[Federal Register Volume 78, Number 69 (Wednesday, April 10, 2013)]
[Notices]
[Pages 21393-21395]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-08271]


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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-5683-N-29]


Notice of Submission of Proposed Information Collection to OMB 
Ginnie Mae Multiclass Securities Program Documents

AGENCY: Office of the Chief Information Officer, HUD.

ACTION: Notice.

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SUMMARY: The proposed information collection requirement described 
below has been submitted to the Office of Management and Budget (OMB) 
for review, as required by the Paperwork Reduction Act. HUD is 
soliciting public comments on the subject proposal.
    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

[[Page 21394]]

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 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 econciliation 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 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.

DATES: Comments Due Date: May 10, 2013.

ADDRESSES: Interested persons are invited to submit comments regarding 
this proposal. Comments should refer to the proposal by name and/or OMB 
approval Number (2503-0030) and should be sent to: HUD Desk Officer, 
Office of Management and Budget, New Executive Office Building, 
Washington, DC 20503; fax: 202-395-5806. Email: [email protected] fax: 202-395-5806.

FOR FURTHER INFORMATION CONTACT: Colette Pollard., Reports Management 
Officer, QDAM, Department of Housing and Urban Development, 451 Seventh 
Street SW., Washington, DC 20410; email Colette Pollard at 
[email protected]. or telephone (202) 402-3400. This is not a 
toll-free number. Copies of available documents submitted to OMB may be 
obtained from Ms. Pollard.

SUPPLEMENTARY INFORMATION: This notice informs the public that the 
Department of Housing and Urban Development has submitted to OMB a 
request for approval of the Information collection described below. 
This notice is soliciting comments from members of the public and 
affecting 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 Proposed: Ginnie Mae Multiclass Securities Program 
Documents.
    OMB Approval Number: 2503-0030.
    Form Numbers: None.
    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 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 
econciliation 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 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.

----------------------------------------------------------------------------------------------------------------
                                         Number of          Annual             Hours per
                                        respondents       responses      x      response      =    Burden hours
----------------------------------------------------------------------------------------------------------------
Reporting Burden:...................              15                8   ..         141.108   ..          16,933
----------------------------------------------------------------------------------------------------------------


[[Page 21395]]

    Total estimated burden hours: 16,933.
    Status: Revision of currently approved collection.

    Authority: Section 3507 of the Paperwork Reduction Act of 1995, 
44 U.S.C. 35, as amended.

    Dated: April 3, 2013.
Colette Pollard,
Department Reports Management Officer, Office of the Chief Information 
Officer.
[FR Doc. 2013-08271 Filed 4-9-13; 8:45 am]
BILLING CODE 4210-67-P