Home Equity Conversion Mortgages; Consumer Protection Measures Against Excessive Fees

SUMMARY: This final rule implements several measures designed to

provide protection to elderly homeowners in connection with HUD's Home

Equity Conversion Mortgage (HECM) insurance program. The HECM program

offers FHA-insured first mortgages providing payments to elderly

homeowners based on the accumulated equity in their homes. These FHA-

insured HECMs are commonly referred to as ``reverse mortgages.'' The

rule is designed to protect homeowners in the HECM program from

becoming liable for payment of excessive fees for third-party provided

services of little or no value. This rule takes into consideration the

comments received on a March 16, 1998 proposed rule.

EFFECTIVE DATE: February 18, 1999.

FOR FURTHER INFORMATION CONTACT: Vance Morris, Director, Home Mortgage

Insurance Division, Room 9266, Department of Housing and Urban

Development, 451 Seventh Street, SW, Washington, DC 20410. Telephone:

(202) 708-2700. (This is not a toll-free number.) For hearing- and

speech-impaired persons, this number may be accessed via TTY by calling

the Federal Information Relay Service at 1-800-877-8339.

SUPPLEMENTARY INFORMATION:

Background

On March 17, 1997, HUD issued Mortgagee Letter 97-07, which

prohibited FHA-approved lenders from being involved in transactions for

HECMs referred by estate planning entities charging what HUD deemed to

be exorbitant fees. Two estate planners engaged in the business of

making referrals for reverse mortgages sued, seeking a temporary

restraining order (TRO) and preliminary injunction to require HUD to

withdraw the Mortgagee Letter on the ground that notice and comment

rulemaking procedures should have been followed. A TRO was issued on

March 26, 1997, and a preliminary injunction followed on April 11,

1997. Mortgagee Letter 97-07 was then withdrawn.

Due to the Secretary's concern about the need to protect senior

citizens from practices that may subvert the HECM process, the

Secretary decided that HUD should issue a proposed rule based on the

consumer protection authority contained in section 255 of the National

Housing Act as it then existed (see proposed rule published on March

16, 1998, 63 FR 12930).

With respect to the FHA insurance program for HECMs, current FHA

requirements strictly limit the fees that a mortgagee can collect. The

FHA regulations currently do not have any express provisions that

protect mortgagors from fees collected by third parties. The proposed

rule was intended to fill that gap. The public comment period ended on

May 15, 1998, and HUD has taken these comments into account in the

preparation of this final rule.

Congress has now enacted legislation to specifically address the

problem to which the proposed rule was directed, and this action makes

it unnecessary for HUD to rely solely on the previously-existing

authority under the National Housing Act. Section 593(e) of the

Departments of Veterans Affairs and Housing and Urban Development, and

Independent Agencies Appropriations Act, 1999 (P.L. 105-276 approved

October 21, 1998) amended section 255 of the National Housing Act to

require that: (1) a HECM shall have been executed by a mortgagor who

has received full disclosure, as prescribed by the HUD Secretary, of

all costs charged to the mortgagor, which disclosure shall clearly

state which charges are required to obtain the HECM and which are not,

and (2) a HECM shall have been made with such restrictions as the HUD

Secretary determines to be appropriate to ensure that the mortgagor

does not fund any unnecessary or excessive costs for obtaining the

HECM. Section 593(e)(2) directs HUD to issue a final rule no later than

90 days after section 593(e) takes effect (i.e., by January 19, 1999),

after notice and opportunity for public comment. Section 593 does not

require that the notice and public comment procedure occur after,

rather than before, enactment of section 593. HUD has concluded that

the previously published proposed rule is fully consistent with the

requirements of section 593, with one exception, and that all

interested persons have been provided with an adequate opportunity for

public comment, consistent with the desires of the Congress and the

demands of HUD's ``rule on rules'' in 24 CFR part 10. In order to

address the one exception, HUD is adding an express requirement (based

on statutory language) for a statement to the mortgagor of which

charges are required and which are not. Therefore, HUD is proceeding

with this final rule after considering the public comment previously

submitted.

Section 593(e) also provides for immediate implementation of

section 593, even in advance of consideration of public comments,

through an interim notice procedure, if necessary. HUD already had

received and reviewed public comments on the proposed rule by the time

section 593 took effect and has taken those comments into account in

this final rule. Therefore, HUD believes the procedure that it has

followed, which accorded the public an opportunity to comment on a

proposed rule that addressed the subjects of section 593(e), more than

satisfies the intent of section 593.

Public Comments

The Department received 8 comments on its proposed rule. The

comments are summarized below by pertinent section of the proposed

rule, with other comments summarized at the end.

1. Section 206.3--Definition of ``Estate Planning Service Firm''

Comment: Two commenters supported the definition but urged that it

be extended to include an individual or entity that charges an annuity

premium paid for by mortgage proceeds, if the premium is not disclosed

as part of the total cost of the mortgage under the Truth in Lending

Act regulations for reverse mortgages.

Response: The final rule includes this suggestion.

Comment: A commenter argued against use of the term ``estate

planning service firm'' (while not arguing against the substance of the

definition) as unfair to legitimate financial planning/estate planning

firms. The lender suggested the narrower term ``referral service

firm''.

Response: The firms that engaged in the practices that led HUD and

Congress to conclude that protective measures were needed did not

characterize themselves as engaging in ``referrals'' but as providing

estate planning services and HUD concludes that a broad label--with a

careful definition that does not focus solely on referrals--is

appropriate. The definition permits any legitimate provider of services

that is concerned that its services may be impaired by overbreadth of

the rule to be exempted from the rule by HUD.

Comment: A commenter argued that the definition should explicitly

[[Page 2985]]

recognize bona fide mortgage brokers in the same manner that bona fide

attorneys, accountants and financial advisors are recognized.

Response: The rule provides special recognition of individuals or

companies ``in the bona fide business of generally providing tax or

other legal or financial advice''. It recognizes that, in the ordinary

course of their business of providing advice, such individuals or

companies are likely to routinely provide to clients who are elderly

homeowners information and advice that may overlap with the information

that counselors are required to provide under the HECM program. The

rule provides that charging a fee for such advice--if the fee is not

contingent on obtaining a loan--does not by itself make the individual

or company an estate planning service firm for purposes of the rule.

The rule mentions attorneys and accountants as examples of individuals

or companies who may qualify for this exception because their ordinary

business is providing advice. In contrast, mortgage brokers typically

provide to prospective borrowers services such as locating available

sources of loans, prequalifying borrowers, and assisting them in

applying for a loan. A mortgage broker may provide some information

similar to that provided by a HECM counselor in the course of providing

its brokerage services, but prospective borrowers would be unlikely to

seek out a mortgage broker solely for the purpose of obtaining

information or advice for a fee, rather than for obtaining services for

a fee. It is unlikely that a typical mortgage broker business would be

characterized--as required by the rule--as being in the business of

generally providing tax or other legal or financial advice. For this

reason, HUD has concluded that specific mention of mortgage brokers in

connection with this part of the definition of estate planning service

firm is unwarranted.

Comment: A commenter interpreted this definition as making explicit

that housing counseling agencies may charge fees to borrowers, and

applauded this position, and another commenter who noticed a reference

to counselor fees urged HUD to clarify whether counselors can charge

fees, how much, and who can bear the costs. If borne by the consumer,

the commenter said they should be included in HECM financing.

Response: Under HUD's program of grants to HUD-approved housing

counselors, the counselor is not authorized to charge counseling fees

for HUD-related clients except in fiscal years where no funds are given

to the counseling agency by HUD. In that instance, the basis for any

fees charged to a HUD-related client must be consistent with local

practice and not duplicate other sources of HUD funding. Clients

affected must be informed of the agency's fee structure in advance of

services being provided.

2. Section 206.29--Initial Disbursement of Mortgage Proceeds

Comment: Two commenters who supported this provision urged that the

lender be permitted to disburse an annuity premium if disclosed as part

of the total cost of the mortgage under the Truth in Lending Act

regulations for reverse mortgages.

Response: The final rule includes this suggestion.

Comment: A commenter requested that the phrase ``disbursed at

closing'' be clarified because funds are actually not disbursed at

closing because of a 3-day wait imposed by the Truth in Lending Act's

right of rescission.

Response: The final rule includes this suggestion.

Comment: Two commenters believed that section 206.3 would permit

counselors' fees and asked why mortgage proceeds could not be disbursed

directly to counselors. One other commenter agreed and urged that all

fees permitted to be paid by a mortgagee under HUD's Handbook 4235.1

REV-1 (including specifically mortgage broker fees and counselor fees)

be disbursable to those parties at closing. That commenter interpreted

Sec. 206.29 and 206.31 together as reaching this result but requested

clarification.

Response: See the previous response regarding counselor fees.

Mortgage broker fees are allowed now under the HECM program only if the

broker is engaged independently by the mortgagor and is paid from a

source other than the mortgage proceeds. A broker's fee is prohibited

if there is any financial interest between the broker and the

mortgagee. The broker agreement must be submitted with the mortgage

insurance application. Broker's fees can never be paid by the lender

from HECM proceeds.

Comment: A commenter supported permitting disbursement of funds at

closing to pay contractors who performed repairs required as a

condition of closing.

Response: HUD supports this suggestion as long as the lender

certifies that the work was done according to the appraiser's

requirements based on HUD Handbook 4905.1 (Requirements for Existing

Housing for One to Four Family Units) and in accordance with standard

FHA requirements for repairs required by appraisers. The final rule

includes this change.

3. Section 206.32--No Outstanding Unpaid Obligations

Comment: A commenter specifically supported this provision, and

commented that it could provide important protection against

unscrupulous home repair firms and others in addition to the estate

planning service firms that are the main target of the rule.

Response: No response required.

Comment: A commenter supported Sec. 206.32(b) forbidding use of

initial HECM payments to pay estate planning service firms, but opposed

Sec. 206.32(a), which prohibits mortgagor obligations that are incurred

in connection with the mortgage transaction but will not be paid off at

closing (except for certain repairs or mortgage servicing charges). The

commenter interpreted this as precluding later use of HECM proceeds to

pay outstanding bills that may have been part of the impetus for

obtaining the HECM.

Response: This section does not prevent HECM proceeds from being

used to pay bills that were incurred without any connection with the

mortgage transaction (for example, pre-existing medical bills), or

prevent use of HECM proceeds to pay obligations incurred after the

closing. The section targets only those who charge excessive fees in

connection with obtaining the HECM.

Comment: Two commenters urged that Sec. 206.32 be deleted in its

entirety because of the difficulty for a lender to determine what

homeowner obligations exist and ensure that they would be discharged at

closing. One of the commenters said it would not object if a lender's

obligation were limited to requesting information.

Response: Paragraph (a) of Sec. 206.32 is similar to Sec. 203.32

for ``forward'' mortgages. As with that requirement, the lender is

expected to ask the borrower and may rely on the information provided

by the borrower in the absence of other information indicating that the

borrower's answer is inaccurate or incomplete. Paragraph (b) focusses

on the specific concern of borrowers using the initial disbursement of

HECM proceeds to pay unreasonable or excessive fees to estate service

planning firms. Section 203.29 prevents direct disbursement to such

firms, and paragraph (b) of Sec. 203.32 provides the lender with

further assurance that the borrower understands that the borrower

cannot use cash disbursed to the borrower as part of the initial

disbursement to pay such firms as a

[[Page 2986]]

means of getting around the direct disbursement prohibition. A lender

can rely on information provided by the borrower in complying with this

section; for example, the lender should ask whether the homeowner has a

contract with an estate planning service firm (with an explanation of

how to recognize such a firm) and it will be sufficient to annotate the

application form noting a negative response. Lenders should note that

under Sec. 206.43(b)(1) a lender has to have to make ``sufficient

inquiry'' of a borrower who is taking a large initial cash

disbursement, in order to confirm that Sec. 203.32(b) will not be

violated.

4. Section 206.41--Additional Information To Be Provided by Counselors

Comment: Four commenters commented favorably on this provision, but

one of them urged that it be expanded to address any obligation that

homeowners may believe they have to pay for home repairs or annuities

and not just services provided by the estate planning service firms.

Another commenter also supported expansion to cover annuities, and

urged use of a form disclosure about annuities.

Response: The Department is considering this suggestion, but is not

making changes in the rule at this time.

5. Section 206.43(a)--Additional Information To Be Provided by

Mortgagees

Comment: One commenter supported this provision as written while

another urged that it be deleted. The latter commenter felt that a

lender should not be responsible for disclosure of costs paid outside

of closing, or if so, the lender should be able to rely exclusively on

a borrower certification on the loan application.

Response: The lender is only required to ask the borrower for the

additional information and note on the loan application that the

borrower was asked.

6. Section 206.43(b)--Limitations on Lump Sum Disbursement by

Mortgagees

Comment: Three commenters supported this provision; one commenter

urged that it be deleted or modified so that the information covered

should be handled through the loan application and also suggested an

overlap with information provided by the counselor.

Response: HUD wanted to emphasize the importance of this rule, and

to ensure that the lender has made every effort to ensure that the HECM

proceeds were not going to a party ineligible to receive funds from the

initial disbursement.

7. Other Comments.

a. Lack of Statutory Authority

Comments: A commenter argued that the proposed rule is beyond HUD's

current statutory authority because Congress authorized a program to

increase the number of reverse mortgages and the proposed rule would

reduce the availability of reverse by eliminating ``a proven source of

promotion of reverse mortgages.'' The commenter also argued that the

rule was a ``subterfuge'' for regulating third parties even though

HUD's regulatory authority is limited to lenders.

Response: Even before amendment, section 255 of the National

Housing Act and section 7(d) of the Department of Housing and Urban

Development Act contained ample authority for a regulation to protect

elderly homeowners against special risks identified by HUD in

connection with the HECM program (see, e.g, sections 255(c)(2),

255(f)(5) and 255(k)(2)(E) of the National Housing Act.) HUD believes

that any doubt about the scope of HUD's authority to implement these

measures to protect elderly homeowners was settled when Congress

enacted legislation and specifically requiring HUD to proceed with this

final rule.

b. There is no Need for the Rule

Comment: The commenter described the rule as arbitrary and

irrational because there was no factual basis to conclude that any

abuse of elderly homeowners existed.

Response: HUD received many complaints that senior homeowners were

being charged excessive fees for services that HUD or mortgagees

provide for little or no charge. In any event, Congress felt that past

abuse and the potential for future abuse was so serious that it

mandated action by HUD.

c. Simpler Proposal Needed

Comment: One commenter did not comment on any specific provision of

the proposed rule, but stated that it is difficult to obtain

information about the HECM and that the proposed rule would make it

harder. The commenter suggested that publishing a book about reverse

mortgages could violate the rule. The commenter suggested as an

alternative approach limiting any information provider to $150 for any

size mortgage.

Response: The rule only targets information providers that meet the

definition of ``estate planning service firms''--primarily firms that

charge excessive fees for information and services that one can receive

for little or no charge and that are contingent on the elderly

homeowner receiving a HECM loan. The rule should not interfere with

book publishing, which can supplement HUD's own efforts to publicize

the availability and benefits of HECMs. HUD's Homeownership Centers and

field offices distribute housing information, including information on

HECMs, in numerous homeownership fairs through the country. The

American Association of Retired Persons (AARP), National Center for

Home Equity Conversion (NCHEC), many lenders and other entities have

publicized the HECM program through various means including newsletters

and radio broadcasts. Articles have been published in senior community

newspapers and seminars have been given in senior community centers.

The Housing Clearinghouse's toll-free number is provided on the

Internet's World Wide Web. HUD continually looks for ways to improve,

update and increase its marketing of this program to the public, but it

will not tolerate abuse of elderly homeowners in the guise of providing

legitimate information and services.

d. Mortgage Broker Fees

Comment: A commenter urged an additional provision that would allow

mortgage broker fees for HECMs only if the broker performs settlement

services as defined by RESPA and if the sum of the mortgage broker fee

plus the loan origination fee does not exceed the $1800 loan

origination fee that may be financed through a HECM.

Response: HUD cannot consider this comment for the final rule

because it is outside the scope of matters exposed to public comment in

the proposed rule.

Changes Made in Final Rule

New paragraphs (e) and (f) are added to Sec. 206.29 to permit (1)

disbursement of an annuity premium at closing if the premium was

disclosed under the Truth in Lending Act regulations for reverse

mortgages, and (2) payment of contractors who performed repairs

required as a condition of closing if the lender makes a certification

in accordance with standard FHA requirements for repairs required by

appraisers. Section 206.29 is also amended to clarify that it applies

to the initial disbursement of funds at closing (if the 3-day

rescission period under the Truth in Lending Act regulations does not

apply because of, e.g., a waiver in accordance with those regulations)

or after closing (in the usual case when the 3-day rescission period

does apply so

[[Page 2987]]

that no funds are disbursed at closing). The final rule also contains

minor language and formatting changes in Sec. 206.43, and adds an

express requirement for a clear statement of which charges are required

and which are not as required by section 593(e)(1)(C) of P.L. 105-276.

Findings and Certifications

Paperwork Reduction Act Statement

The information collection requirements in Secs. 206.32, 206.41 and

206.43 of this rule have been submitted to the Office of Management and

Budget (OMB) for review and approval under section 3507(d) of the

Paperwork Reduction Act of 1995 (44 U.S.C. Chapter 35). OMB has

approved the submission and assinged the following control number:

2502-0534. An agency may not conduct or sponsor, and a person is not

required to respond to, a collection of information unless the

collection request displays a valid control number.

Regulatory Flexibility Act

In accordance with the Regulatory Flexibility Act (5 U.S.C. 601 et

seq.) (the RFA), the Secretary, by approval of this rule, certifies

that this rule does not have a significant economic impact on a

substantial number of small entities. The rule codifies HUD's policy

regarding consumer protection which is consistent with current part 206

provisions and the National Housing Act requirements, as amended by

section 539(e) of the Departments of Veterans Affairs and Housing and

Urban Development, and Independent Agencies Appropriations Act, 1999.

This rule is designed to protect homeowners in the HECM program from

becoming liable for payment of excessive fees for third-party provided

services of little or no value. This rule imposes no significant

economic impact on law-abiding entities, small or large.

HUD's RFA provision in the March 16, 1998 proposed rule

specifically invited small entities to comment on whether the proposed

regulatory amendments would significantly affect them (see 63 FR 12930,

at 12932). Only one commenter responded to this request. The commenter

questioned HUD's assertion that the rule would not have a significant

economic impact on a substantial number of small entities.

Specifically, the commenter wrote that the rule might have an adverse

impact on businesses that ``may'' be small entities within the meaning

of the RFA. However, the commenter did not offer any data in support of

its statement that the rule might potentially have a significant

economic impact on a substantial number of small entities.

Environmental Impact

This final rule is exempt from environmental review requirements

under 24 CFR 50.19(c)(1). This rule amends an existing regulation by

increasing the information available to mortgagors and by limiting the

manner in which funds are disbursed.

Executive Order 12612, Federalism

The General Counsel, as the Designated Official under section 6(a)

of Executive Order 12612, Federalism, has determined that the policies

contained in this rule will not have substantial direct effects on

States or their political subdivisions, or the relationship between the

Federal government and the States, or on the distribution of power and

responsibilities among the various levels of government. As a result,

the rule is not subject to review under the Order.

Unfunded Mandates Reform Act

Title II of the Unfunded Mandates Reform Act of 1995 (Pub. L. 104-

4; approved March 22, 1995) (UMRA) establishes requirements for Federal

agencies to assess the effects of their regulatory actions on State,

local, and tribal governments, and on the private sector. This rule

does not impose any Federal mandates on any State, local, or tribal

governments, or on the private sector, within the meaning of the UMRA.

Executive Order 12866

The Office of Management and Budget (OMB) reviewed this final rule

under Executive Order 12866, Regulatory Planning and Review as a

significant regulatory action (but not economically significant).

Catalog. The Catalog of Federal Domestic Number for the HECM

program is 14.183.

List of Subjects in 24 CFR Part 206

Aged, Condominiums, Loan programs--housing and community

development, Mortgage insurance, Reporting and recordkeeping

requirements.

Accordingly, part 206 of the Code of Federal Regulations is amended

as follows:

PART 206--HOME EQUITY CONVERSION MORTGAGE INSURANCE

1. The authority citation for part 206 continues to read as

follows:

Authority: 12 U.S.C. 1715b, 1715z-20; 42 U.S.C. 3535(d).

2. Section 206.3 is amended by adding a new definition of ``estate

planning service firm'' to read as follows:

Sec. 206.3 Definitions.

* * * * *

Estate planning service firm means an individual or entity that is

not a mortgagee approved under part 202 of this chapter or a housing

counseling agency approved under Sec. 206.41 and that charges a fee

that is:

(1) Contingent on the homeowner obtaining a mortgage loan under

this part, except the origination fee authorized by Sec. 206.31 or a

fee specifically authorized by the Secretary; or

(2) For information that homeowners must receive under Sec. 206.41,

except a fee by:

(i) A housing counseling agency approved under Sec. 206.41; or

(ii) An individual or company, such as an attorney or accountant,

in the bona fide business of generally providing tax or other legal or

financial advice; or

(3) For other services that the provider of the services represents

are, in whole or in part, for the purpose of improving an elderly

homeowner's access to mortgages covered by this part, except where the

fee is for services specifically authorized by the Secretary.

* * * * *

3. A new Sec. 206.29 is added to read as follows:

Sec. 206.29 Initial disbursement of mortgage proceeds.

Mortgage proceeds may not be disbursed at the initial disbursement

or after closing (upon expiration of the 3-day rescission period under

12 CFR part 226, if applicable) except:

(a) Disbursements to the mortgagor, a relative or legal

representative of the mortgagor, or a trustee for benefit of the

mortgagor;

(b) Disbursements for the initial MIP under Sec. 206.105(a);

(c) Fees that the mortgagee is authorized to collect under

Sec. 206.31;

(d) Amounts required to discharge any existing liens on the

property;

(e) An annuity premium, if the premium was disclosed as part of the

total cost of the mortgage under the disclosures required by 12 CFR

part 226; and

(f) Funds required to pay contractors who performed repairs as a

condition of closing, in accordance with standard FHA requirements for

repairs required by appraisers.

4. A new Sec. 206.32 is added as follows:

[[Page 2988]]

Sec. 206.32 No outstanding unpaid obligations.

In order for a mortgage to be eligible under this part, a mortgagor

must establish to the satisfaction of the mortgagee that:

(a) After the initial payment of loan proceeds under

Sec. 206.25(a), there will be no outstanding or unpaid obligations

incurred by the mortgagor in connection with the mortgage transaction,

except for repairs to the property required under Sec. 206.47 and

mortgage servicing charges permitted under Sec. 206.207(b); and

(b) The initial payment will not be used for any payment to or on

behalf of an estate planning service firm.

5. Section 206.41 is amended by revising paragraph (b) to read as

follows:

Sec. 206.41 Counseling.

* * * * *

(b) Information to be provided. A counselor must discuss with the

mortgagor:

(1) The information required by section 255(f) of the National

Housing Act;

(2) Whether the mortgagor has signed a contract or agreement with

an estate planning service firm that requires, or purports to require,

the mortgagor to pay a fee on or after closing that may exceed amounts

permitted by the Secretary or this part; and

(3) If such a contract has been signed under Sec. 206.41(b)(2), the

extent to which services under the contract may not be needed or may be

available at nominal or no cost from other sources, including the

mortgagee.

* * * * *

6. A new Sec. 206.43 is added to read as follows:

Sec. 206.43 Information to mortgagor.

(a) Disclosure of costs of obtaining mortgage. The mortgagee must

ensure that the mortgagor has received full disclosure of all costs of

obtaining the mortgage. The mortgagee must ask the mortgagor about any

costs or other obligations that the mortgagor has incurred to obtain

the mortgage, as defined by the Secretary, in addition to providing the

Good Faith Estimate required by Sec. 3500.7 of this title. The

mortgagee must clearly state to the mortgagor which charges are

required to obtain the mortgage and which are not required to obtain

the mortgage.

(b) Lump sum disbursement. (1) If the mortgagor requests that at

least 25% of the principal limit amount (after deducting amounts

excluded in the following sentence) be disbursed at closing to the

mortgagor (or as otherwise permitted by Sec. 206.29), the mortgagee

must make sufficient inquiry at closing to confirm that the mortgagor

will not use any part of the amount disbursed for payments to or on

behalf of an estate planning service firm, with an explanation of

Sec. 206.32 as necessary or appropriate.

(2) This paragraph does not apply to any part of the principal

limit used for the following:

(i) Initial MIP under Sec. 206.105(a) or fees and charges allowed

under Sec. 206.31(a) paid by the mortgagee from mortgage proceeds

instead of by the mortgagor in cash; and

(ii) Amounts set aside under Sec. 206.47 for repairs, under

Sec. 206.205(f) for property charges, or Sec. 206.207(b).

Dated: January 12, 1999.

William C. Apgar,

Assistant Secretary for Housing-Federal Housing Commissioner.

[FR Doc. 99-1084 Filed 1-15-99; 8:45 am]

BILLING CODE 4210-27-P