[Federal Register: September 4, 2008 (Volume 73, Number 172)]
[Notices]
[Page 51621-51623]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr04se08-20]
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BOARD OF DIRECTORS OF THE HOPE FOR HOMEOWNERS PROGRAM
[Docket No. FR-5249-N-01]
Organization and Functions of the Board of Directors
AGENCY: Board of Directors of the HOPE for Homeowners Program.
ACTION: Notice.
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SUMMARY: The Board of Directors (Board) of the HOPE for Homeowners
Program (Program) was established by statute to oversee the Program.
Through this notice, the Board is publishing the bylaws that it has
adopted regarding the Board's organization, staffing, and operational
procedures.
DATES: Effective Date: August 15, 2008.
FOR FURTHER INFORMATION CONTACT: Camille E. Acevedo, Associate General
Counsel for Legislation and Regulations, Department of Housing and
Urban Development, 451 7th Street, SW., Room 10282, Washington, DC
20410-0500, telephone 202-708-1793 (this is not a toll-free number).
Persons with hearing- or speech-impairments may access this number
through TTY by calling the toll-free Federal Information Relay Service
at 800-877-8339.
SUPPLEMENTARY INFORMATION:
Background
Title IV of Division A of the Housing and Economic Recovery Act of
2008 (Pub. L. 110-289, 122 Stat. 2654, approved July 30, 2008) (Act)
amended Title II of the National Housing Act (NHA) to add a new section
257. This section established the Program as a temporary Federal
Housing Administration (FHA) program that offers voluntary
participation on the part of homeowners and existing loan holders (or
servicers acting on their behalf) to insure refinanced loans for
distressed borrowers to support long-term sustainable homeownership,
including among other things, allowing homeowners to avoid foreclosure.
Under the Program, a qualified mortgage borrower may refinance his or
her existing mortgage into a new mortgage loan insured by the FHA,
subject to conditions and restrictions specified in the Act. The
Program authorizes FHA to insure such eligible mortgages commencing no
earlier than October 1, 2008, and the authority to insure expires
September 30, 2011.
[[Page 51622]]
Section 257(t) of the NHA establishes a Board of Directors to
oversee the Program. The Board is composed of the Secretary of Housing
and Urban Development, the Secretary of the Treasury, the Chairman of
the Board of Governors of the Federal Reserve System, and the
Chairperson of the Board of Directors of the Federal Deposit Insurance
Corporation, or the respective designee of each. Section 257(t) of the
NHA requires the Board to, among other things, establish requirements
and standards for the Program and prescribe regulations and guidelines
as may be necessary or appropriate to implement such requirements and
standards.
Section 257(t) of the NHA also provides that the Board may
``prescribe, amend, and repeal such bylaws as may be necessary for
carrying out the functions of the Board.'' Consistent with this
provision, the Board has adopted bylaws regarding its organization,
staffing, and operational procedures in order to facilitate the prompt
implementation of the Program, and these bylaws are set forth in this
notice.
The bylaws provide for appointment by the Board of an official
staff consisting of an Executive Director, Counselor, Financial
Officer, and Secretary, with their initial respective responsibilities
set out in the organizational rules. The bylaws provide that the Board
may request that any Federal Government employee be detailed to the
Board without reimbursement by the Board and may arrange for the
procurement of the services of outside experts and consultants as the
Board considers necessary to assist it in fulfilling its duties with
respect to the Program, as authorized by the Act. The Board may
delegate authority to take certain actions to its official staff,
officials or staff of the agencies represented on the Board, or other
Federal Government employees detailed or providing services to the
Board subject to such terms and conditions as the Board deems
appropriate.
The bylaws further provide that records of the Board will be
maintained at the main office of the Department of Housing and Urban
Development, which also will serve as the principal place of business
of the Board. The Board is publishing these bylaws in the Federal
Register pursuant to 5 U.S.C. 552(a)(1)(A) and (B).
Section 1 Purpose and Scope
These bylaws describe the organizational structure of the Board of
Directors (Board) established to oversee the program authorized by
section 257 of the National Housing Act (Act) (12 U.S.C. 1715z-22) (the
Program) and the general operational procedures by which the Board will
carry out its oversight functions.
Section 2 Composition of the Board; Chairperson
a. Composition. The Board consists of--
1. The Secretary of Housing and Urban Development, or the
Secretary's designee;
2. The Secretary of the Treasury, or the Secretary's designee;
3. The Chairman of the Board of Governors of the Federal Reserve
System, or the Chairman's designee; and
4. The Chairperson of the Board of Directors of the Federal Deposit
Insurance Corporation, or the Chairperson's designee.
b. Chairperson of the Board. The Secretary of Housing and Urban
Development, or the Secretary's designee, shall serve as the
Chairperson of the Board.
Section 3 Offices
The principal offices of the Board are at 451 7th Street, SW.,
Washington, DC 20410. The official records of the Board will be
compiled and stored at this location.
Section 4 Meetings and Actions of the Board
a. Place and frequency. The Board meets on the call of the
Chairperson of the Board in order to consider matters requiring review
or action by the Board. The time and place for any such meeting shall
be determined by the members of the Board.
b. Quorum and voting. A majority of the members of the Board
constitute a quorum for the transaction of business. All decisions and
determinations of the Board shall be made by a majority vote of the
voting members. Votes on determinations of the Board shall be recorded
in the minutes. A Board member may request that any vote be recorded
according to individual Board members.
c. Agenda of meetings. To the extent practicable, an agenda for
each meeting shall be distributed to members of the Board in advance of
the date of the meeting, together with copies of materials relevant to
the agenda items.
d. Minutes. The Secretary of the Board shall keep minutes of each
Board meeting and of action taken without a meeting, a draft of which
is to be distributed to each member of the Board as soon as practicable
after each meeting or action. To the extent practicable, the minutes of
a Board meeting shall be corrected and approved at the next meeting of
the Board.
e. Use of conference call communications equipment. Any member may
participate in a meeting of the Board through the use of conference
call, telephone, or similar communications equipment, by means of which
all persons participating in the meeting can simultaneously speak and
hear each other. Any member so participating in a meeting shall be
deemed present for all purposes. Actions taken by the Board at meetings
conducted through the use of such equipment, including the votes of
each member, shall be recorded in the usual manner in the minutes of
the meetings of the Board.
f. Actions between meetings. When, in the judgment of the
Chairperson, circumstances make it desirable for the Board to consider
action other than at a meeting, the relevant information and
recommendations for action may be transmitted to the members by the
Secretary of the Board and the voting members may communicate their
votes to the Chairperson in writing (including an action signed in
counterpart by each Board member), electronically, or orally (including
telephone communication). Any action taken under this paragraph (f) has
the same effect as an action taken at a meeting.
Section 5 Staff
a. Executive Director. The Executive Director of the Board advises
and assists the Board in carrying out its responsibilities under the
Act, provides general direction with respect to the administration of
the Board's actions, directs the activities of the staff, and performs
such other duties as the Board may require.
b. Counselor. The Counselor to the Board provides legal advice
relating to the responsibilities of the Board and performs such other
duties as the Board or Executive Director may require.
c. Financial Officer. The Financial Officer of the Board provides
financial advice relating to the responsibilities of the Board and
performs such other duties as the Board or Executive Director may
require.
d. Secretary. The Secretary of the Board sends notice of all
meetings, prepares minutes of all meetings, maintains a complete record
of all votes and actions taken by the Board, has custody of all records
of the Board, and performs such other duties as the Executive Director
may require.
e. Additional staff. The Board may request that any Federal
Government employee be detailed or provide service to the Board without
reimbursement by
[[Page 51623]]
the Board and without interruption or loss of civil service status or
privilege.
f. Committees. The Board may establish committees composed of
members of the Board, staff of the Board, employees of any other agency
of the U.S. Government who are detailed or providing services to the
Board, or any combination of the foregoing.
g. Individuals holding multiple staff positions. An individual may
hold more than one staff or committee position.
Section 6 Delegations
a. General. Subject to such terms and conditions as the Board deems
appropriate, the Board may delegate authority to take certain actions
not required by the Act to be taken by the Board to--
1. An individual member of the Board;
2. The Executive Director, the Counselor, Financial Officer, or the
Secretary of the Board;
3. Any officer or employee of the Department of Housing and Urban
Development, the Department of Treasury, the Board of Governors of the
Federal Reserve System, the Federal Deposit Insurance Corporation, or
any other U.S. Government employee detailed or providing services to
the Board; or
4. A committee composed of any of the foregoing persons.
b. Records. All delegations shall be made pursuant to resolutions
of the Board and recorded in writing. Any action taken pursuant to
delegated authority has the effect of an action taken by the Board.
Section 7 Experts and Consultants
The Board may arrange for the procurement of the services of
experts or consultants as it determines appropriate to assist the Board
in fulfilling its oversight duties and responsibilities.
Section 8 Review and Approval of Administrative Expenses
The Board may establish such processes for the review, approval,
and monitoring of administrative expenses and other costs of the
Program as the Board determines necessary and appropriate.
Section 9 Compensation
Members of the Board shall serve without compensation, but shall be
reimbursed by their respective agencies for travel expenses, including
per diem in lieu of subsistence equivalent to those set forth in
subchapter I of 5 U.S.C. chapter 57.
Section 10 Amendments
These rules of organization and procedures of the Board may be
adopted or amended, or new rules of organization or procedure may be
adopted, only by majority vote of the Board.
Dated at Washington, DC, this 15th day of August, 2008.
By order of the Board of Directors of the HOPE for Homeowners
Program.
Emmanuel Yeow,
Secretary of the Board.
[FR Doc. E8-20298 Filed 9-3-08; 8:45 am]
BILLING CODE 4210-67-P