Federal Savings and Loan Insurance Corp; Conversion from Mutual to Stock

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BILLING CODE 3410-34-M . FEDERAL HOME LOAN BANK BOARD 12 CFR Part 563b Federal Savings and Loan Insurance Corp; Conversion from Mutual to Stock From Correction In FR Doc. 79-11906, which corrected FR Doc. 79-9579 and appeared at page 23058 in the issue for Tuesday, April 17, 1979 as separate Part VI, the amendatory language is in error. The amendatory language which appears in the middle column should read as set forth below:

"Part 563b is corrected on page 18897, (Form PS) in the middle column by adding the following information just before paragraph (b) which reads in part as follows: ‘(b) Furnish the following information in . . .’ ” BILUNG CODE 1505-01-M FEDERAL TRADE COMMISSION 16 CFR Part ! Industry Guidance; Advisory Opinions Rule Amendment Correction In FR Doc. 79-11237 appearing at page 21624 in the issue for Wednesday, April 11,1979, make the following correction: On page 21624, in the middle column, in § 1.1, in subparagraph (a)(1), in the 2nd line, the phrase, “novel question of fact of law", should be corrected to "read “novel question of fact or law”. BILLING CODE 1505-01-M DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT Office of Assistant Secretary for Housing—Federal Housing Commissioner 24 CFR Parts 203,207, and 220 Debenture Interest Rates AGENCY: Department of Housing and Urban Development.

ACTION: Final rule.

SUMMARY: This rule change provides for an increased debenture interest rate applicable to all home and project mortgages and loans under the National Housing Act (the Act), as amended, except for those loans or mortgages insured under the Act’s section 221(g)(4) provision, committed or endorsed on or after January 1,1979. The Secretary of the Treasury determines debenture interest rates in accordance with established procedure and the Act. The intended effect of this rule change is to increase debenture interest rates for appropriate mortgages.

EFFECTIVE d a t e : This rule is effective May 21,1979, retroactive to January 1, 1979.

FOR FURTHER INFORMATION CONTACT: T. J. O’Connor, Director, Office of Finance and Accounting, Department of Housing and Urban Development, 451 Seventh Street, SW., Room 2202, Washington, D.C. 20410, (202) 755-6310. (This is not a toll free number.)

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23516 Federal Register / Vol. 44, No. 78 / Friday, April 20, 1979 / Rules and Regulations SUPPLEMENTARY INFORMATION: The Secretary of the Treasury has determined in accordance with the provisions of section 224 of the National Housing Act, as amended, that the interest rate for the month of November 1978 is 8% and has approved the establishment of debenture interest rates at 8% to be effective as of January 1,1979.

The Secretary of Housing and Urban Development has determined that advance publication and notice and public procedure are unnecessary since the debenture interest rate is set by the Secretary of the Treasury in accordance with a procedure established by statute. A Finding of Inapplicability respecting the National Environmental Policy Act of 1969 has been made in accordance with HUD procedures. A copy of this Finding of Inapplicability will be available for public inspection during regular business hours at the office of the Rules Docket Clerk, Office of the General Counsel, Room 5218, Department of Housing and Urban Development, 451 7th Street, SW., Washington, D.C. 20410.

Accordingly, Chapter II is amended as follow»:

PART 203—MUTUAL MORTGAGE INSURANCE AND INSURED HOME IMPROVEMENT LOANS Subpart B—Contract Rights and Obligations 1.

Section 203.405 is amended to read as follows:

§ 203.405 Debenture interest rate. Debentures shall bear interest from the date of issue, payable semiannually on the first day of January and the first day of July of each year at the rate in effect as of the day the commitment was issued, or as of the date the mortgage was endorsed for insurance, whichever rate is higher.

The following interest rates are effective for the dates listed: Effective rate (percent) On or after Prior to 6 Vs__ ....___ ____ Jan. 1,1971...... July 1, 1971 5% ..................................... July 1,1971......

Jan. 1, 1972 5 % ............ ......................... Jan. 1, 1972..... July 1, 1972 5 V i___________ ______ July 1, 1972......

Jan. 1, 1973 5%___ .....

...

....

... Jan. 1, 1973.....

July 1, 1973 6 .......................................... July 1, 1973...... Jan. 1, 1974 6V4...................................... Jan. 1, 1974..... July 1, 1974 6 % ................................._... July 1, 1974...... July 1, 1975 7 ............ ................... July 1, 1975......

Jan. 1, 1976 7 V i...................................... Jan. 1, 1976..... July 1,1976 July 1, 1976......

Jan. 1, 1977 6 % ..................................... Jan. 1, 1977__ July 1, 1977 7 V i.... .............................. July 1, 1977......

Jan. 1, 1978 7 V i...................... ............... Jan. 1, 1978__ July 1, 1978 7% ________________ ..... July 1, 1978..__ Jan. 1, 1979 6 ......................................... Jan. 1.1979.....

(Sec. 211, 52 Stat. 23; 12 U.S.C. 1715b. Interprets or applies sec. 203, 52 Stat. 10, as amended; 12 U.S.C. 1709) 2.

Section 203.479 is amended to read as follows:

§ 203.479 Debenture interest rate. Debentures shall bear interest from the date of issue, payable semiannually on the first day of January and the first day of July of each year at the rate in effect as of the date the commitment was issued, or as of the date the loan was endorsed for insurance, whichever rate is the higher. The following interest rates are effective for the dates listed: Effective rate (percent) On or after Prior to 6 V i................. .................... Jan. 1 ,1971..... July 1, 1971 5% _______ ____ ___ _ July 1, 1971......

Jan. 1, 1972 5% ...................................... Jan. 1, 1972..... July 1, 1972 5 V i..................................... July 1, 1972......

Jan. 1, 1973 5 V i............ ......................... Jan. 1, 1973..... July 1, 1973 6 .......................................... July 1, 1973...... Jan. t, 1974 6 V i.......................... ;_____ Jan. 1, 1974.....

July 1, 1974 6 % .......... ........................... July 1, 1974.__.. July 1, 1975 7 .......... „............................. July 1, 1975...... Jan. 1, 1976 7 V i..................................... Jan. 1,1976.....

July 1, 1976 7 ________________ ____ July 1, 1976......

Jan. 1, 1977 6 % ...................................... Jan. 1, 1977..... July 1,1977 7 V i...................................... July 1, 1977...... Jan. 1, 1978 7 V i_______ __________ Jan. 1, 1978.....

July 1,1978 7% ................................... July 1, 1978......

Jan. 1, 1979 8 ......................................... Jan. 1, 1979.....

(Sec. 211, 52 Stat. 23; U.S.C. 1715b. Interprets or applies sec. 203, 52 Stat. 10, as amended; 12 U.S.C. 1709.) PART 207—MULTIFAMILY HOUSING MORTGAGE INSURANCE Subpart B—Contract Rights and Obligations 3.

In § 207.259 paragraph (e)(6) is amended to read as follows: § 207.259 Insurance benefits. * * * * * A (e) Issuance o f debentures. * * * (6) Bear interest from the date of issue, payable semiannually on the first day of January and the first day of July of each year at the rate in effect as of the date the commitment was issued, or as of the date qf initial insurance endorsement of the mortgage, whichever rate is the higher. The following interest rates are effective for the dates listed: Effective rate (percent) On or after Prior to 6 V i......................................... Jan. 1,1971... ... July 1, 1971 5 % ......................................... July 1, 1971.... ... Jan. 1, 1972 5 % .......................................... Jan. 1, 1972... ... July 1,1972 5 M i..............._______...M__ July 1, 1972.... ... Jan. 1, 1973 5 Mi...................................... Jan. 1, 1973....

July 1, 1973 6 ............................................. July 1, 1973 .. Jan. 1,1974 e y « ____________________ Jan. 1, 1974....... July 1, 1974 7 ........................................ July 1, 1975....... J a a 1,1976 7V&.......................................... Jan. 1, 1976.... .. July 1, 1976 July 1, 1976....... Jan. 1,1977 6 % .......... ........ ............ Jan. 1, 1977...... July 1,1977 7 Y t......................................... July 1. 1977....... Jan. 1,1978 7 Ye.......... .............................. Jan. 1, 1978.... .. July 1, 1978 7 % ........................................ July 1. 1978..... .. Jan. 1, 1979 8 ............................................i Jan. 1,1979 (Sec. 211, 52 Stat. 23; 12 U.S.C. 1715b. Interprets or applies sec. 207, 52 Stat. 16, as amended; 12 U.S.C. 1713.) PART 220—URBAN RENEWAL MORTGAGE INSURANCE AND INSURED IMPROVEMENT LOANS Subpart t>—Contract Rights and Obligations—Projects 4.

Section 220.830 is amended to read as follows:

§ 220.830 Debenture interest rate. Debentures shall bear interest from the date of issue, payable semiannually on the first day of January and the first day of July of each year at the rate in effect as of the date the commitment was issued or as of the date the loan was endorsed for insurance, whichever rate is higher. The following interest rates are effective for the dates listed: Effective rate (percent) On or after Prior to 6y»........ ........................... Jaa 1,1971.... . July 1, 1971 5% __ _____ ...____ July 1.1971__ . Jan. 1,1972 5% ____ ___ ___ ______ Jan. 1.1972 . July 1, 1972 5 V i..................................... July 1,1972..... . Jaa 1, 1973 5 V i_____________ ____ Jan. 1, 1973.... . July 1, 1973 6 ____________________ July 1, 1973..... . Jan. 1, 1974 6 V i............. ........................ Jan. 1,1974.... . July 1, 1974 6 % .......... ..

....... ......„ July 1, 1974 . July 1, 1975 . Jan. 1, 1976 7 .................................... July 1, 1975.....

7 V i................... .................. Jan. 1. 1976...... July 1, 1976 7 _______________ _____ July 1, 1976....... Jan. 1,1977 6 % ____;........................... Jaa 1, 1977...... July 1, 1977 7 V i......................... July 1, 1977 . Jan. 1, 1978 . July 1,1978 . Jan. 1,1979 7 V i.......................... ........ Jan. 1, 1978 7% __ .......

...

July 1, 1978......

8 ......................................... Jan. 1,1979.....

(Sec. 211, 52 Stat. 23; 12 U.S.C. 1715b. Interprets or applies sec. 220, 68 Stat. 596, as amended; 12 U.S.C. 1715k.) Issued at Washington, D.C., April 11,1979. Lawrence B, Simons, Assistant Secretary fo r Housing—Federal Housing Commis­ sioner.

[Docket No. R-79-648] [FR Doc. 79-12276 Filed 4-19-79; 8:45 am]