2006 Federal Register / Vol. 72, No. 10 / Wednesday, January 17, 2007 / Notices 

[FR Doc. E7–556 Filed 1–16–07; 8:45 am] 

BILLING CODE 4210–67–P 

DEPARTMENT OF HOUSING AND 

URBAN DEVELOPMENT 

[Docket No. FR–4513–27] 

Credit Watch Termination Initiative 

AGENCY: Office of the Assistant 

Secretary for Housing—Federal Housing 

Commissioner, HUD. 

ACTION: Notice. 

SUMMARY: This notice advises of the 

cause and effect of termination of 

Origination Approval Agreements taken 

by HUD’s Federal Housing 

Administration (FHA) against HUDapproved mortgagees through the FHA 

Credit Watch Termination Initiative. 

This notice includes a list of mortgagees 

which have had their Origination 

Approval Agreements terminated. 

FOR FURTHER INFORMATION CONTACT: The 

Quality Assurance Division, Office of 

Housing, Department of Housing and 

Urban Development, 451 Seventh Street, 

SW., Room B133–P3214, Washington, 

DC 20410–8000; telephone (202) 708–

2830 (this is not a toll-free number). 

Persons with hearing or speech 

impairments may access that number 

through TTY by calling the Federal 

Information Relay Service at (800) 877–

8339. 

SUPPLEMENTARY INFORMATION: HUD has 

the authority to address deficiencies in 

the performance of lenders’ loans as 

provided in HUD’s mortgagee approval 

regulations at 24 CFR 202.3. On May 17, 

1999 (64 FR 26769), HUD published a 

notice on its procedures for terminating 

Origination Approval Agreements with 

FHA lenders and placement of FHA 

lenders on Credit Watch status (an 

evaluation period). In the May 17, 1999 

notice, HUD advised that it would 

publish in the Federal Register a list of 

mortgagees which have had their 

Origination Approval Agreements 

terminated. 

Termination of Origination Approval 

Agreement: Approval of a mortgagee by 

HUD/FHA to participate in FHA 

mortgage insurance programs includes 

an Origination Approval Agreement 

(Agreement) between HUD and the 

mortgagee. Under the Agreement, the 

mortgagee is authorized to originate 

single-family mortgage loans and submit 

them to FHA for insurance 

endorsement. The Agreement may be 

terminated on the basis of poor 

performance of FHA-insured mortgage 

loans originated by the mortgagee. The 

termination of a mortgagee’s Agreement 

is separate and apart from any action 

taken by HUD’s Mortgagee Review 

Board under HUD’s regulations at 24 

CFR part 25. 

Cause: HUD’s regulations permit HUD 

to terminate the Agreement with any 

mortgagee having a default and claim 

rate for loans endorsed within the 

preceding 24 months that exceeds 200 

percent of the default and claim rate 

within the geographic area served by a 

HUD field office, and also exceeds the 

national default and claim rate. For the 

29th review period, HUD is terminating 

the Agreement of mortgagees whose 

default and claim rate exceeds both the 

national rate and 200 percent of the 

field office rate. 

Effect: Termination of the Agreement 

precludes that branch(es) of the 

mortgagee from originating FHA-insured 

single-family mortgages within the area 

of the HUD field office(s) listed in this 

notice. Mortgagees authorized to 

purchase, hold, or service FHA insured 

mortgages may continue to do so. 

Loans that closed or were approved 

before the termination became effective 

may be submitted for insurance 

endorsement. Approved loans are (1) 

Those already underwritten and 

approved by a Direct Endorsement (DE) 

underwriter employed by an 

unconditionally approved DE lender 

and (2) cases covered by a firm 

commitment issued by HUD. Cases at 

earlier stages of processing cannot be 

submitted for insurance by the 

terminated branch; however, they may 

be transferred for completion of 

processing and underwriting to another 

mortgagee or branch authorized to 

originate FHA insured mortgages in that 

area. Mortgagees are obligated to 

continue to pay existing insurance 

premiums and meet all other obligations 

associated with insured mortgages. 

A terminated mortgagee may apply for 

a new Origination Approval Agreement 

if the mortgagee continues to be an 

approved mortgagee meeting the 

requirements of 24 CFR 202.5, 202.6, 

202.7, 202.8 or 202.10 and 202.12, if 

there has been no Origination Approval 

Agreement for at least six months, and 

if the Secretary determines that the 

underlying causes for termination have 

been remedied. To enable the Secretary 

to ascertain whether the underlying 

causes for termination have been 

remedied, a mortgagee applying for a 

new Origination Approval Agreement 

must obtain an independent review of 

the terminated office’s operations as 

well as its mortgage production, 

specifically including the FHA-insured 

mortgages cited in its termination 

notice. This independent analysis shall 

identify the underlying cause for the 

mortgagee’s high default and claim rate. 

The review must be conducted and 

issued by an independent Certified 

Public Accountant (CPA) qualified to 

perform audits under Government 

Auditing Standards as provided by the 

Government Accountability Office. The 

mortgagee must also submit a written 

corrective action plan to address each of 

the issues identified in the CPA’s report, 

along with evidence that the plan has 

been implemented. The application for 

a new Agreement should be in the form 

of a letter, accompanied by the CPA’s 

report and corrective action plan. The 

request should be sent to the Director, 

Office of Lender Activities and Program 

Compliance, 451 Seventh Street, SW., 

Room B133–P3214, Washington, DC 

20410–8000 or by courier to 490 

L’Enfant Plaza, East, SW., Suite 3214, 

Washington, DC 20024–8000. 

Action: The following mortgagees 

have had their Agreements terminated 

by HUD: 

Mortgagee name Mortgagee branch address HUD office 

jurisdictions 

Termination 

effective date 

Homeownership 

centers 

Assurity Financial Services 

LLC.

6025 S. Quebec St. Ste 220, Englewood, CO 80111 Denver, CO ............... 12/1/2006 Denver. 

Colonial Savings FA .......... 1500 N Norwood Dr., Hurst, TX 76054 ........................ Fort Worth, TX ........... 12/1/2006 Denver. 

Colonial Savings FA .......... 9880 Westpoint Dr., 500 Bldg VI, Indianapolis, IN 

46256.

Indianapolis, IN ......... 12/1/2006 Atlanta. 

New York Mortgage Co. 

LLC.

1 Research CT., Ste 160, Rockville, MD 20850 .......... Dallas, TX .................. 12/1/2006 Denver. 

Southern Crescent Mtg. 

Inv. Corp..

145 W Lanier Avenue, Fayetteville, GA 30214 ............ Atlanta, GA ................ 12/1/2006 Atlanta. 

mstockstill on PROD1PC61 with NOTICES

Federal Register / Vol. 72, No. 10 / Wednesday, January 17, 2007 / Notices 2007 

Dated: January 5, 2007. 

Brian D. Montgomery, 

Assistant Secretary for Housing—Federal 

Housing Commissioner. 

[FR Doc. E7–582 Filed 1–16–07; 8:45 am] 

BILLING CODE 4210–67–P 

DEPARTMENT OF HOUSING AND 

URBAN DEVELOPMENT 

[Docket No. FR–4743–N–09] 

Notice of Planned Closing of Nashville, 

TN Post-of-Duty Station 

AGENCY: Office of the Inspector General, 

HUD. 

ACTION: Notice of planned closing of the 

Nashville, Tennessee post-of-duty 

station. 

SUMMARY: This notice advises the public 

that HUD’s Office of the Inspector 

General (HUD/OIG) plans to close its 

Nashville, Tennessee post-of-duty 

station, and also provides a cost-benefit 

analysis of the impact of this closure. 

FOR FURTHER INFORMATION CONTACT: 

Bryan Saddler, Counsel to the Inspector 

General, Room 8260, Department of 

Housing and Urban Development, 451 

Seventh Street, SW., Washington, DC 

20410–4500, (202) 708–1613. (This is 

not a toll-free number.) A 

telecommunications device for hearingand speech-impaired persons (TTY) is 

available at (800) 877–8339 (Federal 

Information Relay Services). (This is a 

toll-free number.) 

SUPPLEMENTARY INFORMATION: The 

Nashville, Tennessee post-of-duty 

station was opened in 2003 to address 

fraud statewide. In 2006, one of the two 

agents assigned to Nashville resigned 

and another was transferred to Texas. 

Additionally, HUD/OIG plans to add 

investigative staff to its existing post-ofduty station in Knoxville. HUD/OIG has 

determined that greater efficiency and 

cost-savings can be achieved by now 

consolidating staff and resources in the 

Knoxville office. 

Section 7(p) of the Department of 

Housing and Urban Development Act 

(42 U.S.C. 3535(p)) provides that a plan 

for field reorganization, which may 

involve the closing of any field or 

regional office, of the Department of 

Housing and Urban Development may 

not take effect until 90 days after a costbenefit analysis of the effect of the plan 

on the office in question is published in 

the Federal Register. The required costbenefit analysis should include: (1) An 

estimate of cost savings anticipated; (2) 

an estimate of the additional cost which 

will result from the reorganization; (3) a 

discussion of the impact on the local 

economy; and (4) an estimate of the 

effect of the reorganization on the 

availability, accessibility, and quality of 

services provided for recipients of those 

services. 

Legislative history pertaining to 

section 7(p) indicates that not all 

reorganizations are subject to the 

requirements of section 7(p). Congress 

stated that ‘‘[t]his amendment is not 

intended to [apply] to or restrict the 

internal operations or organization of 

the Department (such as the 

establishment of new or combination of 

existing organization units within a 

field office, the duty stationing of 

employees in various locations to 

provide on-site service, or the 

establishment or closing, based on 

workload, of small, informal offices 

such as valuation stations).’’ (See House 

Conference Report No. 95–1792, 

October 14, 1978 at 58.) Through this 

notice, HUD/OIG advises the public of 

the closing of the Nashville, Tennessee 

duty station and provides the costbenefit analysis of the impact of the 

closure. 

Impact of the Closure of the Nashville, 

Tennessee, Post-of-Duty Station: HUD/ 

OIG considered the costs and benefits of 

closing the Nashville, Tennessee postof-duty station, and is publishing its 

cost-benefit analysis with this notice. In 

summary, HUD/OIG has determined 

that the closure will result in a cost 

savings, and, as a result of the size and 

limited function of the office, will cause 

no appreciable impact on the provision 

of authorized investigative services/ 

activities in the area. 

A. Cost Savings: The Nashville, 

Tennessee post-of-duty station currently 

costs approximately $31,764.38 per 

annum for space rental. Additional 

associated overhead expenses (e.g., 

telephone service) are incurred to 

operate the post-of-duty station. Thus, 

closing the office will result in annual 

savings of at least $32,000. 

B. Additional Costs: Since the 

Nashville, Tennessee post-of-duty is 

currently not staffed, there are no 

offsetting costs associated with the 

closure. 

C. Impact on Local Economy: No 

appreciable impact on the local 

economy is anticipated. The post-ofduty station is located in a desirable 

office park, and it is anticipated that the 

space can easily be re-leased to other 

tenants. 

D. Effect on Availability, Accessibility 

and Quality of Services Provided to 

Recipients of Those Services: The 

availability, accessibility and quality of 

services provided to complainants will 

not be adversely impacted. Special 

agents assigned to other HUD/OIG 

offices—chiefly Atlanta, and soon 

Knoxville—can cost-effectively address 

fraud allegations in Tennessee generally 

and Nashville specifically. 

For the reasons stated in this notice, 

HUD/OIG intends to proceed to close its 

Nashville, Tennessee post-of-duty 

station at the expiration of the 90-day 

period from the date of publication of 

this notice. 

Dated: January 10, 2007. 

Kenneth M. Donohue, Sr., 

Inspector General. 

[FR Doc. E7–578 Filed 1–16–07; 8:45 am] 

BILLING CODE 4210–67–P 

INTER-AMERICAN FOUNDATION 

BOARD MEETING 

Sunshine Act Meetings 

TIME AND DATE: January 22, 2007, 9:15 

a.m.–12:30 p.m. 

PLACE: 901 N. Stuart Street, Tenth Floor, 

Arlington, Virginia 22203. 

STATUS: Open session. 

MATTERS TO BE CONSIDERED: 

• Approval of the Minutes of the May 

22, 2006, Meeting of the Board of 

Directors. 

• President’s Report. 

• Program Update. 

• Operations Update. 

• External Affairs. 

• Congressional Affairs. 

• Board site visit to IAF grantees. 

PORTIONS TO BE OPEN TO THE PUBLIC: 

• All. 

PORTIONS TO BE CLOSED TO THE PUBLIC: 

• None. 

CONTACT PERSON FOR MORE INFORMATION: 

• Jennifer R. Hodges, General 

Counsel—(703) 306–4320. 

Dated: January 9, 2007. 

Jennifer R. Hodges, 

General Counsel. 

[FR Doc. 07–189 Filed 1–12–07; 3 pm] 

BILLING CODE 7025–01–P 

DEPARTMENT OF THE INTERIOR 

Bureau of Indian Affairs 

Indian Gaming 

AGENCY: Bureau of Indian Affairs, 

Interior. 

ACTION: Notice of Class III Gaming 

Amendment taking effect. 

SUMMARY: Notice is given that the 

Amendment to the Tribal-State gaming 

compact between the State of California 

and the Quechan Tribe of the Fort Yuma 

Indian Reservation is considered 

approved and is in effect. 

mstockstill on PROD1PC61 with NOTICES