Mortgage and loan insurance programs: Debenture interest rates,

FR, September 25, 2003 › Notices › Housing and Urban Development Department

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Federal Register: September 25, 2003 (Volume 68, Number 186)NoticesPage 55409-55410From the Federal Register Online via GPO Access [wais.access.gpo.gov]

DOCID:fr25se03-80

DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

Docket No. FR-4463-N-15Notice of FHA Debenture Call

AGENCY: Office of the Assistant Secretary for Housing--Federal Housing Commissioner, HUD.

[Page 55410]

ACTION: Notice.

SUMMARY: This Notice announces a debenture recall of certain Federal Housing Administration (FHA) debentures, in accordance with authority provided in the National Housing Act.

FOR FURTHER INFORMATION CONTACT: Richard Keyser, Room 3119P, L'Enfant Plaza, Department of Housing and Urban Development, 451 Seventh Street, SW, Washington, DC 20410-8000, telephone (202) 755-7510 x137. This is not a toll-free number.

SUPPLEMENTARY INFORMATION: Pursuant to Sections 204(c) and 207(j) of the National Housing Act, 12 U.S.C. 1710(c), 1713(j), and in accordance with HUD's regulation at 24 CFR 203.409 and 207.259(e)(3), the Assistant Secretary for Housing--Federal Housing Commissioner, with the approval of the Secretary of the Treasury, announces the call of all FHA debentures, with a coupon rate of 5.375 percent or above, except for those debentures subject to ``debenture lock agreements,'' that have been registered on the books of the Bureau of Public Debt, Department of the Treasury, and are, therefore, ``outstanding'' as of September 30, 2003. The date of the call is January 1, 2004.

The debentures will be redeemed at par plus accrued interest. Interest will cease to accrue on the debentures as of the call date. Final interest on any called debentures will be paid with the principal at redemption.

During the period from the date of this Notice to the call date, debentures that are subject to the call may not be used by the mortgagee for a special redemption purchase in payment of a mortgage insurance premium.

No transfer of debentures covered by the foregoing call will be made on the books maintained by the Treasury Department on or after December 1, 2003. This does not affect the right of the holder of a debenture to sell or assign the debenture on or after this date. Payment of final principal and interest due on January 1, 2004, will be made automatically to the registered holder.

Dated: September 9, 2003. John C. Weicher, Assistant Secretary for Housing--Federal Housing Commissioner.

FR Doc. 03-24264 Filed 9-24-03; 8:45 amBILLING CODE 4210-27-P