[Federal Register Volume 75, Number 21 (Tuesday, February 2, 2010)]
[Notices]
[Pages 5336-5338]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-2111]


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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-5379-N-01]


Notice of Proposed Information Collection: Comment Request; 
Ginnie Mae Multiclass Securities Program Documents (Forms and 
Electronic Data Submissions)

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: Comments Due Date: April 5, 2010.

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: Leroy McKinney, Jr., QDAM, 
Information Reports Management Officer, Department of Housing and Urban 
Development, 451 7th Street, SW., L'Enfant Plaza Building, Room 800a, 
Washington, DC 20410; e-mail [email protected]; telephone (202) 
708-5564. This is not a toll-free number. Copies of available documents 
submitted to OMB may be obtained from Ms. McKinney.

FOR FURTHER INFORMATION CONTACT: Victoria Vargas, Ginnie Mae, 451 7th 
Street, SW., Room B-133, Washington, DC 20410; e-mail_Victoria_
[email protected]; telephone--(202) 475-6752; fax--(202) 485-0225 (this is 
not a toll-free number); the Ginnie Mae Web site at http://www.ginniemae.gov for other available information.

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).
    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 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. (Forms and Electronic Data Submissions).
    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.

[[Page 5337]]

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 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 (``MBS'') 
pursuant to 306(G)(2) of the NHA (12 U.S.C. 1271(g)(2)). Since the 
multiclass 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, 
Stripped Mortgage-Backed Securities (``SMBS''), 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 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, SMBS and Platinum securities.
    Agency form numbers, if applicable: Not applicable.
    Members of affected public: For-profit business (mortgage 
companies, thrifts, 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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                                                                                             Estimated
                                                                             Number of        annual       Total annual    Est. average     Est. annual
      Type of information collection                (Prepared by)            potential     frequency per     responses      hrly burden     burden hrs
                                                                             sponsors       respondent
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                                                                    REMIC Securities
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OID/Prices Letter.........................  Sponsor.....................              15            8             120               0.5            60
Final Structure Sheet.....................  Sponsor.....................              15            8             120               3             360
Trust (REMIC) Agreement...................  Attorney for Sponsor........              15            8             120               1             120
Trust Opinion.............................  Attorney for Sponsor........              15            8             120               4             480
MX Trust Agreement........................  Attorney for Sponsor........              15            8             120               0.16           19.2
MX Trust Opinion..........................  Attorney for Sponsor........              15            8             120               4             480
RR Certificate............................  Attorney for Sponsor........              15            8             120               0.08            9.6
Sponsor Agreement.........................  Attorney for Sponsor........              15            8             120               0.05            6
Table of Contents.........................  Attorney for Sponsor........              15            8             120               0.33           39.6
Issuance Statement........................  Attorney for Sponsor........              15            8             120               0.5            60
Tax Opinion...............................  Attorney for Sponsor........              15            8             120               4             480
Transfer Affidavit........................  Attorney for Sponsor........              15            8             120               0.08            9.6
Supplemental Statement....................  Attorney for Sponsor........              15            0.25            3.75            1               3.75
Final Data Statements (attached to closing  Accountant for Sponsor......              15            8             120              32           3,840
 letter).
Accountants' Closing Letter...............  Accountant..................              15            8             120               8             960
Accountants' OCS Letter...................  Accountant..................              15            8             120               8             960
Structuring Data..........................  Accountant..................              15            8             120               8             960
Financial Statements......................  Accountant..................              15            8             120               1             120
Principal and Interest Factor File          Trustee.....................              15            8             120              16           1,920
 Specifications.
Distribution Dates and Statement..........  Trustee.....................              15            8             120               0.42           50.4
Term Sheet................................  Accountant for Sponsor......              15            8             120               2             240
New Issue File Layout.....................  Trustee.....................              15            8             120               4             480
Flow of Funds.............................  Attorney for Sponsor........              15            8             120               0.16           19.2
Trustee Receipt...........................  Attorney for Sponsor........              15            8             120               2             240
                                                                         -------------------------------------------------------------------------------
    Total.................................  ............................  ..............  ..............        2,763.75  ..............       11,917.35
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                                                                     SMBS Securities
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OID/Prices Letter.........................  Sponsor.....................              10            1              10               0.5             5
Final Structure Sheet.....................  Sponsor.....................              10            1              10               3              30
Trust (REMIC) Agreement...................  Attorney for Sponsor........              10            1              10               1              10
Trust Opinion.............................  Attorney for Sponsor........              10            1              10               4              40
MX Trust Agreement........................  Attorney for Sponsor........              10            1              10               0.16            1.6
MX Trust Opinion..........................  Attorney for Sponsor........              10            1              10               4              40
RR Certificate............................  Attorney for Sponsor........              10            1              10               0.08            0.8
Sponsor Agreement.........................  Attorney for Sponsor........              10            1              10               0.05            0.5

[[Page 5338]]

 
Table of Contents.........................  Attorney for Sponsor........              10            1              10               0.33            3.3
Issuance Statement........................  Attorney for Sponsor........              10            1              10               0.5             5
Tax Opinion...............................  Attorney for Sponsor........              10            1              10               4              40
Transfer Affidavit........................  Attorney for Sponsor........              10            1              10               0.08            0.8
Supplemental Statement....................  Attorney for Sponsor........              10            0.25            2.5             1               2.5
Final Data Statements (attached to closing  Accountant for Sponsor......              10            1              10              32             320
 letter).
Accountants' Closing Letter...............  Accountant..................              10            1              10               8              80
Accountants' OCS Letter...................  Accountant..................              10            1              10               8              80
Structuring Data..........................  Accountant..................              10            1              10               8              80
Financial Statements......................  Accountant..................              10            1              10               1              10
Principal and Interest Factor File          Trustee.....................              10            1              10              16             160
 Specifications.
Distribution Dates and Statement..........  Trustee.....................              10            1              10               0.42            4.2
Term Sheet................................  Sponsor.....................              10            1              10               2              20
New Issue File Layout.....................  Trustee.....................              10            1              10               4              40
Flow of Funds.............................  Attorney for Sponsor........              10            1              10               0.16            1.6
Trustee Receipt...........................  Attorney for Sponsor........              10            1              10               2              20
                                                                         -------------------------------------------------------------------------------
    Total.................................  ............................  ..............  ..............          232.5   ..............          995.3
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                                                                   Platinum Securities
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Deposit Agreement.........................  Depositor...................              19           10             190               1             190
MBS Schedule..............................  Depositor...................              19           10             190               0.16           30.4
New Issue File Layout.....................  Depositor...................              19           10             190               4             760
Principal and Interest Factor File          Trustee.....................              19           10             190              16           3,040
 Specifications.
                                                                         -------------------------------------------------------------------------------
    Total.................................  ............................  ..............  ..............          760     ..............        4,020.4
                                                                         -------------------------------------------------------------------------------
        Total Burden Hours................  ............................  ..............  ..............  ..............  ..............       16,933.05
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    Calculation of Burden Hours:

Sponsors 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 a previously approved collection.

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

    Dated: January 26, 2010.
Mary K. Kinney,
Executive Vice President, Government National Mortgage Association.
[FR Doc. 2010-2111 Filed 2-1-10; 8:45 am]
BILLING CODE 4210-67-P