[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