Federal Register: April 11, 2007 (Volume 72, Number 69)
DOCID: fr11ap07-87 FR Doc E7-6823
FEDERAL HOUSING FINANCE BOARD
Federal Housing Finance Board
DOCUMENT ID: [No. 2007-N-06]
DOCUMENT ACTION: Notice.
Proposed Collection; Comment Request
DATES: Interested persons may submit comments on or before June 11, 2007.
Comments: Submit comments only once by any of the following methods:
Mail/Hand Delivery: Federal Housing Finance Board, 1625 Eye Street, NW., Washington, DC 20006, ATTENTION: Public Comments.
Federal eRulemaking Portal: http://www.regulations.gov. Follow the instructions for submitting comments. Include the following information in the subject line of your submission: Federal Housing Finance Board. Proposed Collection; Comment Request: Monthly Interest Rate Survey. 2007N06.
We will post all public comments we receive on this notice without change, including any personal information you provide, such as your name and address, on the Finance Board Web site at http://www.fhfb.gov/Default.aspx?Page=93&Top=93 .
In accordance with the requirements of the Paperwork Reduction Act of 1995, the Federal Housing Finance Board (Finance Board) is seeking public comments concerning a 3year extension by the Office of Management and Budget (OMB) of the information collection entitled ``Monthly Survey of Rates and Terms on Conventional, 1Family, Nonfarm Loans,'' commonly known as the Monthly Interest Rate Survey or MIRS. OMB has been assigned control 30690001, which is due to expire on July 31, 2007.
Agency information collection activities; proposals, submissions, and approvals,
A. Need For and Use of Information Collection
The Finance Board's predecessor, the former Federal Home Loan Bank Board (FHLBB), first provided data concerning a survey of mortgage interest rates in 1963. No statutory or regulatory provision explicitly required the FHLBB to conduct the MIRS although references to the MIRS did appear in several federal and state statutes. Responsibility for conducting the MIRS was transferred to the Finance Board upon dissolution of the FHLBB in 1989. See Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA), Public Law 10173, tit. IV, sec. 402(e)(3)(4), 103 Stat. 183, codified at 12 U.S.C. 1437 note, and tit. VII, sec. 731(f)(1), (f)(2)(B), 103 Stat. 433 (Aug. 9, 1989). In 1993, the Finance Board promulgated a final rule describing the method by which it conducts the MIRS. See 58 FR 19195 (Apr. 13, 1993), codified at 12 CFR 906.3. Since its inception, the MIRS has provided the only consistent source of information on mortgage interest rates and terms and house prices for areas smaller than the entire country.
Statutory references to the MIRS include the following:
The Finance Board uses the information collection to produce the MIRS and for general statistical purposes and program evaluation. Economic policy makers use the MIRS data to determine trends in the mortgage markets, including interest rates, down payments, terms to maturity, terms on ARMs and initial fees and charges on mortgage loans. Other federal banking agencies use the MIRS results for research purposes. Information concerning the MIRS is regularly published on the Finance Board's Web site (http://www.fhfb.gov/mirs) and in press releases, in the popular trade press, and in publications of other Federal agencies.
The likely respondents include a sample of savings associations, mortgage companies, commercial banks, and savings banks. The information collection requires each respondent to complete FHFB Form 1091 on a monthly basis.
The OMB number for the information collection is 30690001. The OMB clearance for the information collection expires on July 31, 2007. B. Burden Estimate
The Finance Board estimates the total annual number of respondents at 200 with 6 responses per respondent. The estimate for the average hours per response is 30 minutes. The estimate for the total annual hour burden is 600 hours (200 respondents x 6 responses x 0.5 hours). C. Comment Request
The Finance Board requests written comments on the following: (1) Whether the collection of information is necessary for the proper performance of Finance Board functions, including whether the information has practical utility; (2) the accuracy of the Finance Board's estimates of the burdens of the collection of information; (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 on respondents, including through the use of automated collection techniques or other forms of information technology.
Dated: April 5, 2007.
By the Federal Housing Finance Board.
Neil R. Crowley,
Acting General Counsel.
[FR Doc. E76823 Filed 41007; 8:45 am]
BILLING CODE 672501P
FOR FURTHER INFORMATION CONTACT
David Roderer, Senior Financial
Analyst, Risk Monitoring Division, Office of Supervision, by email at
firstname.lastname@example.org, by telephone at 2024082540, or by regular mail at the Federal Housing Finance Board, 1625 Eye Street, NW., Washington DC 20006.