[Federal Register Volume 74, Number 146 (Friday, July 31, 2009)]
[Notices]
[Pages 38190-38191]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E9-18381]


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FEDERAL HOUSING FINANCE AGENCY

[No. 2009-N-05]


Proposed Collection; Comment Request

AGENCY: Federal Housing Finance Agency.

ACTION: 30-day notice of submission of information collection for 
approval from the Office of Management and Budget.

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SUMMARY: In accordance with the requirements of the Paperwork Reduction 
Act of 1995, the Federal Housing Finance Agency (FHFA) is submitting 
the information collection known as ``Federal Home Loan Bank Acquired 
Member Assets, Core Mission Activities, Investments and Advances'' to 
the Office of Management and Budget (OMB) for review and approval of a 
three year extension of the control number 2590-0008, which is due to 
expire on August 31, 2009.

DATES: Interested persons may submit comments on or before August 31, 
2009.

ADDRESSES: Submit comments to the Office of Information and Regulatory 
Affairs of the Office of Management and Budget, Attention: Desk Officer 
for the Federal Housing Finance Agency, Washington, DC 20503, Fax: 202-
395-6974, E-mail address: [email protected] and to FHFA 
using any one of the following methods: E-mail: [email protected]. 
Please include Proposed Collection; Comment Request: Federal Home Loan 
Bank Acquired Member Assets, Core Mission Activities, Investments and 
Advances (No. 2009-N-05) in the subject line of the message. Mail/Hand 
Delivery: Federal Housing Finance Agency, Fourth Floor, 1700 G Street, 
NW., Washington, DC 20552, ATTENTION: Public Comments/Proposed 
Collection; Comment Request: Federal Home Loan Bank Acquired Member 
Assets, Core Mission Activities, Investments and Advances (No. 2009-N-
05). Federal eRulemaking Portal: http://www.regulations.gov. Follow the 
instructions for submitting comments.
    We will post all public comments we receive without change, 
including any personal information you provide, such as your name and 
address, on the FHFA Web site at http://www.fhfa.gov. For Further 
Information or Copies of the

[[Page 38191]]

Information Collection Contact: David L. Roderer, Senior Financial 
Analyst at 202-408-2540 (not a toll-free number), 
[email protected]. The telephone number for the 
Telecommunications Device for the Deaf is 800-877-8339.

SUPPLEMENTARY INFORMATION:

A. Need For and Use of the Information Collection

    The FHFA has authorized the Federal Home Loan Banks (Banks) to 
acquire mortgage loans and other assets from their members or housing 
associates under certain circumstances. 12 CFR part 955. The regulation 
refers to these assets as acquired member assets or AMA. As part of 
this regulatory authorization, each Bank that acquires residential 
mortgage loans must provide to the FHFA certain loan-level data on a 
quarterly basis. The reporting requirements, which previously were in 
12 CFR part 955 (specifically, section 955.4 and Appendices A and B), 
currently are contained in the FHFA Data Reporting Manual (DRM). The 
FHFA uses this data to monitor the safety and soundness of the Banks 
and the extent to which the Banks are fulfilling their statutory 
housing finance mission through their AMA programs. See 12 U.S.C. 
1422a(a), repealed by section 1204 of the Housing and Economic Recovery 
Act of 2008 (HERA) and replaced with section 1312 of the Federal 
Housing Enterprises Financial Safety and Soundness Act of 1992, as 
amended (July 30, 2008).
    While the Banks provide the AMA data directly to the FHFA, each 
Bank initially must collect the information from the private-sector 
member or housing associate from which the Bank acquires the mortgage 
loan. Bank members and housing associates already collect the vast 
majority of the data the FHFA requires in order to do business with the 
Federal National Mortgage Association (Fannie Mae) and the Federal Home 
Loan Mortgage Corporation (Freddie Mac) under regulatory requirements 
issued by the Department of Housing and Urban Development (HUD) and 
pursuant to the data collection requirements under the Home Mortgage 
Disclosure Act (HMDA). Thus, the FHFA's information collection imposes 
only a minor incremental additional burden on Bank members and housing 
associates.
    The OMB control number for the information collection, which 
expires on August 31, 2009, is 2590-0008. The likely respondents are 
institutions that sell AMA assets to Banks.

B. Burden Estimate

    The FHFA estimates that the hour burden associated with the AMA 
collection is little changed. More institutions are participating in 
the AMA program, but the average report size has gone down 
dramatically. The FHFA estimates the total annual average number of 
respondents at 750, with 4 responses per respondent. The estimate for 
the average hours per response is 12 hours. The estimate for the total 
annual hour burden is 36,000 hours (750 respondents x 4 responses per 
respondent x 12 hours).
    Bank members could incur additional one-time costs to be able to 
collect and report additional loan-level data elements. The FHFA 
estimates this additional, one-time cost at $150,000 ($2,000 x 750 
members).

C. Comment Request

    In accordance with 5 CFR 1320.8(d), the FHFA published a request 
for public comments regarding this information collection in the 
Federal Register on May 28, 2009. See 74 FR 25538. The 60-day comment 
period closed on July 27, 2009. The FHFA received no public comments.
    The FHFA requests written comments on the following: (1) Whether 
the collection of information is necessary for the proper performance 
of FHFA functions, including whether the information has practical 
utility; (2) the accuracy of the FHFA estimates of the burdens of the 
collection of information, including whether the agency used valid 
methods and assumptions; (3) ways to enhance the quality, utility and 
clarity of the information collected; and (4) ways to minimize the 
burden of the collection of information, including through the use of 
automated collection techniques or other forms of information 
technology and including whether the agency should expand the 
electronic reporting options for respondents. Comments may be submitted 
to OMB in writing at the e-mail address and fax number listed above.

    Dated: July 27, 2009.
James B. Lockhart III,
Director, Federal Housing Finance Agency.
[FR Doc. E9-18381 Filed 7-30-09; 8:45 am]
BILLING CODE 8070-01-P