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AX O N A L 4 / s
VOLUMI 21

N lT tO

NUMBER 67

Washington, Friday, April 6, 1956

TITLE 6 AGRICULTURAL CREDIT annual installments as indicated in the Chapter III Farmers Home Adminis tration, Department of Agriculture Subchapter E Account Servicing
FHA In struction 451.1
P art 361R o u tin e Subpart A A ccount S ervicing P olicies REAMORTIZING DIRECT SOIL AND WATER
CONSERVATION ACCOUNTS

Section 361.8 h in Title 6, Code of Federal Regulations 20 P. R. 9296, is hereby amended to include regulations for reamOrtizing direct Soil and Water Conservation accounts, and to read as follows:
361.8 Other account servicing infor mation on Farm Ownership, Soil and Water Conservation, Other Real Estate, and Farm Housing accounts.
h Reamortizing direct Farm Own ership, Farm Housing, and direct Soil and Water Conservation accounts. 1
Direct Farm Ownership accounts will be reamortized when required by 333.4 of this chapter in connection with making a subsequent Farm Ownership loan when a borrower whose loan was approved prior to November 1, 1946, and who signed Form FSA-LE-228 has such agreement canceled unless immediate foreclosure proceedings are recom mended or the borrower was on or ahead of schedule as of the previous install ment due date and is not obtaining a subsequent direct loan, and when a bor rower who is not behind schedule and has made extra principal payments and refunds totaling 10 percent or more of ms Farm Ownership loan, executes Form FHA-176, Request for Reamortization of Farm Ownership Loan, and the State Director determines th a t the Borrower is likely to have difficulty hi meeting his obligations unless his ac count is reamortized. The unpaid prin cipal, and future interest thereon a t the rate specified in the notes, will be reamortized so as to retire the debt in equal mnual installments from the date of amortization the maturity date of jhe notes. The unpaid accrued interthe date of reamortization will divided into the same number of equal
previous sentence. The revised annual installment will be the sum of the two annual installments mentioned in the two preceding sentences. However, each payment on such reamortized account will be applied first to unpaid interest and second to principal. The borrowers account will be on schedule as of the last installment due date preceding the date of reamortization. The installment due date will be March 31 for borrrowers whose entire Farm Ownership indebted ness is based on notes with December 31
due dates with 90-day grace periods, and borrowers who have an outstanding Farm Ownership note with March 31 due dates. The installment due date for, other borrowers will be January 1. When the revised amortization schedule has been calculated, the Finance Office will notify the County Supervisor, who will notify the borrower of the change. It will not be necessary to obtain a new notes or to change the face value of the original notes.
2 Farm Housing and direct Soil and Water Conservation accounts will be re amortized when a borrower who is not behind schedule and has made extra principal payments and refunds totaling 10 percent or more of his loan, requests reamortization on Form FHA-176, and the State Director determines th at the borrower is likely to have difficulty in meeting his obligations unless his ac count is reamortized. Reamortization of Farm Housing and direct Soil and Water Conservation accounts will be cal culated in accordance with subpara graph 1 of this paragraph. The bor rowers account will be on schedule as of the last installment due date preceding the date of reamortization. When the revised amortization schedule has been calculated, the Finance Office will notify the County Supervisor, who will make a notation thereof on the back of the orig inal note, change the amount of the annual installment appearing in the heading of Form FHA-473B, and notify the borrower of the change. -It will not be necessary to obtain a new note or to change the face value of the original note.
C ontinued on p. 2229

CONTENTS
Agricultural Marketing Service
Page
Proposed rule making :
Canned asparagus; U n i t e d States standards for grades 2245
Rules and regulations:
Food assistance funds pursuant to National School Lunch Act;
second apportionment, fiscal year 1956___________ __ 2229
Agricultural Research Service
Rules and regulations:
Vesicular exanthema; changes in areas quarantined_______ 2230
Agriculture Department
See Agricultural M a r k e t i n g Service; Agricultural Research Service; Commodity Credit Cor poration; Farmers Home Ad ministration.
Alien Property Office
Notices:
Vesting orders:
Banca Commerciale Italiana e Rumena______________
Banque d Escompte de Rouxnanie S. A_____________
Car tea Romaneasca S. A___
Dacia-Roumania Societate Generala de Asigurara in Bucuresti_____ _______ _
Government of Rumania___
Pannonia Ungarische Ruckversicherungs" Anstalt____

2264
2265
2265
2266
2264
2265

Civil Aeronautics Administra tion
Rules and regulations:
Irregular air carrier and offroute rules; conversion from miles per hour to knots____ - 2232
Civil Aeronautics Board
Notices:
City of Portsmouth service in vestigation; postponement of prehearing conference_____ 2254
Commerce Department
See Civil Aeronautics Administra tion; Foreign Commerce Bu reau.
Commodity Credit Corporation
Rules and regulations:
Milk and butterfat price sup port program_____________ 2229
2227