65266 Federal Register / Vol. 62, No. 238 / Thursday, December 11, 1997 / Notices

(FIRREA), Pub. L. 101–73, Title IV, sec.

402(e)(3)–(4), 103 Stat. 183, codified at

12 U.S.C. 1437 note, and Title 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 902.3. 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:

• Pursuant to their respective organic

statutes, the Federal National Mortgage

Association (also known as Fannie Mae)

and the Federal Home Loan Mortgage

Corporation (also known as Freddie

Mac) use the MIRS results as the basis

for allowable annual adjustments to the

maximum dollar limits for their

purchase of conventional mortgages. See

12 U.S.C. 1454(a)(2), 1717(b)(2). The

Fannie Mae and Freddie Mac limits

were first tied to the MIRS by the

Housing and Community Development

Act of 1980. See Public Law 96–399,

Title III, section 313(a)–(b), 94 Stat.

1644–1645 (Oct. 8, 1980). At that time,

the nearly identical statutes required

Fannie Mae and Freddie Mac to base the

dollar limit adjustments on ‘‘the

national average one-family house price

in the monthly survey of all major

lenders conducted by the [FHLBB].’’ See

12 U.S.C. 1454(a)(2), 1717(b)(2) (1989).

When Congress abolished the FHLBB in

1989, it replaced the reference to the

FHLBB in the Fannie Mae and Freddie

Mac statutes with a reference to the

Finance Board. See FIRREA, Title VII,

sec. 731(f)(1), (f)(2)(B), 103 Stat. 433.

• Also in 1989, Congress required the

Chairperson of the Finance Board to

take necessary actions to ensure that

indices used to calculate the interest

rate on adjustable rate mortgages

(ARMs) remain available. See id. Title

IV, section 402(e)(3)–(4), 103 Stat. 183,

codified at 12 U.S.C. 1437 note. At least

one ARM index, known as the National

Average Contract Mortgage Rate for the

Purchase of Previously Occupied Homes

by Combined Lenders, is derived from

the MIRS data. The statute permits the

Finance Board to substitute a

substantially similar ARM index after

notice and comment only if the new

ARM index is based upon data

substantially similar to that of the

original ARM index and substitution of

the new ARM index will result in an

interest rate substantially similar to the

rate in effect at the time the new ARM

index replaces the existing ARM index.

See 12 U.S.C. 1437 note.

• Congress indirectly connected the

high cost area limits for mortgages

insured by the Federal Housing

Administration (FHA) of the

Department of Housing and Urban

Development to the MIRS in 1994 when

it statutorily linked these FHA

insurance limits to the purchase price

limitations for Fannie Mae. See Public

Law 103–327, 108 Stat. 2314 (Sept. 28,

1994), codified at 12 U.S.C.

1709(b)(2)(A)(ii).

• The Internal Revenue Service uses

the MIRS data in establishing ‘‘safeharbor’’ limitations for mortgages

purchased with the proceeds of

mortgage revenue bond issues. See 26

CFR 6a.103A–2(f)(5).

• Statutes in several states and U.S.

territories, including California, Indiana,

Michigan, Minnesota, New Jersey,

Wisconsin, and the Virgin Islands, refer

to, or rely upon, the MIRS. See, e.g., Cal.

Rev. & Tax 439.2 (Deering 1996) (value

of owner-occupied single family

dwellings for tax purposes); Cal. Civ.

1916.7, 1916.8 (mortgage rates); Ind.

Code Ann. 28–1–21.5–1 (Burns 1996)

(mortgage instruments); Iowa Code

534.205 (1995) (real estate loan

practices); Mich. Stat. Ann. 23.1125(21)

(1996) (enforcement of mortgages);

Minn. Stat. 92.06 (1996) (payments for

state land sales); N.J. Rev. Stat. 31:1–1

(1996) (interest rates); Wis. Stat. 138.056

(1996) (variable loan rates); V.I. Code

Ann. tit. 11, section 951 (1996) (legal

rate of interest).

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 in the popular trade press, in

Finance Board releases and on its website, and in publications of other federal

agencies.

The likely respondents include a

sample of 390 savings associations,

mortgage companies, commercial banks,

and savings banks. The information

collection requires each respondent to

complete FHFB Form 10–91 or an

equivalent electronic submission on a

monthly basis.

The OMB number for the information

collection is 3069–0001. The OMB

clearance for the information collection

expires on April 30, 1998.

B. Burden Estimate

The Finance Board estimates the total

annual average number of respondents

at 390, with twelve annual responses

per respondent. The estimate for the

average hours per response is 1.0 hours.

The estimate for the total annual hour

burden is 4,680 hours (390 respondents

x 12 responses/respondent x

approximately 1.0 hour).

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: December 3, 1997.

By the Federal Housing Finance Board.

William W Ginsberg,

Managing Director.

[FR Doc. 97–32395 Filed 12–10–97; 8:45 am]

BILLING CODE 6725–01–P

FEDERAL MARITIME COMMISSION

Ocean Freight Forwarder License;

Revocations

The Federal Maritime Commission

hereby gives notice that the following

freight forwarder licenses have been

revoked pursuant to section 19 of the

Shipping Act of 1984 (46 U.S.C. app.

1718) and the regulations of the

Commission pertaining to the licensing

of ocean freight forwarders, effective on

the corresponding revocation dates

shown below:

License Number: 3791.

Name: Air-Sea International, Inc.

Address: 218 Marsh Island Drive,

Chesapeake, VA 23320–9246.

Date Revoked: November 17, 1997.

Reason: Surrendered license

voluntarily.

License Number: 3159.

Name: Artpak Transport, Ltd.

Address: c/o Judson, 50 West 57th

Street, New York, NY 10019.

Date Revoked: November 25, 1997.

Reason: Surrendered license

voluntarily.

License Number: 3593.

Name: Caliber Customs Brokers and

Freight Forwarders, Inc.
Federal Register / Vol. 62, No. 238 / Thursday, December 11, 1997 / Notices 65267

Address: 1731 Adrian Road, Unit 1,

Burlingame, CA 94010.

Date Revoked: October 14, 1997.

Reason: Failed to maintain a valid

surety bond.

License Number: 3404.

Name: Choice Transportation

Services, Inc.

Address: 752 Birginal Drive,

Bensenville, IL 60106.

Date Revoked: October 17, 1997.

Reason: Surrendered license

voluntarily.

License Number: 3786.

Name: Da-Ma’s Forwarding, Inc.

Address: 2011 N.W. 89th Place,

Miami, FL 33172.

Date Revoked: October 29, 1997.

Reason: Failed to maintain a valid

surety bond.

License Number: 782.

Name: J.R. Michels, Inc.

Address: 260 Townsend Street, San

Francisco, CA 94107.

Date Revoked: October 29, 1997.

Reason: Surrendered license

voluntarily.

License Number: 4198.

Name: NG Enterprises, Inc. d/b/a

Randy International and NG Enterprises

of New York.

Address: 326 Smith Street, Keasbey,

NJ 08832.

Date Revoked: October 15, 1997.

Reason: Failed to maintain a valid

surety bond.

License Number: 3975.

Name: Southern World International,

Inc.

Address: 7975 N.W. 154th Street,

Suite 300, Miami Lakes, FL 33016.

Date Revoked: October 2, 1997.

Reason: Surrendered license

voluntarily.

License Number: 4057.

Name: Tampa Bay Ocean Services,

Inc.

Address: 6001 Jet Port Industrial

Blvd., Tampa, FL 33634.

Date Revoked: November 20, 1997.

Reason: Failed to maintain a valid

surety bond.

Bryant L. VanBrakle,

Director, Bureau of Tariffs, Certification and

Licensing.

[FR Doc. 97–32406 Filed 12–10–97; 8:45 am]

BILLING CODE 6730–01–M

FEDERAL MARITIME COMMISSION

Ocean Freight Forwarder License;

Applicants

Notice is hereby given that the

following applicants have filed with the

Federal Maritime Commission

applications for licenses as ocean freight

forwarders pursuant to section 19 of the

Shipping Act of 1984 (46 U.S.C. app.

1718 and 46 CFR 510).

Persons knowing of any reason why

any of the following applicants should

not receive a license are requested to

contact the Office of Freight Forwarders,

Federal Maritime Commission,

Washington, D.C. 20573.

Marlins Freight Forwarders, Inc., 16548

SW 97th Street, Miami, FL 33196,

Officers: Maria T. Leon, President,

Idania Pena, Vice President.

Lloyd International, Inc., 931 Main

Street, Norwell, MA 02061, Officer:

Lloyd A. Gillis, President.

Provex Inc., 6581 NW 82 Avenue,

Miami, FL 33166, Officer: Jose E.

Arteaga, President.

Cargo Transport, Inc., 18000

International Blvd., Suite 400, Seattle,

WA 98188, Officers: Sonny Joe

Sanders, President, Larry K. Stauffer,

Vice President.

Dated: December 5, 1997.

Ronald D. Murphy,

Assistant Secretary.

[FR Doc. 97–32405 Filed 12–10–97; 8:45 am]

BILLING CODE 6730–01–M

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

December 26, 1997.

A. Federal Reserve Bank of Chicago

(Philip Jackson, Applications Officer)

230 South LaSalle Street, Chicago,

Illinois 60690-1413:

1. Suburban Bank & Trust Company,

Elmhurst, Illinois, as Trustee for The

Damen Financial Corporation Employee

Stock Ownership Program; to retain

voting shares of Damen Financial

Corporation, Schaumburg, Illinois, and

thereby indirectly retain shares of

Damen National Bank, Chicago, Illinois.

B. Federal Reserve Bank of Kansas

City (D. Michael Manies, Assistant Vice

President) 925 Grand Avenue, Kansas

City, Missouri 64198-0001:

1. Lester L. Ward, Jr. as Trustee of the

Mahlon T. White CRT No. 1, Denver,

Colorado; to acquire voting shares of

Monte Vista Bank Corp., Monte Vista,

Colorado, and thereby indirectly acquire

Bank of Monte Vista, Monte Vista,

Colorado.

Board of Governors of the Federal Reserve

System, December 8, 1997.

Jennifer J. Johnson,

Deputy Secretary of the Board.

[FR Doc. 97–32443 Filed 12–10–97; 8:45 am]

BILLING CODE 6210–01–F

FEDERAL RESERVE SYSTEM

Notice of Proposals To Engage in

Permissible Nonbanking Activities or

To Acquire Companies That are

Engaged in Permissible Nonbanking

Activities

The companies listed in this notice

have given notice under section 4 of the

Bank Holding Company Act (12 U.S.C.

1843) (BHC Act) and Regulation Y, (12

CFR Part 225) to engage de novo, or to

acquire or control voting securities or

assets of a company that engages either

directly or through a subsidiary or other

company, in a nonbanking activity that

is listed in § 225.28 of Regulation Y (12

CFR 225.28) or that the Board has

determined by Order to be closely

related to banking and permissible for

bank holding companies. Unless

otherwise noted, these activities will be

conducted throughout the United States.

Each notice is available for inspection

at the Federal Reserve Bank indicated.

The notice also will be available for

inspection at the offices of the Board of

Governors. Interested persons may

express their views in writing on the

question whether the proposal complies

with the standards of section 4 of the

BHC Act.

Unless otherwise noted, comments

regarding the applications must be

received at the Reserve Bank indicated

or the offices of the Board of Governors

not later than January 5, 1998.

A. Federal Reserve Bank of Chicago

(Philip Jackson, Applications Officer)

230 South LaSalle Street, Chicago,

Illinois 60690-1413:

1. Amcore Financial, Inc., Rockford,

Illinois; to acquire Midwest Federal

Financial Corp., Baraboo, Wisconsin,

and thereby indirectly acquire Baraboo

Federal Bank, FSB, Baraboo, Wisconsin,

and B.T. Financial Services, Inc.,

Baraboo, Wisconsin, and thereby engage

in operating a savings association;