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HUD/OH | RIN: 2502-AJ51 | Publication ID: Fall 2022 |
Title: Removal of LIBOR as Interest Rate Index and Approval of a Replacement Index (FR-6151) | |
Abstract:
FHA uses the London Interbank Offered Rate (LIBOR) in determining interest rates on Adjustable Rate Mortgages. The LIBOR index will no longer be published in June 2023. The Secured Overnight Financing Rate (SOFR) is considered the likely successor to LIBOR. HUD seeks to revise its regulations to replace LIBOR as an available interest rate index in its programs that utilize adjustable rate mortgages and to establish a comparable index for the administration of existing LIBOR based mortgages. |
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Agency: Department of Housing and Urban Development(HUD) | Priority: Substantive, Nonsignificant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Final Rule Stage |
Major: No | Unfunded Mandates: No |
CFR Citation: 24 CFR 203 24 CFR 206 | |
Legal Authority: 12 U.S.C. 1709 and 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 |