Federal Register / Vol. 72, No. 203 / Monday, October 22, 2007 / Notices 59549 

b. Procedures for Years in Which the 

House Price Level Declines 

(1) In a year in which the October 

house price level is lower than the level 

of the previous October, OFHEO will 

defer the impact of that decline on the 

conforming loan limit for one full year. 

[The effect of the price level decline of 

0.16 percent from October 2005 to 

October 2006 was deferred in this 

manner.] 

(2) After deferring the impact of a 

decline in the average price level for one 

year: 

(A) If the price level falls in the 

following year, the latter decline will be 

deferred one year, and the maximum 

loan limit will be adjusted by the 

decline of the former year; 

(B) If the price level increases the 

following year, then the prior year’s 

decline will be subtracted from such 

increase; or 

(C) If the procedure in (A) or (B) 

would result in a decrease for any year 

in the maximum loan limit of less than 

three percent, that decrease will be 

deferred. In the following year, the 

amount deferred will be netted against 

any increase, or added to any decrease, 

that would otherwise be determined. If 

the calculation would result in a 

decrease of less than 3 percent, that 

decrease also will be deferred until fully 

employed to offset future increases or 

until the net decrease accumulates to 3 

percent or more. 

(3) All loans that were within the 

conforming loan limit at the time of 

origination will continue to be deemed 

within the conforming loan limit during 

the remaining lives of such loans, 

regardless of whether the loan limit for 

any subsequent year declines to a level 

below the limit at the time of 

origination. 

c. Procedures for Adjustments and 

Technical Changes 

(1) At any time during the year after 

a calculation has been made and the 

conforming loan limit set, if the FHFB 

revises the MIRS or any calculation, the 

Enterprises may provide comments to 

the FHFB for its consideration. Copies 

of any Enterprise comments should be 

provided contemporaneously to 

OFHEO. 

(2) Once the FHFB has determined the 

nature, scope and timing of technical 

changes or adjustments, OFHEO will 

make adjustments to the next year’s 

conforming loan limit based upon the 

procedures set forth in this Guidance. 

III. Appendix 

The following appendix provides examples 

of how a decline in the conforming loan limit 

would be implemented. 

Examples of How Increases and 

Declines in House Prices Affect the 

Conforming Loan Limit Under OFHEO’s 

Examination Guidance 

The following examples reflect how 

declines and increases would be addressed in 

future years under the final Examination 

Guidance: Conforming Loan Limit. 

Calculations: 

In 2006, the conforming loan limit was 

$417,000. In 2006, the average house 

purchase price declined by 0.16 percent and 

this decline was deferred one year until the 

next calculation in November 2007 for the 

2008 limits. OFHEO determined that declines 

always should be deferred a year and that 

they should accumulate to a three percent 

threshold before being implemented on the 

downside. 

In November 2007, 

(a) If the average house purchase price has 

gone up during the year, for example by 2 

percent, the deferred decline of 0.16 percent 

would be subtracted, and the new loan limit 

beginning January 2008 would show an 

increase of 1.84 percent. 

(b) If the average house purchase price has 

gone up during the year, for example by 0.10 

percent, then the deferred decline would 

offset that 0.10 percent increase and a 0.06 

percent% decline would be carried forward. 

The conforming loan limit would remain the 

same at $417,000. 

(c) If the average house purchase price has 

gone down, the conforming loan limit will 

remain at $417,000 for 2008. 

The deferred decline will be added to the 

0.16 percent and carried forward until the 

next calculation in November 2008, as 

follows: 

(i) If the average house purchase price goes 

up during 2008, the conforming loan limit 

will be calculated per (a) or (b) above with 

the offset being the cumulative deferred 

decline of 0.16 percent and the November 

2007 decline; 

(ii) If the average house purchase price 

goes down during 2008 and the cumulative 

deferred decline of 0.16 percent from 2006 

and the decline from 2007 still total less than 

3 percent, the conforming loan limit would 

remain at $417,000 in 2009; or, 

(iii) If the average house purchase price 

goes down during 2008 and the cumulative 

deferred decline of 0.16 percent from 2006 

and the decline from 2007 totals 3 percent or 

greater, then the conforming loan limit for 

2009 will be adjusted downward by the 

2006–2007 cumulative deferred decline. 

[FR Doc. E7–20743 Filed 10–19–07; 8:45 am] 

BILLING CODE 4220–01–P 

DEPARTMENT OF THE INTERIOR 

Geological Survey 

National Cooperative Geologic 

Mapping Program (NCGMP) Advisory 

Committee 

AGENCY: U.S. Geological Survey. 

ACTION: Notice of meeting. 

SUMMARY: Pursuant to Public Law 106–

148, the NCGMP Advisory Committee 

will meet in Room 1787 of Building 25 

at the Federal Center, Denver, CO. 

The advisory Committee, composed of 

scientists from Federal Agencies, State 

Agencies, academic institutions, and 

private companies, will advise the 

Director of the U.S. Geological Survey 

on planning and implementation of the 

geologic mapping program. 

Topics to be reviewed and discussed 

by the Advisory Committee include the: 

• Progress of the NCGMP towards 

fulfilling the purposes of the National 

Geological Mapping Act of 1993 

• Updates on the Federal, State, and 

educational components of the NCGMP 

• Report from the Subcommittee on 

an implementation plan for the National 

Geological and Geophysical Data 

Preservation Program 

DATES: November 1–2, 2007 

commencing at 8:30 a.m. on November 

1 and adjourning by 5 p.m. on 

November 2. 

FOR FURTHER INFORMATION CONTACT: 

Laurel M. Bybell, U.S. Geological 

Survey, 908 National Center, Reston, 

Virginia 20192 (703) 648–5281. 

SUPPLEMENTARY INFORMATION: Meetings 

of the National Cooperative Geological 

Mapping Program Advisory Committee 

are open to the Public. 

Dated: October 16, 2007. 

William H. Werkheiser, 

Acting Associate Director for Geology, U.S. 

Geological Survey. 

[FR Doc. 07–5189 Filed 10–19–07; 8:45 am] 

BILLING CODE 4311–AM–M 

DEPARTMENT OF THE INTERIOR 

Bureau of Land Management 

[CO–140–08–1610–DP] 

Notice of Public Meeting, Northwest 

Colorado Resource Advisory Council 

Subcommittees for the Glenwood 

Springs and Kremmling Resource 

Management Plan Revisions 

AGENCY: Bureau of Land Management, 

Interior. 

ACTION: Notice of Public Meeting. 

SUMMARY: In accordance with the 

Federal Land Policy and Management 

Act (FLPMA) and the Federal Advisory 

Committee Act of 1972 (FACA), the U.S. 

Department of the Interior, Bureau of 

Land Management (BLM) Northwest 

Colorado Resource Advisory Council 

(RAC) Subcommittees on the Glenwood 

Springs/Kremmling Resource 

Management Plan (RMP) Revisions will 

meet as indicated below. 


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