[Federal Register Volume 62, Number 102 (Wednesday, May 28, 1997)]
[Notices]
[Pages 28890-28891]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-13944]
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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
[Docket No. FR-4245-D-02]
Office of the President of the Government National Mortgage
Association; Redelegation of Authority To Execute Legal Instruments
Pertaining to Section 312 Rehabilitation Loans
AGENCY: Office of the President of the Government National Mortgage
Association, HUD.
ACTION: Notice of redelegation of authority.
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SUMMARY: In this notice, the President of the Government National
Mortgage Association (Ginnie Mae) individually redelegates to the
Executive Vice President, the Vice President of Finance, the Director
of Asset Management, and each Ginnie Mae Asset Management Specialist
authority to execute legal instruments, including those enumerated
below, pertaining to Section 312 loans.
EFFECTIVE DATE: May 19, 1997.
FOR FURTHER INFORMATION CONTACT: J. Nicholas Shelley, Ginnie Mae Office
of Policy, Planning and Risk Management, Room 6206, Department of
Housing and Urban Development, 451 Seventh Street, SW., Washington, DC
20410, (202) 708-2772. (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: Since the Section 312 Rehabilitation Loan
program was terminated by Section 289 of the National Affordable
Housing Act of 1990 (42 U.S.C. 12839), no Section 312 loans are now
being made. However, 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. Although the Assistant Secretary for
Community Planning and Development (CPD) has historically administered
the Section 312 program, most loan management and collection functions
of 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.
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. 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 Assistant
Secretary for CPD and the President of Ginnie Mae have agreed that one
or more Ginnie Mae employees should be authorized to sign legal
instruments with respect to servicing and collection of Section 312
loans.
In a new delegation of authority being published concurrently
herewith, the Secretary of Housing and Urban Development has delegated
to the President of Ginnie Mae the authority to
[[Page 28891]]
execute legal instruments pertaining to Section 312 loans. In this
document, the President of Ginnie Mae individually redelegates the
authority to execute such legal instruments to the Executive Vice
President, the Vice President of Finance, the Director of Asset
Management and each Ginnie Mae Asset Management Specialist. In a
Revocation of Authority being published concurrently herewith, the
Assistant Secretary for CPD is revoking authority previously delegated
to certain CPD officials to execute legal instruments pertaining to
Section 312 loans.
Accordingly, the President of Ginnie Mae redelegates authority as
follows:
Section A. Authority Delegated
The Executive Vice President, the Vice President of Finance, the
Director of Asset Management and each Ginnie Mae Asset Management
Specialist is individually redelegated 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
This authority may not be further relegated.
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.
Kevin G. Chavers,
President, Government National Mortgage Association.
[FR Doc. 97-13944 Filed 5-27-97; 8:45 am]
BILLING CODE 4210-01-M
