[Federal Register Volume 65, Number 217 (Wednesday, November 8, 2000)]
[Notices]
[Pages 67015-67016]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-28590]


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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-4565-N-27]


Notice of Proposed Information Collection For the Federal 
National Mortgage Association and the Federal Home Loan Mortgage 
Corporation; Comment Request

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

ACTION: Notice.

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SUMMARY: The proposed information collection requirement described 
below will be submitted to the Office of Management and Budget (OMB) 
for review, as required by the Paperwork Reduction Act. The Department 
is soliciting public comments on the subject proposal.

DATES: January 8, 2001.

ADDRESSES: Interested persons are invited to submit comments regarding 
this proposal. Comments should refer to the proposal by name and/or OMB 
Control Number and should be sent to: Wayne Eddins, Reports Management 
Officer, Department of Housing and Urban Development, 451 7th Street, 
SW., L'Enfant Plaza Building, Room 8001, Washington, DC 20410.

FOR FURTHER INFORMATION CONTACT: Allen Fishbein, Senior Advisor for 
Government Sponsored Enterprises Oversight, Department of Housing and 
Urban Development, 451 7th Street, SW., Washington, DC 20410, telephone 
(202) 708-3600, extension 2117, or Sandra Fostek, Office of Government 
Sponsored Enterprises Oversight, at (202) 708-2224, extension 2233 
(these are not toll-free numbers) for copies of available information.

SUPPLEMENTARY INFORMATION: The Department is submitting the proposed 
information collection to OMB for review, as required by the Paperwork 
Reduction Act of 1995 (44 U.S.C. Chapter 35, as amended).
    This Notice is soliciting comments from members of the public and 
affected agencies concerning the proposed collection of information to: 
(1) Evaluate whether the proposed collection is necessary for the 
proper performance of the functions of the agency, including whether 
the information will have practical utility; (2) Evaluate the accuracy 
of the agency's estimate of the burden of the proposed collection of 
information; (3) Enhance the quality, utility, and clarity of the 
information to be collected; and (4) Minimize the burden of the 
collection of information on those who are to respond; including the 
use of appropriate automated collection techniques or other forms of 
information technology, e.g., permitting electronic submission of 
responses.
    This Notice also lists the following information:
    Title of Proposal: Regulation of the Federal National Mortgage 
Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation 
(Freddie Mac).
    OMB Control Number, if applicable: 2502-0514.
    Description of the need for the information and proposed use: This 
notice requests a revision of a currently approved collection to 
accommodate additional data requirements necessitated by HUD's recent 
publication of a new implementing regulation to the Federal Housing 
Enterprises Financial Safety and Soundness Act of 1992 (FHEFSSA). On 
October 31, 2000, HUD published a rule at 24 CFR Part 81, to become 
effective January 1, 2001, which increased the levels of required 
affordable housing goal performance for Fannie Mae and Freddie Mac (the 
GSEs). The rule also implemented certain changes to HUD's counting 
rules relative to how mortgages will be credited towards the housing 
goals and provided special incentives whereby the GSEs could earn 
additional housing goals credit for certain loan purchase activities. 
HUD's collection of

[[Page 67016]]

information on the GSEs' business activities is needed to measure and 
monitor their compliance with statutorily mandated housing goals; to 
ensure the GSEs' compliance with counting rules, including the 
exclusion of high cost, predatory loans, from eligibility for goals 
credit; to foster a continuing dialogue between HUD, the GSEs, 
Congress, and the public on the activities of the GSEs with respect to 
affordable housing and underserved mortgage market issues; and to 
improve the operating of the housing finance market.
    In accordance with HUD's regulation issued in 1995, the GSEs submit 
Quarterly Mortgage Reports, Annual Housing Activities Reports, Periodic 
Reports, and Other Information Analyses. This reporting remains 
unchanged in HUD's recently published regulation.
    The mid-year second quarter Mortgage Report and the year-end Annual 
Mortgage Activities Report also must include year-to-date computerized 
loan level data. In order to accommodate the counting rule changes in 
HUD's new regulation, HUD proposes to increase its mid-year and year-
end computerized loan level data collection requirement by about 36 
percent over requirements imposed during the reporting period 1996-
1999. The 36 percent increase includes data fields that are counted 
twice because the same data is collected from both single family and 
multifamily data sources. This action represents the first increase in 
HUD's data collection requirements since publication of the 1995 final 
rule. These new data collection requirements will enable HUD to monitor 
GSEs' compliance with new goals and counting conventions and will also 
permit HUD to make determinations relative to the effectiveness of 
certain incentives in promoting conventional mortgage lending activity 
to traditionally underserved borrowers and communities.
    Agency Form Numbers, if applicable: None.
    Estimation of the total number of hours needed to prepare the 
information collection including number of respondents, frequency of 
response, and hours of responses: The estimated number of respondents 
is 2, the total annual responses are approximately 87 reports, and the 
total annual hours of all responses, including reports and data 
collection, are estimated at 5,697 hours.
    Status of the proposed information collection: Revision of a 
currently approved collection.

    Authority: The Paperwork Reduction Act of 1995, 44 U.S.C., 
Chapter 35, as amended.

    Dated: October 31, 2000.
William C. Apgar,
Assistant Secretary for Housing-Federal Housing Commissioner.
[FR Doc. 00-28590 Filed 11-7-00; 8:45 am]
BILLING CODE 4210-27-M