[Code of Federal Regulations]

[Title 24, Volume 1]

[Revised as of April 1, 2006]

From the U.S. Government Printing Office via GPO Access

[CITE: 24CFR81.54]



[Page 457]

 

                 TITLE 24--HOUSING AND URBAN DEVELOPMENT

 

PART 81_THE SECRETARY OF HUD'S REGULATION OF THE FEDERAL NATIONAL 

MORTGAGE ASSOCIATION (FANNIE MAE) AND THE FEDERAL HOME LOAN MORTGAGE 

CORPORATION (FREDDIE MAC)--Table of Contents

 

                     Subpart D_New Program Approval

 

Sec.  81.54  Review of disapproval.



    (a) Programs disapproved as unauthorized. (1) Where the Secretary 

disapproves a program request on the grounds that the new program is not 

authorized, as defined in Sec.  81.53(d) or (e), the GSE may, within 30 

days of the date of receipt of the decision on disapproval, request an 

opportunity to review and supplement the administrative record for the 

decision, in accordance with paragraphs (a) (2) and (3) of this section.

    (2) Supplementing in writing. A GSE supplementing the record in 

writing must submit written materials within 30 days after the date of 

receipt of the decision on disapproval, but no later than the date of a 

meeting, if requested, under paragraph (a)(3) of this section.

    (3) Meeting. Within 10 days of the date of receipt of the decision 

of disapproval, the GSE may request a meeting. If the request for the 

meeting is timely, the Secretary shall arrange such a meeting, which 

shall be conducted by the Secretary or the Secretary's designee within 

10 working days after receipt of the request. The GSE may be represented 

by counsel and may submit relevant written materials to supplement the 

record.

    (4) Determination. The Secretary shall:

    (i) In writing and within 10 days after submission of any materials 

under paragraph (a)(2) of this section or the conclusion of any meeting 

under paragraph (a)(3) of this section, whichever is later, withdraw, 

modify, or affirm the program disapproval; and

    (ii) Provide the GSE with that decision.

    (b) Programs disapproved under public interest determination. When a 

program request is disapproved because the Secretary determines that the 

program is not in the public interest or the Director makes the 

determination in 12 U.S.C. 4542(b)(2)(B), the Secretary shall provide 

the GSE with notice of, and opportunity for, a hearing on the record 

regarding such disapproval. A request for a hearing must be submitted by 

a GSE within 30 days of the Secretary's submission of a report under 

Sec.  81.53(g) disapproving a program request or the provision of the 

notice under this paragraph (b), whichever is later. The procedures for 

such hearings are provided in subpart G of this part.