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HUD/OH | RIN: 2502-AJ51 | Publication ID: Spring 2019 |
Title: ●Removal of LIBOR as Interest Rate Index Under 24 CFR 206 (FR-6151) | |
Abstract:
FHA uses the London Interbank Offered Rate (LIBOR) in determining interest rates on Adjustable Rate Mortgages. The LIBOR will be replaced with a new benchmark in 2021. The Secured Overnight Financing Rate (SOFR) is considered the likely successor to LIBOR. HUD seeks to revise the regulations to replace the LIBOR as the rate used to determine interests rates. |
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Agency: Department of Housing and Urban Development(HUD) | Priority: Other Significant |
RIN Status: First time published in the Unified Agenda | Agenda Stage of Rulemaking: Proposed Rule Stage |
Major: No | Unfunded Mandates: No |
EO 13771 Designation: Other | |
CFR Citation: 24 CFR 203 24 CFR 206 | |
Legal Authority: 12 U.S.C. 1709-1710 12 U.S.C. 1715b 12 U.S.C.1715z-16 12 U.S.C. 1715u 42 U.S.C. 3535(d) |
Legal Deadline:
None |
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Timetable:
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Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
Small Entities Affected: No | Federalism: No |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: No | |
Agency Contact: Elissa Saunders Director, Office of Single Family Program Development Department of Housing and Urban Development Office of Housing 451 7th Street SW, Washington, DC 20410 Phone:202 708-1672 |