[Federal Register Volume 63, Number 193 (Tuesday, October 6, 1998)]
[Notices]
[Page 53690]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-26750]


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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-4400-N-02]


Notice of FHA Debenture Call

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

ACTION: Notice.

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SUMMARY: This Notice announces a debenture recall of certain Federal 
Housing Administration debentures, in accordance with authority 
provided in the National Housing Act.

FOR FURTHER INFORMATION CONTACT:
Richard Keyser, Room B133, Department of Housing and Urban Development, 
451 Seventh Street, SW, Washington, DC 20410, telephone (202) 755-7510. 
This is not a toll-free number.

SUPPLEMENTARY INFORMATION: Pursuant to Sections 204(c) and 207(j) of 
the National Housing Act, 12 U.S.C. 1713(j), and in accordance with HUD 
regulations at 24 CFR 207.259(e)(3), the Federal Housing Commissioner, 
with approval of the Secretary of the Treasury, announces the call of 
all Federal Housing Administration debentures, with a coupon rate of 6 
percent or above, except for those debentures subject to ``debenture 
lock agreements,'' that have been registered on the books of the 
Federal Reserve Bank of Philadelphia, and are, therefore, 
``outstanding'' as of September 30, 1998. The date of the call is 
January 1, 1999.

    The debenture will be redeemed at par plus accrued interest. 
Interest will cease to accrue on the debentures as of the call date. 
Final interest on any called debentures will be paid with the principal 
at redemption.
    During the period from the date of this notice to the call date, 
debentures that are subject to the call may not be used by the 
mortgages for a special redemption purchase in payment of a mortgage 
insurance premium.
    No transfer of debentures covered by the foregoing call will be 
made on the books maintained by the Treasury Department on or after 
October 1, 1998. This does not affect the right of the holder of a 
debenture to sell or assign the debenture on or after this date. 
Payment of final principal and interest due on January 1, 1999, will be 
made automatically to the registered holder.

    Dated: September 30, 1998.
Ira Peppercorn,
General Deputy Assistant Secretary for Housing.
[FR Doc. 98-26750 Filed 10-5-98; 8:45 am]
BILLING CODE 4210-27-P