[Federal Register Volume 62, Number 102 (Wednesday, May 28, 1997)]
[Notices]
[Pages 28889-28890]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-13943]
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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
Office of the Secretary
[Docket No. FR-4245-D-01]
Delegation of Authority To Execute Legal Instruments Pertaining
to Section 312 Rehabilitation Loans
AGENCY: Office of the Secretary, HUD.
ACTION: Notice of delegation of authority.
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SUMMARY: In this notice, the Secretary delegates authority to the
President of the Government National Mortgage Association (Ginnie Mae)
to execute legal instruments (including those enumerated below)
pertaining to
[[Page 28890]]
Section 312 loans, and to redelegate the authority to execute such
legal instruments.
EFFECTIVE DATE: May 19, 1997.
FOR FURTHER INFORMATION CONTACT:
Marcia Dodge, Office of Affordable Housing Programs, Room 7168,
Department of Housing and Urban Development, 451 Seventh Street, SW,
Washington, DC 20410, (202) 708-2685. (This is not a toll-free number.)
For hearing/speech-impaired. individuals, this number may be accessed
via TTY by calling the Federal Information Relay Service at 1-800-877-
8399.
SUPPLEMENTARY INFORMATION: The Secretary of Housing and Urban
Development has delegated most functions regarding the Section 312
Rehabilitation Loan Program under Section 312 of the Housing Act of
1964 (42 U.S.C 1452b) to the Assistant Secretary for Community Planning
and Development (CPD). That delegation, published in the Federal
Register on October 25, 1983 at 48 FR 49384, remains in effect today,
and is not affected by the delegation from the Secretary herein.
The Secretary has also delegated certain functions pertaining to
property management and disposition under the Section 312
Rehabilitation Loan Program to the Assistant Secretary for Housing--
Federal Housing Commissioner. The most recent delegation to the
Assistant Secretary for Housing--Federal Housing Commissioner was
published in the Federal Register on January 16, 1984, at 49 FR 1942.
That delegation remains in effect today, and is not affected by this
present delegation from the Secretary.
Pursuant to Section 306(e) of the National Housing Act, 12 U.S.C.
1721(e), Ginnie Mae has authority to service the Section 312 loan
portfolio. Although the Section 312 Rehabilitation Loan Program was
terminated by Section 289 of the National Affordable Housing Act of
1990 (42 U.S.C. 12839), Section 312 loan collection functions must
continue, and 12 U.S.C. 1701g-5c transferred the assets and liabilities
of the Section 312 revolving loan fund to the Department's revolving
fund for liquidating programs.
Most loan management and collection functions of the Assistant
Secretary for CPD have been contracted out over the years under various
contractual arrangements. Under these arrangements, contractor staff
may prepare legal instruments to be executed by HUD officials in
connection with the servicing and collection of Section 312 loans. In
order to expedite property foreclosures and judgments against the
Section 312 borrowers in default and to take other actions associated
with the servicing of Section 312 loans, the Secretary has determined
that the President of Ginnie Mae should be authorized to sign written
instruments and documents with respect to Section 312 loans, as
enumerated in Section A, below, and to redelegate this authority, as
enumerated in Section B, below.
Accordingly, the Secretary delegates authority as follows:
Section A. Authority Delegated. The President, Ginnie Mae, is
hereby delegated the authority to execute in the name of the Secretary
written instruments relating to Section 312 Rehabilitation Loans,
including but not limited to: Deeds of release, quit claim deeds and
deeds of reconveyance; substitutions of trustees; compromises; write-
offs; close outs; releases related to insurance policies; assignments
or satisfactions of notes, mortgages, deeds of trust and other security
instruments; and any other written instrument or document related to,
or necessary for, servicing or collection of a Section 312 loan,
including any such instrument related to Section 312 loan servicing-
related property management and disposition functions that have not
been delegated to the Assistant Secretary for Housing.
Section B. Authority to Further Redelegate. The President, Ginnie
Mae, is authorized to redelegate the authority delegated in Section A.
Authority: Sec. 312 of the Housing Act of 1964, 42 U.S.C. 1452b;
12 U.S.C. 1701g-5c; and section C, Delegation of Authority, 48 FR
49384, October 25, 1983; Section 7(d), Department of Housing and
Urban Development Act, 42 U.S.C., Section 3535(d).
Dated: May 19, 1997.
Andrew Cuomo,
Secretary of Housing and Urban Development.
[FR Doc. 97-13943 Filed 5-27-97; 8:45 am]
BILLING CODE 4210-32-M
