42794 Federal Register / Vol. 62, No. 153 / Friday, August 8, 1997 / Notices

1Single-Family pools for GNMA I securities are

required to be $1 million or more while such pools

for GNMA II securities have a minimum of

$250,000. Loans placed into GNMA I securities may

not vary by more than 50 basis points in rate

whereas loans securitized into GNMA II securities

may vary by 50 to 150 basis points in rate. The

small pool size and the broader range enables more

loans to fit into the GNMA II pools.

security with a mix of consolidated

obligations and other asset/liability

management tools. Liquidity risk will be

mitigated by the relatively small size of

the pilot.

The FHLBank of Seattle will purchase

the loans at a price/yield equivalent to

that quoted for loans securitizing GNMA

I securities instead of the lower price/

yields for loans securitizing GNMA II

securities. The FHLBank of Seattle

indicates that the FHA-insured loans

that will be purchased under the

program are normally securitized into

GNMA II securities instead of GNMA I

securities because of the low volume of

such loans, longer time to originate, and

wider range of interest rates.1

The proposal also notes that the pilot

will assist in providing financing under

more attractive terms than are generally

available. Program participants may sell

such loans for immediate delivery to

FHLBank of Seattle instead of

accumulating a pool of loans required to

securitize a GNMA security. This

reduces the cost to the lender since it no

longer has to hold the loans and hedge

the interest rate risk associated with the

loans until such time as sufficient

quantity is accumulated for GNMA

pooling. The lender may request from

the FHLBank of Seattle a forward

commitment of up to six months on a

loan rate. Additionally, the FHLBank of

Seattle will pay a servicing fee of 50

basis points to the servicer (lender)

instead of the 44 basis points paid by

GNMA (net of a 6 basis points fee for

insurance).

The FHLBank of Seattle also believes

that the pilot advances the mission of

the Bank System because the pilot will

stimulate more lending for lease-to-own

programs. According to the FHLBank of

Seattle, lease-to-own programs are

costly for lenders to develop because of

the low mortgage amounts as well as the

higher costs associated with

underwriting loans to non-profits and

local housing agencies compared to

loans to families/individuals. The

FHLBank of Seattle intends to work to

reduce the amount of time and hence

the cost of underwriting the loans by

providing technical advice to lenders

and borrowers. In addition, origination

of these types of loans for sale to the

FHLBank of Seattle creates an

opportunity for member and

nonmember mortgagees to transact

Community Reinvestment Act-eligible

lending at more favorable rates.

Finally, the FHLBank of Seattle

believes that its proposal would

enhance the cooperative nature of the

System because the loans will be

originated by members and approved

non-member mortgagees of the

FHLBank of Seattle. In addition, the

FHLBank of Seattle will only purchase

such loans directly from these

originators and thereby provide a

secondary market outlet for them.

Members have informed the FHLBank of

Seattle that the lack of a secondary

market outlet has impeded them from

making this type of loan. The proposal

indicates that the pilot will therefore

enhance the flow of credit to an underserved segment of the mortgage market.

Dated: August 1, 1997.

William W. Ginsberg,

Managing Director.

[FR Doc. 97–20815 Filed 8–7–97; 8:45 am]

BILLING CODE 6725–01–M

FEDERAL MARITIME COMMISSION

Notice of Agreement(s) Filed

The Commission hereby gives notice

of the filing of the following

agreement(s) under the Shipping Act of

1984.

Interested parties can review or obtain

copies of agreements at the Washington,

DC offices of the Commission, 800

North Capitol Street, N.W., Room 962.

Interested parties may submit comments

on an agreement to the Secretary,

Federal Maritime Commission,

Washington, DC 20573, within 10 days

of the date this notice appears in the

Federal Register.

Agreement No.: 202–011284–030.

Title: Equipment Interchange

Discussion Agreement.

Parties:

A.P. Moller-Maersk Line

American President Lines

Hapag-Lloyd Container Linie GmbH

Kawasaki Kisen Kaisha, Ltd.

Mitsui O.S.K. Lines, Ltd.

Neptune Orient Lines, Ltd.

Nippon Yusen Kaisha Line

Orient Overseas Container Line, Inc.

Orient Overseas Container Line (UK)

Ltd.

P&O Nedlloyd B.V.

P&O Nedlloyd Limited

Sea-Land Service, Inc.

Synopsis: The proposed Amendment

modifies the authority of the Agreement

to include discussion of matters within

the scope of EIDA which were pending,

or decided by other carrier agreements

to which one or more of the members

is a party. The authority is further

modified to authorize the members to

meet with the owners or operators of

inland equipment depots, equipment

pools or inland terminals to discuss and

agree upon the terms, conditions and

procedures related to the use of such

facilities, as well as joint leases, joint

contracts and joint purchase of such

facilities. The Amendment also modifies

Article 7 of the Agreement to create an

Associate Membership, which permits

new members to join the Agreement and

participate in all discussions and

agreements, with the exception of free

time and detention charges. Article 8 is

modified to state what matters the

Associate Members may vote upon.

Agreement No.: 202–011375–031.

Title: Trans-Atlantic Conference

Agreement.

Parties:

Atlantic Container Line AB

Cho Yang Shipping Co. Ltd.

Sea-Land Service, Inc.

A.P. Moller-Maersk Line

P&O Nedlloyd B.V.

Hapag-Lloyd Container Linie GmbH

Mediterranean Shipping Co., S.A.

DSR–Senator Lines

Pol-Atlantic

Orient Overseas Container Line (UK)

Ltd.

Transportacion Maritima Mexicana,

S.A. de C.V.

Neptune Orient Lines Ltd.

Hyundai Merchant Marine Co., Ltd.

P&O Nedlloyd Limited

Nippon Yusen Kaisha

Tecomar S.A. de C.V.

Hanjin Shipping Co., Ltd.

Synopsis: The proposed modification

provides that Agreement parties are not

precluded from sharing vessels with and

or chartering space to or from vessel

operating common carriers that are not

Agreement parties, and that parties with

related companies that offer non-vessel

operating common carrier service in the

trade pursuant to independent tariffs,

shall not be obligated to ship only with

Agreement parties. The modification

also specifies that the parties are not

authorized to coordinate sailing

schedules, except when necessary for ad

hoc, sporadic or emergency movements.

Agreement No.: 203–011584.

Title: NYKNOS/HUAL Rate

Discussion and Voluntary Rate

Adherence Agreement.

Parties: NYKNOS (East/West) Joint

Service (FMC No. 207–011441) HoeghUgland Auto Liners A/S

Synopsis: The proposed Agreement

would permit the parties to meet,

discuss, and agree upon rates, terms,

and conditions of service in the trade
Federal Register / Vol. 62, No. 153 / Friday, August 8, 1997 / Notices 42795

between United States Atlantic and Gulf

Coast ports and ports in the Eastern

Mediterranean Sea, Red Sea, and

Arabian Gulf. Adherence to any

agreement reached would be voluntary.

By Order of the Federal Maritime

Commission.

Dated: August 4, 1997.

Joseph C. Polking,

Secretary.

[FR Doc. 97–20918 Filed 8–7–97; 8:45 am]

BILLING CODE 6730–01–M

FEDERAL MARITIME COMMISSION

Notice of Agreement(s) Filed

The Commission hereby gives notice

of the filing of the following

agreement(s) under the Shipping Act of

1984.

Interested parties can review or obtain

copies of agreements at the Washington,

DC offices of the Commission, 800

North Capitol Street, N.W., Room 962.

Interested parties may submit comments

on an agreement to the Secretary,

Federal Maritime Commission,

Washington, DC 20573, within 10 days

of the date this notice appears in the

Federal Register.

Agreement No.: 224–201031.

Title: Jacksonville/NPR Truck Scale

Weigh Rates Agreement.

Parties: Jacksonville Port Authority

(‘‘Port’’) NPR, Inc. (‘‘NPR’’).

Synopsis: The Agreement establishes

truck scale weigh rates for NPR cargo

arriving at or departing from the Port’s

terminal facilities.

Dated: August 5, 1997.

By Order of the Federal Maritime

Commission.

Joseph C. Polking,

Secretary.

[FR Doc. 97–21035 Filed 8–7–97; 8:45 am]

BILLING CODE 6730–01–M

FEDERAL RESERVE SYSTEM

Agency Information Collection

Activities: Submission to OMB Under

Delegated Authority

Background

Notice is hereby given of the final

approval of a proposed information

collection by the Board of Governors of

the Federal Reserve System (Board)

under OMB delegated authority, as per

5 CFR 1320.16 (OMB Regulations on

Controlling Paperwork Burdens on the

Public). The Federal Reserve may not

conduct or sponsor, and the respondent

is not required to respond to, an

information collection that has been

extended, revised, or implemented on or

after October 1, 1995, unless it displays

a currently valid OMB control number.

FOR FURTHER INFORMATION CONTACT:

Chief, Financial Reports Section—Mary

M. McLaughlin—Division of Research

and Statistics, Board of Governors of

the Federal Reserve System,

Washington, DC 20551 (202-452-3829)

OMB Desk Officer—Alexander T.

Hunt—Office of Information and

Regulatory Affairs, Office of

Management and Budget, New

Executive Office Building, Room

3208, Washington, DC 20503 (202-

395-7860)

Final approval under OMB delegated

authority of the extension for three

years, without revision, of the following

report:

1. Report title: Report of Changes in

Foreign Investments (Made Pursuant to

Regulation K)

Agency form number: FR 2064

OMB Control number: 7100-0109

Frequency: On occasion

Reporters: U.S. member banks, bank

holding companies, and Edge and

agreement corporations

Annual reporting hours: 750

Estimated average hours per response:

0.50

Number of respondents: 50

Small businesses are not affected.

General description of report: This

information collection is mandatory (12

U.S.C. 602, 625 and 1844) and is given

confidential treatment (5 U.S.C. 552(b)

(4)).

Abstract: Member banks, Edge and

agreement corporations, and bank

holding companies are required to file

the FR 2064 to record changes in their

international investments. Sections 25

and 25A of the Federal Reserve Act

(FRA) and Sections 4(c)(13) and 4

(c)(14) of the Bank Holding Company

Act govern the formation of Edge and

agreement corporations and export

trading companies and the international

and foreign activities of U.S. banking

organizations, including those of

national banks, state member banks,

Edge and agreement corporations, and

bank holding companies. Pursuant to

these statutory provisions, the Board

adopted various regulatory provisions,

all of which were consolidated in the

Board’s Regulation K, setting forth the

procedures for making investments and

engaging in activities under these

statutes. Investments made under these

procedures are reported on the FR 2064

whenever the reporting criteria are met.

The FR 2064 report is filed no later than

the last day of the month following the

month in which the reportable

investment occurred.

On December 29, 1995, the Board

published proposed revisions to the FR

2064 in the Federal Register (60 FR

67357 - 67359) to be implemented as of

March 31, 1996. On April 4, 1996, the

Board published another notice (61 FR

15070) indicating that the

implementation of these changes would

be delayed while the Board

contemplated revisions to Regulation K.

Since the Board is still reviewing

possible revisions to Regulation K, the

FR 2064 has been extended for three

years without change. When the review

of Regulation K is complete, the Board

will coordinate changes to the FR 2064

with any changes to the relevant

portions of Regulation K. Respondents

should continue to use the current form

and instructions until further notice.

Board of Governors of the Federal Reserve

System, August 4, 1997.

William W. Wiles,

Secretary of the Board.

[FR Doc. 97–20919 Filed 8–7–97; 8:45 am]

Billing Code 6210–01–F

FEDERAL RESERVE SYSTEM

Change in Bank Control Notices;

Acquisitions of Shares of Banks or

Bank Holding Companies

The notificants listed below have

applied under the Change in Bank

Control Act (12 U.S.C. 1817(j)) and §

225.41 of the Board’s Regulation Y (12

CFR 225.41) to acquire a bank or bank

holding company. The factors that are

considered in acting on the notices are

set forth in paragraph 7 of the Act (12

U.S.C. 1817(j)(7)).

The notices are available for

immediate inspection at the Federal

Reserve Bank indicated. The notices

also will be available for inspection at

the offices of the Board of Governors.

Interested persons may express their

views in writing to the Reserve Bank

indicated for that notice or to the offices

of the Board of Governors. Comments

must be received not later than August

22, 1997.

A. Federal Reserve Bank of Kansas

City (D. Michael Manies, Assistant Vice

President) 925 Grand Avenue, Kansas

City, Missouri 64198-0001:

1. Kirk F. and Patricia A. McConachie,

Andover, Kansas; to acquire voting

shares of Andover Financial

Corporation, Andover, Kansas, and

thereby indirectly acquire The Andover

State Bank, Andover, Kansas.

Board of Governors of the Federal Reserve

System, August 4, 1997.

Jennifer J. Johnson,

Deputy Secretary of the Board.

[FR Doc. 97–20921 Filed 8–7–97; 8:45 am]

BILLING CODE 6210–01–F