[Federal Register Volume 61, Number 69 (Tuesday, April 9, 1996)]
[Notices]
[Pages 15818-15819]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-8750]
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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
[Docket No. FR-4019-D-01]
Office of the Assistant Secretary for Housing-Federal Housing
Commissioner's Revocation and Redelegation of Authority to Deputy
Assistant Secretary for Operations
AGENCY: Office of the Assistant Secretary for Housing-Federal Housing
Commissioner, HUD.
ACTION: Notice of revocation, and redelegation of authority to the
Deputy Assistant Secretary for Operations.
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SUMMARY: To assist in the efficient management of the Office of
Housing, the Assistant Secretary for Housing-Federal Housing
Commissioner is herein transferring, from the Deputy Assistant
Secretary for Multifamily Housing Programs to the Deputy Assistant
Secretary for Operations, authority regarding asset sales of Secretary-
held multifamily mortgages.
EFFECTIVE DATE: March 25, 1996.
FOR FURTHER INFORMATION CONTACT:
Robert G. Hunt, Director, Management Services Division, Office of
Housing, Room 9116, Department of Housing and Urban Development,
Washington, DC 20410, (202) 708-0826. A telecommunications device for
the hearing impaired (TDD) is available at 202-708-4594. [These are not
toll-free numbers.].
SUPPLEMENTARY INFORMATION: In this document, the Assistant Secretary
for Housing-Federal Housing Commissioner is transferring
responsibilities related to the asset sales of Secretary-held
multifamily mortgages. These responsibilities, previously handled by
the Deputy Assistant Secretary for Multifamily Housing Programs, will
now be handled by the Deputy Assistant Secretary for Operations. The
Assistant Secretary for Housing-Federal Housing Commissioner has
determined that, from an organizational standpoint, these functions
more appropriately belong within the operations section of the Office
of Housing.
Accordingly, the Assistant Secretary for Housing-Federal Housing
Commissioner redelegates authority as follows:
Section A. Authority Redelegated
The Deputy Assistant Secretary for Operations is redelegated:
1. The authority to recommend the terms and conditions under which
the Department offers for sale Secretary-held multifamily mortgages and
the accompanying assigned mortgage notes, including all related assets,
if any; upon approval of the recommendations, the authority to offer
for sale such mortgages and assigned mortgage notes, including all
related assets, if any; and the authority to execute agreements in the
name of the Secretary pursuant to which the Secretary-held multifamily
mortgages and the accompanying assigned mortgage notes, including all
related assets, if any, may be sold.
2. The authority to take or cause to be taken, and direct any
action necessary to initiate or respond to correspondence on behalf of
the Department concerning the sale of Secretary-held multifamily
mortgages and the accompanying assigned mortgage notes, including all
related assets, if any;
3. The authority to take or cause to be taken, and direct any
action necessary to consummate the sale of Secretary-held multifamily
mortgages and the accompanying assigned mortgage notes, including all
related assets, if any. Without limiting the generality of the
[[Page 15819]]
foregoing, this authority shall include the execution, acknowledgement,
seal and delivery, on behalf of the Secretary of (i) assignments of the
mortgages and/or deeds of trust; (ii) perfection and assignments of UCC
financing statements; (iii) document delivery notices; (iv) assignments
of collateral mortgage loan documents; (v) mortgage note endorsements,
deeds of trust note endorsements and mortgage notes; (vi) release of
regulatory agreements; (vii) letters to mortgagors/borrowers, insurance
companies and taxing authorities advising them of the sale and/or
transfer of the mortgage loans, as well as letters as may be necessary
to residents of projects secured by the Secretary-held multifamily
mortgage loans; and (viii) such other documents as are necessary to
effect the sale and/or transfer of the Secretary-held multifamily
mortgages and the accompanying assigned mortgage notes, including any
related assets, if any.
4. The authority to take or cause to be taken, and direct any
action necessary to compromise and resolve breach notices concerning
the sale of Secretary-held multifamily mortgages and the accompanying
assigned mortgage notes, including all related assets, if any. Without
limiting the generality of the foregoing, this authority shall include
the execution, acknowledgement, seal and delivery, on behalf of the
Secretary, of all documents responding to, accepting, rejecting or
compromising breach notices as well as the taking of such other action
as may be necessary on behalf of the Secretary to respond to, accept,
reject or compromise breach notices.
5. The authority to coordinate and be deciding official for all of
the Office of Housing's responsibilities for litigation concerning the
sale of Secretary-held multifamily mortgages and the accompanying
assigned mortgage notes, including all related assets, if any.
6. The authority to take all other actions as may be necessary to
effect the sale and/or transfer of the Secretary-held multifamily
mortgages and the accompanying assigned mortgage notes, including any
related assets, if any.
Section B. Authority To Further Redelegate
The Deputy Assistant Secretary for Operations may further
redelegate the authority granted within Section A, above.
Section C. Authority Revoked
With regard to the redelegation at 49 FR 1943, published on January
16, 1984, the Assistant Secretary for Housing--Federal Housing
Commissioner revokes those portions of the redelegation in which the
Deputy Assistant Secretary for Multifamily Housing Programs and the
Associate Deputy Assistant Secretary for Multifamily Housing Programs
are redelegated ``the authority to execute in the name of the Secretary
of HUD, all documents necessary to effectuate the sale of assigned and
purchase money multifamily mortgages and deeds of trust including, but
not limited to, the endorsement of documents for mortgage insurance.''
This revocation in no way affects the authorities redelegated to the
Deputy Assistant Secretary for Multifamily Housing Programs in the
redelegation dated September 12, 1980, at 45 FR 60820, or any other
redelegations to the Deputy Assistant Secretary for Multifamily Housing
Programs currently in effect.
Authority: Sec. 7(d) of the Department of Housing and Urban
Development Act (42 U.S.C. 3535(d)).
Dated: March 25, 1996.
Nicolas P. Retsinas,
Assistant Secretary for Housing-Federal Housing Commissioner.
[FR Doc. 96-8750 Filed 4-8-96; 8:45 am]
BILLING CODE 4210-27-M
