[Federal Register Volume 68, Number 174 (Tuesday, September 9, 2003)]
[Notices]
[Pages 53188-53190]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-22834]


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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-4821-N-04]


Notice of Proposed Information Collection: Comment Request; 
Ginnie Mae Multiclass Securities Program Documents

AGENCY: Office of the President of Government National Mortgage 
Association (Ginnie Mae), 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: Comment Due Date: November 10, 2003.

[[Page 53189]]


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: Sonya Suarez, Office of Program 
Operations, Department of Housing and Urban Development, 451--7th 
Street, SW., Room 6206, Washington, DC 20410.

FOR FURTHER INFORMATION CONTACT: Sonya Suarez, Ginnie Mae, (202) 708-
2884 (this is not a toll-free number) for copies of the proposed forms 
and other available documents.

SUPPLEMENTARY INFORMATION: The Department will submit 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).
    The 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 of information 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 through 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: Ginnie Mae Multiclass Securities Program 
Documents.
    OMB Control Number, if applicable: 2503-0017.
    Description of the need for the information and proposed use: This 
information collection is required in connection with the operation of 
the Ginnie Mae Multiclass Securities program. Ginnie Mae's authority to 
guarantee multiclass instruments is contained in 306(g)(1) of the 
National Housing Act (``NHA'') (12 U.S.C. 1721(g)(1)), which authorizes 
Ginnie Mae to guarantee ``securities * * * based on or backed by a 
trust or pool composed of mortgages. * * * '' Multiclass securities are 
backed by Ginnie Mae Single Class securities, which are backed by 
government insured or guaranteed mortgages. Ginnie Mae's authority to 
operate a Multiclass Securities program is recognized in Section 3004 
of the Omnibus Budget Reconciliation Act of 1993 (``OBRA''), which 
amended 306(g)(3) of the NHA (12 U.S.C. 1271(g)(3)) to provide Ginnie 
Mae with greater flexibility for the Multiclass Securities program 
regarding fee structure, contracting, industry consultation, and 
program implementation. Congress annually sets Ginnie Mae's commitment 
authority to guarantee mortgage-backed securities (``MBS'') pursuant to 
306(g)(2) of the NHA (12 U.S.C. 1271(g)(2)). Since the multiclass 
securities are backed by Ginnie Mae Single Class MBS, Ginnie Mae has 
already guaranteed the collateral for the multiclass instruments.
    The Ginnie Mae Multiclass Securities Program consists of Ginnie Mae 
Real Estate Mortgage Investment Conduit (``REMIC'') securities and 
Platinum securities. The Multiclass Securities program provides an 
important adjunct to Ginnie Mae's secondary mortgage market activities, 
allowing the private sector to combine and restructure cash flows from 
Ginnie Mae Single Class MBS into securities that meet unique investor 
requirements in connection with yield, maturity, and call-option 
protection. The intent of the Multiclass Securities program is to 
increase liquidity in the secondary mortgage market and to attract new 
sources of capital for federally insured or guaranteed residential 
loans. Under this program, Ginnie Mae guarantees, with the full faith 
and credit of the United States, the timely payment of principal and 
interest on Ginnie Mae REMIC and Platinum securities.
    Agency form numbers, if applicable: Not applicable.
    Members of affected public: For-profit business (mortgage 
companies, thrift, savings & loans, etc.).
    Estimation of the total number of hours needed to prepare the 
information collection, including number of respondents, frequency of 
response, and hours of response:

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                                                                                          Frequency per                     Estimated
                                                Type of information         Number of         year          Estimated     average time      Estimated
      Type of information collection         collection (prepared by)     participants/    information       annual        to complete    annual burden
                                                                           respondents      submitted       frequency      information        hours
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REMIC Securities:
    Pricing Letter.......................  Sponsor.....................              16              10             160            0.5              50
    Structured Term Sheet................  Sponsor.....................              16              10             160            3               300
    Trust Agreement......................  Attorney for Sponsor........              16              10             160            1               100
    Trust Opinion........................  Attorney for Sponsor........              16              10             160            4               400
    MX Trust Agreement...................  Attorney for Sponsor........              16              10             160            0.16             16
    MX Trust Opinion.....................  Attorney for Sponsor........              16              10             160            4               400
    RR Certificate.......................  Attorney for Sponsor........              16              10             160            0.08              8
    Sponsor Agreement....................  Attorney for Sponsor........              16              10             160            0.05              5
    Table of Contents....................  Attorney for Sponsor........              16              10             160            0.33             33
    Issuance Statement...................  Attorney for Sponsor........              16              10             160            0.5              50
    Tax Opinion..........................  Attorney for Sponsor........              16              10             160            4               400
    Transfer Affidavit...................  Attorney for Sponsor........              16              10             160            0.08              8
    Supplemental Statement...............  Attorney for Sponsor........              16              10             160            1               100
    Final Data Statements (attached to     Attorney for Sponsor........              16              10             160           32              3200
     closing letter).
    Accountants' Closing Letter..........  Accountant..................              16              10             160            8               800
    Accountants' OSC Letter..............  Accountant..................              16              10             160            8               800
    Structuring Data.....................  Accountant..................              16              10             160            8               800
    Financial Statements.................  Accountant..................              16              10             160            1               160

[[Page 53190]]

 
    Principal and Interest Factor File     Trustee.....................              16              10             160           16              1600
     Specifications.
    Distribution Dates and Statement.....  Trustee.....................              16              10             160            0.42             42
    Term Sheet...........................  Trustee.....................              16              10             160            2               200
    New Issue File Layout................  Trustee.....................              16              10             160            4               400
    Flow of Funds........................  Attorney for Trustee........              16              10             160            0.16             16
    Trustee Receipt......................  Trustee Attorney............              16              10             160            2               200
    Data Verification Form...............  Trustee.....................              16              10             160            1               160
                                                                        -----------------
        Total............................  ............................  ..............  ..............            4000  ..............          16057.6
                                                                        =================
Platinum Securities:
    Deposit Agreement....................  Depositor...................              16              10             160            1               100
    MBS Schedule.........................  Depositor...................              16              10             160            0.16             16
    New Issue File Layout................  Depositor...................              16              10             160            4               400
    Principal and Interest Factor File     Trustee.....................              16              10             160           16              2560
     Specifications.
    Data Verification Form...............  Trustee.....................              16              10             160            1               160
                                                                        -----------------
        Total............................  ............................  ..............  ..............             800  ..............           3398.4
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        Total Burden Hours...............  ............................  ..............  ..............            4800  ..............          19456
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    Calculation of Burden Hours:

Participants x Frequency per Year = Estimated Annual Frequency.
Estimated Annual Frequency x Estimated Average Completion Time = 
Estimated Annual Burden Hours.

    Status of the proposed information collection: Reinstatement, with 
change, of previously approved collection for which approval has 
expired.

    Authority: Section 3506 of the Paperwork Reduction Act of 1995, 
44 U.S.C. Chapter 35, as amended.

    Dated: September 2, 2003.
George S. Anderson,
Executive Vice President, Ginnie Mae.
[FR Doc. 03-22834 Filed 9-8-03; 8:45 am]
BILLING CODE 4210-66-M