Use of Eminent Domain To Restructure Performing Loans, 47652 [2012-19566]
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Federal Register / Vol. 77, No. 154 / Thursday, August 9, 2012 / Notices
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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
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or facsimile cover sheet ‘‘Privacy Act
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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]
-----------------------------------------------------------------------
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