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Ginnie Mae Multiclass Securities Program Documents (Forms and Electronic Data Submissions); Notice of Proposed Information Collection: Comment Request

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Office of the President of Government National Mortgage Association (Ginnie Mae), HUD.




The proposed information collection requirement described below will be submitted to the Office of Management and Budget (OMB) for review, as required by the Paperwork Reduction Act. The Department is soliciting public comments on the subject proposal.


Comments Due Date: September 19, 2006.


Interested persons are invited to submit comments regarding this proposal. Comments should refer to the proposal by name and/or OMB Control Number and should be sent to: Lillian Deitzer, QDAM, Information Reports Management Officer, Department of Housing and Urban Development, 451 7th Street, SW., L'Enfant Plaza Building, Room 800a, Washington, DC 20410; e-mail; telephone (202) 708-2374. This is not a toll-free number. Copies of available documents submitted to OMB may be obtained from Ms. Deitzer.

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Debra Murphy, Ginnie Mae, 451 7th Street, SW., Room B-133, Washington, DC 20410; e-mail:; telephone (202) 475-4923 (this is not a toll-free number); fax: 202-485-0225 or the Ginnie Mae Web site at for other available information.

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The Department will submit the proposed information collection to OMB for review, as required by the Paperwork Reduction Act of 1995 (44 U.S.C. Chapter 35, as amended).

This Notice is soliciting comments from members of the public and affecting agencies concerning the proposed collection of information to: (1) Evaluate whether the proposed collection of information is necessary for the proper performance of the functions of the agency, including whether the information will have practical utility; (2) Evaluate the accuracy of the agency's estimate of the burden of the proposed collection of information; (3) Enhance the quality, utility, and clarity of the information to be collected; and (4) Minimize the burden of the collection of information on those who are to respond; including through the use of appropriate automated collection techniques or other forms of information technology, e.g., permitting electronic submission of responses.

This Notice also lists the following information:

Title of Proposal: Ginnie Mae Multiclass Securities Program Documents (Forms and Electronic Data Submissions).

OMB Control Number, if applicable: 2503-0017.

Description of the need for the information and proposed use: This information collection is required in connection with the operation of the Ginnie Mae Multiclass Securities program. Ginnie Mae's authority to guarantee multiclass instruments is contained in 306(g)(1) of the National Housing Act (“NHA”) (12 U.S.C. 1721(g)(1)), which authorizes Ginnie Mae to guarantee “securities * * * based on or backed by a trust or pool composed of mortgages. * * *” Multiclass securities are backed by Ginnie Mae securities, which are backed by government insured or guaranteed mortgages. Ginnie Mae's authority to operate a Multiclass Securities program is recognized in Section 3004 of the Omnibus Budget Reconciliation Act of 1993 (“OBRA”), which amended 306(g)(3) of the NHA (12 U.S.C. 1271(g)(3)) to provide Ginnie Mae with greater flexibility for the Multiclass Securities program regarding fee structure, contracting, industry consultation, and program implementation. Congress annually sets Ginnie Mae's commitment authority to guarantee mortgage-backed (“MBS”) pursuant to 306(G)(2) of the NHA (12 U.S.C. 1271(g)(2)). Since the multiclass are backed by Ginnie Mae Single Class MBS, Ginnie Mae has already guaranteed the collateral for the multiclass instruments.

The Ginnie Mae Multiclass Securities Program consists of Ginnie Mae Real Estate Mortgage Investment Conduit (“REMIC”) securities, Stripped Mortgage-Backed Securities (“SMBS”), and Platinum securities. The Multiclass Securities program provides an important adjunct to Ginnie Mae's secondary mortgage market activities, allowing the private sector to combine and restructure cash flows Ginnie Mae Single Class MBS into securities that meet unique investor requirements in connection with yield, maturity, and call-option protection. The intent of the Mutliclass Securities program is to increase liquidity in the secondary mortgage market and to attract new sources of capital for federally insured or guaranteed loans. Under this program, Ginnie Mae guarantees, with the full faith and credit of the United States, the timely payment of principal and interest on Ginnie Mae REMIC, SMBS and Platinum securities.

Agency form numbers, if applicable: Not applicable.

Members of affected public: For-profit business (mortgage companies, thrifts, savings & loans, etc.).

Estimation of the total number of hours needed to prepare the information collection including number of respondents, frequency of response, and hours of response:

REMIC Securities

Type of information collectionPrepared byNumber of potential sponsorsEstimated annual frequency per respondentTotal annual responsesEst. average hrly burdenEst. annual burden hrs
Pricing LetterSponsor1981520.576
Structured Term SheetSponsor1981523456
Trust (REMIC) AgreementAttorney for Sponsor1981521152
Trust OpinionAttorney for Sponsor1981524608
MX Trust AgreementAttorney for Sponsor1981520.1624.32
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MX Trust OpinionAttorney for Sponsor1981524608
RR CertificateAttorney for Sponsor1981520.0812.16
Sponsor AgreementAttorney for Sponsor1981520.057.6
Table of ContentsAttorney for Sponsor1981520.3350.16
Issuance StatementAttorney for Sponsor1981520.576
Tax OpinionAttorney for Sponsor1981524608
Transfer AffidavitAttorney for Sponsor1981520.0812.16
Supplemental StatementAttorney for Sponsor1981521152
Final Data Statements (attached to closing letter)Attorney for Sponsor198152324864
Accountants' Closing LetterAccountant19815281216
Accountants' OSC LetterAccountant19815281216
Structuring DataAccountant19815281216
Financial StatementsAccountant1981601160
Principal and Interest Factor File SpecificationsTrustee198152162432
Distribution Dates and StatementTrustee1981520.4263.84
Term SheetSponsor1981522304
New Issue File LayoutTrustee1981524608
Flow of FundsAttorney for Trustee1981520.1624.32
Trustee ReceiptTrustee Attorney1981522304
Data Verification FormTrustee1981520.0812.16

SMBS Securities

Type of information collection(Prepared by)No. of potential sponsorsEstimated annual frequency per respondentTotal annual responsesEst. average hrly burdenEst. annual burden hrs
Pricing LetterSponsor191190.59.5
Strucutred Term SheetSponsor19119357
Trust (REMIC) AgreementAttorney for Sponsor19119119
Trust OpinionAttorney for Sponsor19119476
MX Trust AgreementAttorney for Sponsor191190.163.04
MX Trust OpinionAttorney for Sponsor19119476
RR CertificateAttorney for Sponsor191190.081.52
Sponsor AgreementAttorney for Sponsor191190.050.95
Table of ContentsAttorney for Sponsor191190.336.27
Issuance StatementAttorney for Sponsor191190.59.5
Tax OpinionAttorney for Sponsor19119476
Transfer AffidavitAttorney for Sponsor191190.081.52
Supplemental StatementAttorney for Sponsor19119119
Final Data Statements (attached to closing letter)Attorney for Sponsor1911932608
Accountants' Closing LetterAccountant191198152
Accountants' OSC LetterAccountant191198152
Structuring DataAccountant191198152
Financial StatementsAccountant1911601160
Principal and Interest Factor File SpecificationsTrustee1911916304
Distribution Dates and StatementTrustee191190.427.98
Term SheetSponsor19119238
New Issue File LayoutTrustee19119476
Flow of FundsAttorney for Trustee191190.163.04
Trustee ReceiptTrustee Attorney19119238
Data Verification FormTrustee191190.081.52
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Platinum Securities

Type of information collectionPrepared byNumber of potential sponsorsEstimated annual frequency per respondentTotal annual responsesEstimated average hourly burdenEstimated annual burden hours
Deposit AgreementDepositor19101901190
MBS ScheduleDepositor19101900.1630.4
New Issue File LayoutDepositor19101904760
Principal and Interest Factor File SpecificationsTrustee1910190163040
Data Verification FormTrustee19101900.0812.2
Total Burden Hours21346.16

Calculation of Burden Hours:

Sponsors × Frequency per Year = Est. Annual Frequency.

Estimated Annual Frequency × Estimated Average Completion Time = Estimated Annual Burden Hours

Status of the proposed information collection: Reinstatement, with change, of a previously approved collection.

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Authority: Section 3506 of the Paperwork Reduction Act of 1995, 44 U.S.C. Chapter 35 as amended.

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Dated: July 14, 2006.

Michael J. Frenz,

Executive Vice President, Ginnie Mae.

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[FR Doc. 06-6384 Filed 7-20-06; 8:45 am]