[Federal Register Volume 59, Number 233 (Tuesday, December 6, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-29888]


[[Page Unknown]]

[Federal Register: December 6, 1994]


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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
[Docket No. D-94-1079; FR-3834-D-01]

 

Redelegation of Authority

AGENCY: Office of the Assistant Secretary for Housing-Federal Housing 
Commissioner, HUD.

ACTION: Notice of redelegation of authority.

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SUMMARY: In this notice, the Assistant Secretary for Housing-Federal 
Housing Commissioner redelegates to the Deputy Assistant Secretary for 
Multifamily Housing Programs, who retains this authority and 
redelegates to the Director, Office of Insured Multifamily Housing 
Development, the authority to endorse for mortgage insurance Secretary-
held multifamily mortgage loans. This responsibility is being 
redelegated to assist in the management of the workload.

EFFECTIVE DATE: November 22, 1994.

FOR FURTHER INFORMATION CONTACT: Gerald H. Salzman, Office of General 
Counsel, Room 9234, Department of Housing and Urban Development, 
Washington, DC 20410, (202) 708-2975. A telecommunications device for 
the hearing impaired (TDD) is available at 202-708-3259. [These are not 
toll-free numbers.]

SUPPLEMENTARY INFORMATION: In recent years, the volume of FHA-insured 
multifamily mortgages that have reverted to FHA, primarily through 
defaults has grown substantially. Servicing these assigned multifamily 
mortgages has consumed a disproportionately large share of FHA staff 
time and resources. This, in turn, has diminished FHA's capacity to 
monitor the privately-held multifamily mortgages it insures, which 
thereby increases the potential for further defaults and losses.
    HUD has determined to sell the multifamily mortgages it now owns so 
that the Agency can focus more of its asset management staff and 
resources toward proactive oversight of the Agency's insured mortgage 
portfolio. To assist in carrying out the responsibilities attendant to 
selling Secretary-held multifamily mortgages, pursuant to this 
delegation and redelegation, the Assistant Secretary for Housing-FHA 
Commissioner is redelegating authority to endorse for mortgage 
insurance Secretary-held multifamily mortgage loan documents. This 
redelegation will assist the Agency in managing its workload generated 
through the sale of multifamily mortgages.
    Accordingly, the Assistant Secretary for Housing-Federal Housing 
Commissioner redelegates as follows:

Section A. Authority Redelegated

    The Assistant Secretary for Housing-Federal Housing Commissioner 
redelegates to the Deputy Assistant Secretary for Multifamily Housing 
Programs, who retains this authority and redelegates to the Director, 
Office of Insurance Multifamily Housing Development, the power and 
authority to endorse, or under his or her direction to direct the 
endorsement of documents necessary to effectuate mortgage insurance for 
Secretary-held multifamily mortgages.

Section B. Authority to Further Redelegate

    The authority redelegated pursuant to Section A., above, may be 
further redelegated.

    Authority: Sec. 7(d) of the Department of Housing and Urban 
Development (42 U.S.C. 3535(d).

    Dated: November 22, 1994.
Nicolas P. Retsinas,
Assistant Secretary for Housing-Federal Housing Commissioner.
[FR Doc. 94-29888 Filed 12-5-94; 8:45 am]
BILLING CODE 4210-27-M