[Federal Register Volume 71, Number 188 (Thursday, September 28, 2006)]
[Notices]
[Page 57002]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E6-15884]


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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-5041-N-35]


Notice of Proposed Information Collection: Comment Request; Owner 
of Record and Re-Sale Data to Preclude Predatory Lending Practices 
(Property Flipping) on FHA Insured Mortgages

AGENCY: Office of the Assistant Secretary for Housing--Federal Housing 
Commissioner, 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: Comments Due Date: November 27, 2006.

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: Lillian Deitzer, Reports 
Management Officer, Department of Housing and Urban Development, 451 
7th Street, SW., L'Enfant Plaza Building, Room 8001, Washington, DC 
20410, or [email protected].

FOR FURTHER INFORMATION CONTACT: Meg Burns, Director, Office of Single 
Family Program Development, Department of Housing and Urban 
Development, 451 7th Street SW., Washington, DC 20410, telephone (202) 
708-2121 (this is not a toll free number) for copies of the proposed 
forms and other 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: Owner of Record and Re-sale Data to Preclude 
Predatory Lending Practices (Property Flipping) on FHA Insured 
Mortgages.
    OMB Control Number, if applicable: 2502-0547.
    Description of the need for the information and proposed use: HUD 
is committed to preventing predatory sales practices. To do so, it will 
not insure mortgages on properties re-sold within 90 days and will 
require that only the owner-of-record be permitted to sell the property 
if FHA will insure the subsequent mortgage. Lenders will be required to 
provide evidence of the date of the last resale and the date it 
occurred. If the resale exceeds area price thresholds established by 
FHA, FHA requires an additional appraisal to establish value.
    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 response: The estimated total number of hours 
needed to prepare the information collection is 19,000; the number of 
respondents is 514,000 generating approximately 514,000 annual 
responses; the frequency of response is on occasion; and the estimated 
time needed to prepare the response is less than 1 minute for clerical 
data and 1 hour for appraisal review.
    Status of the proposed information collection: Extension of a 
currently approved collection.

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

    Dated: September 22, 2006.
Frank L. Davis,
General Deputy Assistant Secretary for Housing--Deputy Federal Housing 
Commissioner.
 [FR Doc. E6-15884 Filed 9-27-06; 8:45 am]
BILLING CODE 4210-67-P