
surrounding the valuation by local governments of complex contractual 
arrangements that are traded in national and international markets.

Input

    FHFA will accept input from any person with views on this subject 
through its Office of General Counsel (OGC), no later than September 7, 
2012, as the agency moves forward with its deliberations on appropriate 
action. Communications may be addressed to FHFA OGC, 400 Seventh Street 
SW., Eighth Floor, Washington, DC 20024, or emailed to FHFA OGC at 
eminentdomainOGC@fhfa.gov. Communications to FHFA may be made public.

    Dated: August 6, 2012.
Richard Hornsby,
Chief Operating Officer, Federal Housing Finance Agency.
[FR Doc. 2012-19566 Filed 8-8-12; 8:45 am]
BILLING CODE 8070-01-P
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