63454 Federal Register / Vol. 62, No. 230 / Monday, December 1, 1997 / Rules and Regulations

1831. This regulation shall remain in

effect until October 11, 2001.

Dated: November 20, 1997.

Janet Reno,

Attorney General.

[FR Doc. 97–31192 Filed 11–28–97; 8:45 am]

BILLING CODE 4410–14–M

DEPARTMENT OF VETERANS

AFFAIRS

38 CFR Part 36

RIN 2900–AI92

Loan Guaranty: Requirements for

Interest Rate Reduction Refinancing

Loans

AGENCY: Department of Veterans Affairs.

ACTION: Final rule.

SUMMARY: This document amends the

Department of Veterans Affairs (VA)

loan guaranty regulations concerning

the requirements for Interest Rate

Reduction Refinancing Loans (IRRRLs).

In a document published in the Federal

Register on October 8, 1997 (62 FR

52503), VA issued an interim final rule

which generally limited these loans to

instances where the veteran’s monthly

mortgage payment will decrease, and

generally required that the loans being

refinanced be current in their payments.

The interim final rule stated that it was

effective on the date of publication. A

subsequent administrative issuance

delayed the effective date of the changes

made by the interim final rule until

December 1, 1997. This administrative

issuance has caused uncertainty

concerning the implementation of the

interim final rule. Under these

circumstances, this document rescinds

the interim final rule and VA is

rescinding the administrative issuance.

We intend in the near future to publish

a proposed rule to address the same

issues that were addressed in the

interim final rule. Further, the

comments received in response to the

interim final rule will be considered in

the new rulemaking proceeding.

DATES: Effective Date: December 1, 1997.

FOR FURTHER INFORMATION CONTACT: Ms.

Judith Caden, Assistant Director for

Loan Policy (264), Loan Guaranty

Service, Veterans Benefits

Administration, Department of Veterans

Affairs, 810 Vermont Avenue, NW,

Washington, DC 20420, (202) 273–7368.

SUPPLEMENTARY INFORMATION:

Administrative Procedure Act

Pursuant to 5 U.S.C. 553, we have

found good cause to dispense with

notice and comment on this final rule

and to dispense with a 30-day delay of

its effective date. Such actions are

impracticable, unnecessary, and

contrary to the public interest. The

issues raised by the interim final rule

will be subjected to notice and comment

in a future rulemaking proceeding.

Further, the final rule is necessary to

avoid uncertainty regarding the

implementation of the interim final rule.

Regulatory Flexibility Act

Because no notice of proposed rule

making was required in connection with

the adoption of this final rule, no

regulatory flexibility analysis is required

under the Regulatory Flexibility Act (5

U.S.C. 601 et seq.).

The Catalog of Federal Domestic

Assistance Program number is 64.114.

List of Subjects in 38 CFR Part 36

Condominiums, Handicapped,

Housing, Indians, Individuals with

disabilities, Loan programs—housing

and community development, Loan

programs—Indians, Loan programs—

veterans, Manufactured homes,

Mortgage insurance, Reporting and

recordkeeping requirements, Veterans.

Approved: November 25, 1997.

Hershel W. Gober,

Acting Secretary of Veterans Affairs.

For the reasons set out in the

preamble, 38 CFR part 36 is amended as

set forth below:

1. The authority citation for part 36

continues to read as follows:

Authority: 38 U.S.C. 501, 3701–3704, 3707,

3710–3714, 3719, 3720, 3729, 3762, unless

otherwise noted.

2. In § 36.4306a, paragraphs (a)(6) and

(a)(7) are removed and paragraphs (a)(3)

through (a)(5) are revised, to read as

follows:

§ 36.4306a Interest rate reduction

refinancing loan.

(a) * * *

(3) The amount of the refinancing

loan may not exceed:

(i) An amount equal to the balance of

the loan being refinanced and such

closing costs as authorized by

§ 36.4312(d) and a discount not to

exceed 2 percent of the loan amount; or

(ii) In the case of a loan to refinance

an existing VA guaranteed or direct loan

and to improve the dwelling securing

such loan through energy efficient

improvements, an amount equal to the

sum of the amount referred to with

respect to the loan under paragraph

(a)(3)(i) of this section and the amount

authorized by § 36.4336(a)(4);

(Authority: 38 U.S.C. 3710(a))

(4) The dollar amount of the guaranty

of the 38 U.S.C. 3710(a)(8) or (9)(B)(i)

loan may not exceed the original dollar

amount of guaranty applicable to the

loan being refinanced, less any dollar

amount of guaranty previously paid as

a claim on the loan being refinanced;

and

(5) The term of the refinancing loan

(38 U.S.C. 3710(a)(8)) may not exceed

the original term of the loan being

financed plus ten years or the maximum

loan term allowed under 38 U.S.C.

3703(d)(1), whichever is less. For

manufactured home loans that were

previously guaranteed under 38 U.S.C.

3712 the loan term, if being refinanced

under 38 U.S.C. 3710(a)(9)(B)(i), may

exceed the original term of the loan but

may not exceed the maximum loan term

allowed under 38 U.S.C. 3703(d)(1).

(Authority: 38 U.S.C. 3710(e)(1))

3. In § 36.4337, paragraph (a) is

revised, to read as follows:

§ 36.4337 Underwriting standards,

processing procedures, lender

responsibility, and lender certification.

(a) Use of standards. Except for

refinancing loans guaranteed pursuant

to 38 U.S.C. 3710(a)(8), the standards

contained in paragraphs (c) through (j)

of this section will be used to determine

that the veteran’s present and

anticipated income and expenses, and

credit history are satisfactory.

* * * * *

[FR Doc. 97–31369 Filed 11–28–97; 8:45 am]

BILLING CODE 8320–01–P

ENVIRONMENTAL PROTECTION

AGENCY

40 CFR Part 52

[IA 036–1036; FRL–5929–3]

Approval and Promulgation of

Implementation Plans; State of Iowa

AGENCY: Environmental Protection

Agency (EPA).

ACTION: Final rule.

SUMMARY: The EPA is taking final action

to approve an Iowa State

Implementation Plan (SIP) revision

pertaining to the Muscatine, Iowa,

sulfur dioxide (SO2) nonattainment area.

This action will make federally

enforceable state permits and related

source specific emission limits and

other conditions which will ensure

attainment and maintenance of the SO2

National Ambient Air Quality Standards

(NAAQS).

DATES: This rule is effective on

December 31, 1997.