[Federal Register Volume 62, Number 3 (Monday, January 6, 1997)]
[Notices]
[Pages 766-767]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-142]


=======================================================================
-----------------------------------------------------------------------

DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-4153-D-01]


Revocation and Redelegation of Authority to FHA Comptroller

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

ACTION: Notice of revocation, and redelegation of authority to the FHA 
Comptroller.

-----------------------------------------------------------------------

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 Operations, to the FHA Comptroller, authority regarding 
asset sales of Secretary-held multifamily mortgages.

EFFECTIVE DATE: November 8, 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 is available via the 
Federal Information Relay Service at 1-800-877-8339.

SUPPLEMENTARY INFORMATION: In this document, the Assistant Secretary 
for Housing--Federal Housing Commissioner is transferring 
responsibilities related to the asset sales

[[Page 767]]

of Secretary-held multifamily mortgages. These responsibilities, 
previously handled by the Deputy Assistant Secretary for Operations, 
will now be handled by the FHA Comptroller. The Assistant Secretary for 
Housing--Federal Housing Commissioner has determined that, from an 
organizational standpoint, these functions more appropriately belong 
with the FHA Comptroller.
    Accordingly, the Assistant Secretary for Housing--Federal Housing 
Commissioner redelegates authority as follows:

Section A. Authority Redelegated.

    The FHA Comptroller 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 
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 mortgages 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 FHA Comptroller may further redelegate the authority granted 
within Section A, above.

Section C. Authority Revoked.

    This document revokes the redelegation of authority at 61 FR 15818, 
published on April 9, 1996.

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

    Dated: November 8, 1996.
Nicolas P. Retsinas,
Assistant Secretary for Housing, Federal Housing Commissioner.
[FR Doc. 97-142 Filed 1-3-97; 8:45 am]
BILLING CODE 4210-27-P