based capital: Stress test; House Price Index (HPI) use and benchmark credit loss experience determination,

[Federal Register: October 19, 1999 (Volume 64, Number 201)]

[Proposed Rules]

[Page 56274-56275]

From the Federal Register Online via GPO Access [wais.access.gpo.gov]

[DOCID:fr19oc99-13]

DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

Office of Federal Housing Enterprise Oversight

12 CFR Part 1750

RIN 2550-AA02

Risk-Based Capital

AGENCY: Office of Federal Housing Enterprise Oversight, HUD.

ACTION: Proposed rule; extension of public comment period for the second notice of proposed rulemaking.

SUMMARY: On April 13, 1999, the Office of Federal Housing Enterprise Oversight (OFHEO) published a notice of proposed rulemaking (NPR) entitled ''Risk-Based Capital'' in the Federal Register (64 FR 18083). This notice, known as NPR 2, is the second such proposal related to the development of a regulation to establish risk-based capital standards for the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal National Mortgage Association (Fannie Mae). NPR 2 sets forth the specifications for the risk-based capital stress test, completing OFHEO's risk-based capital proposal.

On June 14, 1999, OFHEO issued a notice granting earlier requests to extend the comment period on NPR 2 from August 11, 1999 to November 10, 1999. OFHEO has recently received additional requests to extend the comment period beyond November 10, 1999. Those requesting another extension to the comment period state that they need additional time to replicate and analyze the stress test and to understand the test as applied to a variety of possible starting points.

OFHEO is extending the comment period for NPR 2 from November 10, 1999 to March 10, 2000. This decision is based on OFHEO's recognition that the commenters need additional time to replicate the stress test and analyze the proposal. This extension will insure that all interested parties have ample opportunity to participate in the rulemaking process by providing meaningful comment on the various technical and policy issues involved in the development of the risk- based capital regulation.

DATES: The comment period is extended until March 10, 2000.

ADDRESSES: Send written comments to Anne E. Dewey, General Counsel, Office of General Counsel, Office of Federal Housing Enterprise Oversight, 1700 G Street, NW., Fourth Floor, Washington, DC 20552. Written comments may also be sent by electronic mail to RegComments@OFHEO.gov.

FOR FURTHER INFORMATION CONTACT: Patrick J. Lawler, Director of Policy Analysis and Chief Economist; David J. Pearl, Director, Research, Analysis and Capital Standards; or Gary L. Norton, Special Counsel to the Director, Office of Federal Housing Enterprise Oversight, 1700 G Street, NW., Fourth Floor, Washington, DC 20552, telephone (202) 414- 3800 (not a toll-free number). The telephone number for the Telecommunications Device for the Deaf is (800) 877-8339.

[[Page 56275]]

Dated: October 13, 1999. Armando Falcon, Director, Office of Federal Housing Enterprise Oversight.

[FR Doc. 99-27179Filed10-18-99; 8:45 am]

BILLING CODE 4220-01-P