[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: 24CFR81.95]



[Page 471]

 

                 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 H_Book-Entry Procedures

 

Sec.  81.95  Authority of Federal Reserve Banks.



    (a) Each Federal Reserve Bank is hereby authorized as fiscal agent 

of the GSEs to perform the following functions with respect to the 

issuance of Book-entry GSE Securities offered and sold by a GSE to which 

this subpart H applies, in accordance with the Securities Documentation, 

Federal Reserve Bank Operating Circulars, this subpart H, and procedures 

established by the Secretary consistent with these authorities:

    (1) To service and maintain Book-entry GSE Securities in accounts 

established for such purposes;

    (2) To make payments with respect to such securities, as directed by 

the GSE;

    (3) To effect transfer of Book-entry GSE Securities between 

Participants' Securities Accounts as directed by the Participants;

    (4) To effect conversions between Book-entry GSE Securities and 

Definitive GSE Securities with respect to those securities as to which 

conversion rights are available pursuant to the applicable Securities 

Documentation; and

    (5) To perform such other duties as fiscal agent as may be requested 

by the GSE.

    (b) Each Federal Reserve Bank may issue Operating Circulars not 

inconsistent with this subpart H, governing the details of its handling 

of Book-entry GSE Securities, Security Entitlements, and the operation 

of the book-entry system under this subpart H.