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HUD/OH RIN: 2502-AI66 Publication ID: Fall 2008 
Title: ●Home Equity Conversion Mortgages (HECM) Amendment to Accrued Interest and Removal of Shared Appreciation Interest and Shared Premium Insurance Option (FR-5177)  
Abstract: This proposed rule would amend the regulations governing the Home Equity Conversion Mortgage Program for the purpose of restoring the borrowerÂ’s liability for accrued interest under a first HECM mortgage. The proposed rule also would allow interest to continue accruing, except as to the defaulting mortgagee, on the outstanding balance owed under a first mortgage after HUD exercises its demand assignment authority and begins to issue payments to the mortgagor under the second mortgage. These proposed amendments are designed to avoid penalizing innocent investors because a mortgagee has defaulted on its obligation. This proposed rule would also remove the shared appreciation interest and the shared premium option from the HECM program. This option has rarely, if ever been used and HUD is proposing to streamline its regulations by removing it. 
Agency: Department of Housing and Urban Development(HUD)  Priority: Substantive, Nonsignificant 
RIN Status: First time published in the Unified Agenda Agenda Stage of Rulemaking: Proposed Rule Stage 
Major: No  Unfunded Mandates: No 
CFR Citation: 24 CFR 206.15    24 CFR 206.107    24 CFR 206.121    24 CFR 203.123   
Legal Authority: 12 USC 1715b    12 USC 1715z-1720    42 USC 3535(d)   
Legal Deadline:  None
Timetable:
Action Date FR Cite
NPRM  06/00/2009    
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Agency Contact:
Erica Jessup
Housing Program Policy Specialist, Office of Single Family Program Development
Department of Housing and Urban Development
Office of Housing
451 7th Street SW.,
Washington, DC 20410-0001
Phone:202 402-5394