Reporting of Fraudulent Financial Instruments
The Federal Housing Finance Agency (FHFA) is issuing a final regulation that requires the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, and each Federal Home Loan Bank (collectively, regulated entities) to submit a timely report to FHFA upon discovery that it has purchased or sold a fraudulent loan or financial instrument, or suspects a possible fraud relating to the purchase or sale of any loan or financial instrument. The final regulation also requires the regulated entities to establish and maintain internal controls, policies, procedures, and operational training programs to ensure that any fraudulent loan or financial instrument or possible fraudulent loan or financial instrument is discovered and reported.
Refinement of Income and Rent Determination Requirements in Public and Assisted Housing Programs: Implementation of the Enterprise Income Verification System; Withdrawal of Rescinded Regulatory Amendments
On December 29, 2009, HUD published a final rule to require the use of the Enterprise Income Verification (EIV) system by public housing agencies and multifamily housing owners and management agents when verifying the employment and income of program participants. The purpose of the December 2009, final rule was to clarify certain provisions of HUD's January 27, 2009, final rule on the same subject matter, and to return other regulatory provisions to their pre-January 2009, final rule content. Although the preamble to the December 29, 2009, final rule clearly stated that the December 29, 2009, final rule was rescinding specified regulatory changes made by the January 27, 2009, final rule, the regulatory text of the December 29, 2009, final rule inadvertently omitted the corresponding regulatory instruction to that effect. This final rule corrects this omission by formally withdrawing the rescinded regulatory amendments consistent with the stated purpose of the December 29, 2009, final rule.
Notice of Availability: Notice of Funding Availability (NOFA) for Fiscal Year 2009 Neighborhood Stabilization Program 2 (NSP2) Under the American Recovery and Reinvestment Act of 2009; Correction
On May 4, 2009, HUD posted its NSP2 NOFA at http:// www.hud.gov/nsp and announced the availability of the NOFA on May 7, 2009 (74 FR 21377). The NSP2 NOFA announced the availability of approximately $1.93 billion available in competitive grants authorized under the American Recovery and Reinvestment Act of 2009 (Pub. L. 111- 5, approved February 17, 2009). HUD corrected the NSP2 NOFA by Notices posted on the HUD Web site on June 11, 2009 and November 9, 2009, and announced by Federal Register publications published on June 17, 2009 (74 FR 28715) and November 16, 2009 (74 FR 58973), respectively. Today's Federal Register publication announces that HUD has posted a notice making further corrections to the NSP2 NOFA. Specifically, the Notice corrects the NSP2 NOFA to permit HUD to specify the deadline date for submission of consortium funding agreements in the transmittal letter for the NSP2 grant agreement, which allows the submission deadline to occur after obligation of grant funds.