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FEDERA
VOLUME 20

REGISTER
a/it e d
NUMBER 35

Washington, Friday, February 18, 1955
TITLE 6 AGRICULTURAL CREDIT Government or a State Rural Rehabili Chapter III Farmers Home Adminis tration, Department of Agriculture Subchapter Security Servicing and Liquidations
FHA In str u c tio n 4 6 5 .8 ..
P art
372F arm
O w n e r s h ip L oans
SUBPART G ASSIGNMENT OP INSURED
MORTGAGES

Part 372 of Title 6, Code of Federal Regulations, is hereby amended to add a new Subpart G as follows:
Sec.
372.121
372.122
372.123
372.124
372.125
372.126
372.127
872.128

G eneral.
D efin itio n s.
A u th o rities.
G eneral p o licies.
v A ssig n m en t o f a n in su red m ortgage h y a p rivate h old er t o a p rivate b uyer.
A ssig n m en t o f in su red m ortgages t o th e G overn m en t.
A ssig n m en t o f a n in su red m ortgage fro m t h e in su ran ce fu n d t o a p riv a te b u y er., A ssig n m en t o f a n in su red m ortgage h eld b y th e Farm ers H om e Ad m in istr a tio n as tru stee for a S ta te R ural R eh a b ilita tio n C orporation u n d er a se c tio n 2 f agreem en t.

Authority : 372.121 t o 372.128 Issu ed under sec. 41 i , 60 S ta t. 1066; 7 U. S. C.
1015 i . S ta tu to ry p rovision s in terp reted or applied are cited t o te x t in p aren th eses.

372.121 General. This subpart pre scribes the authorities, policies, and pro cedures for processing the assignment of insured Farm Ownership mortgages. I t includes the assignment by a private holder to a private buyer or to the Gov ernment, the assignment by the Gov ernment insurance fund. to a private buyer, and the assignment to a private buyer or to the Government of an insured mortgage held by the Farmers Home Ad ministration as trustee of the assets of a State Rural Rehabilitation Corporation when such assets have been transferred to the United States pursuant to section 2 f of the Rural Rehabilitation Corpo ration Trust Liquidation Act 40U. S. C.
440 f.
372.122 Definitions. As used in this subpart, the term:
a Private buyer is any purchaser an insured mortgage other than the
tation Corporation under a section 2 f
agreement.
. b Holder is the current owner of an insured mortgage. Private holder is any holder other than the Government or a State Rural Rehabilitation Corpo ration under a section 2 f agreement.
c Value of an insured mortgage is the outstanding unpaid principal plus the amount of unpaid accrued interest on tiie note account, plusthe unpaid amount of advances, if any, made by a holder for property insurance premiums, taxes, assessments, water charges, and other payments in discharge of liens which are prior to the mortgage.
d Insurance fund is the insurance fund established pursuant to section 11
a of the Bankhead-Jones Farm Tenant Act, as amended.
e Mortgage and related instru ments includes the original mortgage deed of trust or other security instru m ent, the promissory note bond, the triple agreement, if any, the original ex ecuted instrument of assignment, if a separate instrument was Used, and any other documents held by the assignor relating to the mortgage transaction, such as copies of any partial releases from the lien of the mortgage, the orig inals of any previous instruments of assignment, and Form FHA-38, Letter of Certification, if one was issued.
f Fixed period is the agreed pe riod of years during which a mortgage is not assignable to the Government unless the borrower is in default.
g State also includes Alaska, Ha waii and Puerto Rico.
Secs. 11 a , 13 a , 60 S ta t. 1075, 1077, sec.
5, 62 S ta t. 535, sec. 2 f , 64 S ta t. 99; 7
U. S. C. 1005a, a , 1005b j , 1005c a , 40 U. S . C. 440 f

CONTENTS
Agricultural Marketing Service Pa&

Rules and regulations:
Grapefruit grown in Arizona and California; limitation of shipments______,__ _______ _ 1052
Agriculture Department
See Agricultural Marketing Serv ice; Farmers Home Administra tion.
Civil Aeronautics Board
Notices:
Accident occurring a t Coving ton, Ky---------------- ----------- 1061
Proposed rule making:
Scheduled interstate air carrier certification and operation rules; authorization of night VFR operations.._________ 1057
Coast Guard
Proposed rule making:
Vessel inspection__ _________

1055

Commerce Department
See Federal Maritime Board;
Foreign Commerce Bureau.
Customs Bureau
Rules and regulations:
Documentation of vessels; cor rection_____________________1052
Defense Department
See Navy Department.
Defense Mobilization Office
Notices:
Critical defense housing areas:
Designation of projects:
Bedford, Mass__________
1062
Fort Huachuca, Ariz____ _ 1061
1061
Key West, Fla______
Mission, Tex__________
1062
Finding and determination;
Mission, Tex______
1062
Rules and regulations:
Establishing procedures for de termination of critical de fense housing areas and for is authorization of defense housing and community fa cilities assistance by desig nation of particular periods or projects_______________ 1054

372.123 Authorities. Subject to the policies and procedures prescribed in this subpart:
a The Director, Finance Office, authorized, on behalf of the Govern ment, in connection with the assign ment of insured mortgages to execute required documénts and to perform other necessary steps, including but not limited to:
Farmers Home Administration 1
Acknowledging receipt of noticeRules and regulations:
of assignment of an insured mortgage.
Assignment of insured farm ownership mortgages______ 1045
C on tin u ed o n p. 1047
1045