[Federal Register Volume 59, Number 231 (Friday, December 2, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-29686]
[[Page Unknown]]
[Federal Register: December 2, 1994]
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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
Office of the Assistant Secretary for Housing, Federal Housing
Commissioner
[Docket No. N-94-3842; FR-3818-N-01]
Notice of Accepted Bid for the Section 221(g)(4) Multifamily
Project Mortgage Auction
AGENCY: Office of the Assistant Secretary for Housing, Federal Housing
Commissioner, HUD.
ACTION: Notice of Accepted Auction Bid.
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SUMMARY: The National Housing Act requires that the Secretary of HUD
cause Federal Register publication of the accepted bid in a multifamily
project mortgage auction. Accordingly, this notice announces the name
of the auction winner and the amount of the accepted bid for the
auction conducted on October 20, 1994.
FOR FURTHER INFORMATION CONTACT: Bill Richbourg, Director, Management
Control Staff, Office of the FHA-Comptroller, Room 5144, 451 Seventh
Street, S.W., Washington, D.C., 20410, telephone (202) 401-0577.
Hearing- or speech-impaired individuals may call HUD's TDD number (202)
708-4594. (These telephone numbers are not toll-free.)
SUPPLEMENTARY INFORMATION:
I. Background
The National Housing Act (12 U.S.C. 1701-1749aaa-5) (the Act)
authorizes and governs the Department's mortgage insurance program.
Section 221 of the Act permits certain HUD-insured mortgagees to assign
the original credit instrument and the mortgage securing the credit
instrument to the Secretary of HUD. Section 221(g)(4)(A) sets forth the
two requirements for mortgage assignment. The commitment to insure must
have been entered into prior to November 30, 1983. Secondly, the
mortgage must not be ``in default at the expiration of twenty years
from the date the mortgage was endorsed for insurance.''
Section 221(g)(4)(C), which was added by section 336 of the
National Affordable Housing Act of 1990 (Pub. L. 101-625, approved
November 28, 1990), authorizes the Secretary to conduct a multifamily
project mortgage auction in lieu of accepting the mortgage assignments.
Section 221(g)(4)(C)(ii)(IV) of the Act states that the Secretary
``[s]hall accept the lowest interest rate bid for purchase that the
Secretary deems acceptable.'' Section 221(g)(4)(C)(ii)(IV) also
mandates that ``[t]he Secretary shall cause the accepted bid to be
published in the Federal Register.''
On October 20, 1994, the Department conducted the fourth
multifamily project mortgage auction. All 111 projects mortgages in the
auction were sold to one bidder. In accordance with section
221(g)(4)(C)(ii)(IV) of the Act, the Department is publishing details
concerning the accepted bid, as follows:
Winning Bidder: CS First Boston Mortgage Capital Corporation
Winning Bid: 78.98 basis points
Dated: November 28, 1994.
Nicolas P. Retsinas,
Assistant Secretary for Housing, Federal Housing Commissioner.
[FR Doc. 94-29686 Filed 12-1-94; 8:45 am]
BILLING CODE 4210-27-P
