24 CFR 81.53 - Processing of program requests.

§ 81.53 Processing of program requests.
(a) Each program request submitted to the Secretary by a GSE shall be in writing and shall be submitted to the Secretary and the Director, Office of Government-Sponsored Enterprises, Department of Housing and Urban Development, Washington, DC. For those requests submitted before 1 year after the effective date of the regulations issued by the Director of OFHEO under 12 U.S.C. 4611(e), the GSE shall simultaneously submit the program request to the Director.
(b) Each program request shall include:
(1) An opinion from counsel stating the statutory authority for the new program (Freddie Mac Act section 305(a) (1), (4), or (5), or Fannie Mae Charter Act section 302(b)(2)-(5) or 304);
(2) A good-faith estimate of the anticipated dollar volume of the program over the short- and long-term;
(3) A full description of: (i) The purpose and operation of the proposed program;
(ii) The market targeted by the program;
(iii) The delivery system for the program;
(iv) The effect of the program on the mortgage market; and
(v) Material relevant to the public interest.
(c) Following receipt of a program request, the Secretary and, where a program request is submitted to the Director pursuant to paragraph (a) of this section, the Director shall review the program request.
(d) Transition standard for approval. Program requests submitted by the GSEs before the date occurring 1 year after the effective date of the regulations issued by the Director under 12 U.S.C. 4611(e) shall be approved or disapproved by the Secretary as provided in 12 U.S.C. 4542(b)(2).
(e) Permanent standard for approval by the Secretary. Program requests submitted after the date occurring one year after the effective date of the regulations issued by the Director under 12 U.S.C. 4611(e) establishing the risk-based capital test shall be approved by the Secretary in accordance with 12 U.S.C. 4542(b)(1).
(f) Time for review. Unless the Secretary and, where appropriate, the Director of OFHEO, need additional information, a program request shall be approved or disapproved within 45 days from the date it is received by the Director, Office of Government-Sponsored Enterprises, and, where applicable, the Director of OFHEO. If within 45 days after receiving a request, the Secretary or the Director of OFHEO determine that additional information is necessary to review the matter and request such information from the GSE, the Secretary may extend the time period for consideration for an additional 15 days.
(1) Where additional information is requested, the GSE must provide the requested information to the Secretary and, where appropriate, the Director, within 10 days after the request for additional information.
(2) If the GSE fails to furnish requested information within 10 days after the request for information, the Secretary may deny the GSE's request for approval based on such failure and so report to the Committees of Congress in accordance with paragraph (g) of this section.
(g) Approval or report. Within 45 days or, if the period is extended, 60 days following receipt of a program request, the Secretary shall approve the request, in writing, or submit a report to the Committee on Banking and Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate, explaining the reasons for not approving the request. If the Secretary does not act within this time period, the GSE's program request will be deemed approved.

Title 24 published on 2014-04-01

no entries appear in the Federal Register after this date.

This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.

This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].

It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.


United States Code
U.S. Code: Title 12 - BANKS AND BANKING

§ 1451 - Definitions

§ 1452 - Federal Home Loan Mortgage Corporation

§ 1453 - Capitalization of Federal Home Loan Mortgage Corporation

§ 1454 - Purchase and sale of mortgages; residential mortgages; conventional mortgages; terms and conditions of sale or other disposition; authority to enter into, perform, and carry out transactions

§ 1455 - Obligations and securities of the Corporation

§ 1456 - Immunity of Corporation; audits and reporting requirements; data collection; Housing Advisory Council

§ 1457 - Prohibited activities; penalties for violations by organizations, officers and members of organizations, and individuals

§ 1458 - Territorial applicability

§ 1459 - Separability

§ 1716 - Declaration of purposes of subchapter

12 U.S. Code § 1701i, 1701i–1 - Omitted

§ 1716b - Partition of Federal National Mortgage Association into Federal National Mortgage Association and Government National Mortgage Association; assets and liabilities; operations

§ 1717 - Federal National Mortgage Association and Government National Mortgage Association

§ 1717a - Prohibition against sale of obligations by Federal departments and agencies after June 30, 1966, without compliance with requirements of

§ 1718 - Capitalization of Federal National Mortgage Association

§ 1719 - Secondary market operations

§ 1720 - Repealed.

§ 1721 - Management and liquidation functions of Government National Mortgage Association

§ 1722 - Benefits and burdens incident to administration of functions and operations under

§ 1723 - Management

§ 1723a - General powers of Government National Mortgage Association and Federal National Mortgage Association

§ 1723b - Investment of funds

§ 1723c - Obligations, participations, or other instruments as lawful investments; acceptance as security; exempt securities

§ 1723d - Transfer of certain functions to Association

§ 1723e - Repealed.

§ 1723f - Repealed.

§ 1723h - Repealed.

§ 4501 - Congressional findings

§ 4502 - Definitions

§ 4503 - Protection of taxpayers against liability

§ 4511 - Establishment of the Federal Housing Finance Agency

§ 4512 - Director

§ 4513 - Duties and authorities of Director

§ 4513a - Federal Housing Finance Oversight Board

§ 4513b - Prudential management and operations standards

§ 4514 - Authority to require reports by regulated entities

§ 4514a - Study and reports on guarantee fees

§ 4515 - Personnel

§ 4516 - Funding

§ 4517 - Examinations

§ 4518 - Prohibition and withholding of executive compensation

§ 4518a - Limitation on bonuses to executives of Fannie Mae and Freddie Mac

§ 4519 - Authority to provide for review of regulated entities

§ 4520 - Minority and women inclusion; diversity requirements

§ 4521 - Annual reports by Director

§ 4522 - Public disclosure of final orders and agreements

§ 4523 - Limitation on subsequent employment

§ 4524 - Audits by GAO

§ 4525 - Information, records, and meetings

§ 4526 - Regulations and orders

§ 4541 - Prior approval authority for products

§ 4542 - Housing Price Index

§ 4543 - Public access to mortgage information

§ 4544 - Annual housing report

§ 4545 - Fair housing

§ 4546 - Prohibition of public disclosure of proprietary information

§ 4547 - Enterprise guarantee fees

§ 4548 - Repealed.

§ 4561 - Establishment of housing goals

§ 4562 - Single-family housing goals

§ 4563 - Multifamily special affordable housing goal

§ 4564 - Discretionary adjustment of housing goals

§ 4565 - Duty to serve underserved markets and other requirements

§ 4566 - Monitoring and enforcing compliance with housing goals

§ 4567 - Affordable housing allocations

§ 4568 - Housing Trust Fund

§ 4569 - Capital Magnet Fund

§ 4581 - Cease and desist proceedings

§ 4582 - Hearings

§ 4583 - Judicial review

§ 4584 - Enforcement and jurisdiction

§ 4585 - Civil money penalties

§ 4586 - Public disclosure of final orders and agreements

§ 4587 - Notice of service

§ 4588 - Subpoena authority

§ 4589 - Repealed.

§ 4601 - Review of underwriting guidelines

§ 4602 - Studies of effects of privatization of FNMA and FHLMC

§ 4603 - Transition

§ 4611 - Risk-based capital levels for regulated entities

§ 4612 - Minimum capital levels

§ 4613 - Critical capital levels

§ 4614 - Capital classifications

§ 4615 - Supervisory actions applicable to undercapitalized regulated entities

§ 4616 - Supervisory actions applicable to significantly undercapitalized regulated entities

§ 4617 - Authority over critically undercapitalized regulated entities

§ 4618 - Notice of classification and enforcement action

§ 4619 to 4621 - Repealed.

§ 4622 - Capital restoration plans

§ 4623 - Judicial review of Director action

§ 4624 - Reviews of enterprise assets and liabilities

§ 4631 - Cease-and-desist proceedings

§ 4632 - Temporary cease-and-desist orders

§ 4633 - Hearings

§ 4634 - Judicial review

§ 4635 - Enforcement and jurisdiction

§ 4636 - Civil money penalties

§ 4636a - Removal and prohibition authority

§ 4636b - Criminal penalty

§ 4637 - Notice after separation from service

§ 4638 - Private rights of action

§ 4639 - Public disclosure of final orders and agreements

§ 4640 - Notice of service

§ 4641 - Subpoena authority

U.S. Code: Title 28 - JUDICIARY AND JUDICIAL PROCEDURE
U.S. Code: Title 42 - THE PUBLIC HEALTH AND WELFARE