Federal Register: May 28, 2009 (Volume 74, Number 101)
DOCID: fr28my09-56 FR Doc E9-12401
FEDERAL HOUSING FINANCE AGENCY
Federal Housing Financing Agency
NOTICE: NOTICES
DOCID: fr28my09-56
DOCUMENT ACTION: 60-Day notice of submission of information collection for approval from the Office of Management and Budget.
SUBJECT CATEGORY:
Proposed Collection; Comment Request
DATES: Interested persons may submit comments on or before July 27, 2009.
Comments: Submit comments to the FHFA using any one of the following methods:
Email: regcomments@fhfa.gov. Please include Proposed Collection; Comment Request: Federal Home Loan Bank Acquired Member Assets, Core Mission Activities, Investments and Advances (No. 2009N05) 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. 2009N05).
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.
DOCUMENT SUMMARY:
In accordance with the requirements of the Paperwork Reduction Act of 1995, the Federal Housing Finance Agency (FHFA) is seeking public comments concerning a currently approved information collection known as ``Federal Home Loan Bank Acquired Member Assets, Core Mission Activities, Investments and Advances,'' which has been assigned control 25900008 by the Office of Management and Budget (OMB). The FHFA intends to submit the information collection to OMB for review and approval of a three year extension of the control number, which is due to expire on August 31, 2009.
SUMMARY:
Agency Information Collection Activities; Proposals, Submissions, and Approvals
SUPPLEMENTAL 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 loanlevel 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. 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).
While the Banks provide the AMA data directly to the FHFA, each
Bank initially must collect the information from the privatesector
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
[[Page 25539]]
Development (HUD) and pursuant to the information 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 25900008. 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 onetime costs to be able to collect and report additional loanlevel data elements. The FHFA estimates this additional, onetime cost at $150,000 ($2,000 x 750 members).
C. Comment Request
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; (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.
Dated: May 21, 2009.
James B. Lockhart III,
Director, Federal Housing Finance Agency.
[FR Doc. E912401 Filed 52709; 8:45 am]
BILLING CODE 807001P
FOR FURTHER INFORMATION CONTACT
David L. Roderer, Senior Financial Analyst at 2024082540 (not a tollfree number),
david.l.roderer@fhfa.gov. The telephone number for the
Telecommunications Device for the Deaf is 8008778339.