[Federal Register Volume 70, Number 142 (Tuesday, July 26, 2005)]
[Notices]
[Page 43171]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 05-14743]


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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-4837-D-57]


Redelegation of Authority: Management and Marketing Contractors

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

ACTION: Notice of Redelegation of Authority.

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SUMMARY: HUD is changing the manner in which it authorizes officials of 
its Management and Marketing contractors (M&Ms) to execute routine 
documents necessary for the management and sale of single family 
properties acquired by HUD in connection with its mortgage insurance 
program. Currently, that authority is granted by limited powers of 
attorney (LPOA). In this notice, certain officers and employees of 
HUD's M&Ms will be delegated authority to execute those routine 
documents. This notice will notify buyers, lenders, other real estate 
professionals, local governments and their recordation officials of the 
M&M employees' authority to execute and deliver these documents 
pursuant to this delegation rather than by LPOA.

DATES: Effective Date: July 18, 2005.

FOR FURTHER INFORMATION CONTACT: Wanda L. Sampedro, Director, Asset 
Management and Disposition Division, Office of Single Family Housing, 
Department of Housing and Urban Development, Washington, DC 20410-8000, 
telephone (202) 708-1672 (this is not a toll-free number). Persons with 
speech or hearing impairments may access this number through TTY by 
calling the toll-free Federal Information Relay Service at 800-877-
8339.

SUPPLEMENTARY INFORMATION: Section 203(a) of the National Housing Act 
(12 U.S.C. 1709(a)) empowers the Secretary of HUD to insure eligible 
mortgages. Following the foreclosure of certain of those loans which 
have been in serious default, the holder of the insured loan may, 
pursuant to section 204(a) of the National Housing Act (12. U.S.C. 1710 
(a)), elect, in consideration of the payment of a mortgage insurance 
claim, to convey to the Secretary the property which had secured the 
loan. Upon receipt of these properties, HUD sells them to the general 
public in order to reduce the loss to the Federal Treasury due to the 
payment of the insurance claims. Section 204(g) of the National Housing 
Act (12 U.S.C. 1710(g)) provides, in part, that the power to convey and 
to execute in the name of the Secretary deeds of conveyance, deeds of 
release, assignments and satisfactions of mortgages, and any other 
written instrument relating to real or personal property or any 
interest therein acquired by the Secretary pursuant to the National 
Housing Act may be exercised by an officer appointed by him, without 
the execution of any express delegation of power or power of attorney. 
In addition, this section provides that the Secretary, in his 
discretion, may delegate those powers by order or by power of attorney 
to any officer or agent he may appoint. These powers were delegated to 
the Assistant Secretary for Housing--Federal Housing Commissioner, with 
authority to redelegate, in a delegation of authority published in the 
Federal Register on August 20, 2003 (68 FR 50157).
    HUD has contracted with private entities, M&Ms, to handle the 
management and sale of its inventory of single family acquired 
properties. Currently, HUD executes an LPOA authorizing the M&M 
contractor employees to execute, acknowledge and deliver any agreements 
of sale, special warranty deeds, form HUD-1 Settlement Statements and 
other instruments necessary in connection with property management and 
sale on behalf of HUD. HUD has determined that it would be more 
efficient to transfer this authority to the M&Ms by delegation of 
authority, rather than by LPOA.
    Accordingly, the Assistant Secretary for Housing--Federal Housing 
Commissioner hereby redelegates as follows:

Section A. Authority Redelegated

    The authority to execute all documents necessary in connection with 
the management and sale of residential real property acquired by HUD 
under its insured mortgage and asset management and disposition 
programs, including the authority to, acknowledge, seal, and deliver 
any agreements of sale, special warranty deeds, form HUD-1 Settlement 
Statements, and any other instrument that may be necessary in 
connection with property management and sales on behalf of the 
Department, is hereby redelegated to certain principals and/or officers 
of HUD's M&Ms whose identity will be maintained at its Web site located 
at: www.hud.gov/offices/hsg/sfh/reo/reo_home.cfm.

Section B. Revocation of Delegations

    The Assistant Secretary for Housing--Federal Housing Commissioner 
may, at any time, revoke any of the authority redelegated in this 
notice. Revocation shall be effective upon removal of the affected 
principal or officer's name from the above Web site.

    Authority: Section 204(g) of the National Housing Act (12 U.S.C. 
1710(g)); section 7(d) of the Department of Housing and Urban 
Development Act (42 U.S.C. 3535(d)).

    Dated: July 18, 2005.
Brian D. Montgomery,
Assistant Secretary for Housing--Federal Housing Commissioner.
[FR Doc. 05-14743 Filed 7-25-05; 8:45 am]
BILLING CODE 4210-27-P