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FEDERAL REGISTER

Saturday, October 11, 1958
a :private "buyer. The steps Involved In assigning a mortgage from the United States as trustee for a State Rural Re habilitation Corporation to a private buyer are generally the same as those prescribed in 372:127 for the assign ment o f mortgages from the Insurance Fund, except that Form FHA-83 will not be !executed and a reinsurance provision will not be included in the endorsement of the note.
5. Section 372.128 a 5 20 F. R.
1048 is hereby revoked.
6. Section. 372.142. a 21 F. R. 6055
is hereby amended to read a&follows:
372.142 Delegations of authority.
Subject, to the policies and procedures prescribed in this subpart :.
i a The Director, Finance Office, is authorized on behalf of the Government, in connection with insured Farm Owner ship mortgages assigned or to be assigned to the Government under a trust assign ment, to execute required documents and perform other necessary acts, including but not limited to:
1 Informing holders and prospec tive holders of insured Farm Ownership mortgages of the advantages of, and procedure for, making assignments of mortgages in trust, and of the options available to the holder at the expiration of the. fixed period as provided in 372.124 f 6.
2 Furnishing approved forms of trust assignment.
3 Acknowledging notices of sale of Farm Ownership notes.
4 Executing Form FHA-83, Rein surance and Repurchase Agreement Automatic Renewal, and Form F H A 207, Supplemental Purchase Agreement Automatic Renew al,"
1 Section 372.143 c 21 F. R. 6055
is hereby amended to delete reference
to Form FHA-206, Supplemental Pur chase Agreement Insured Mortgage Fixed Period, and to change the title Of Form FHA-207 to read Supplemental Purchase Agreement Automatic Re new al.

8. Section 372.144 a , and b 1
21 F. R. 6056 are hereby amended to delete references to Form FHA-206.
9. Section 372.144 b 2 and c 21
P. R. 6056 are hereby amended to read as follows:

7875

Ic From the insurance Fund to a private buyer. Upon completion of ne gotiations for assignment to a priyate buyer of an insured note held by the Insurance Fund, when the mortgage is subject to a trust assignment, the as signment will be handled in accordance with 375.7 of this chapter. The original trust assignment, and any Forms F H A 359, FHA-38, or FHA-83, will be delivered to the buyer with the note. The buyer will be informed in the transmittal letter that the mortgage is held by the United States in trust for the noteholder.
10. Section 372.162 23 F. R. 3369. is hereby amended to read as follows:
372.162 Execution of declarations of trust. The mortgages will be placed in trust by having the Government execute a Declaration of Trust In Mortgage With United States As Trustee Form FHA-175. series.
The Director, Finance Office, is authorized on behalf of the United States of America to ex ecute declaration of trust Instruments and to perform any other necessary act or function in connection with placing such mortgages in trust with the United States; to endorse promissory notes, ex ecute Form FHA-83, Reinsurance and Repurchase Agreement Automatic Re new al, and other required, documents;
and to perform other necessary acts or functions in connection with loans se cured by mortgages placed in trust with the United States under such declara tions.
Sec. 41, 50 Stat. 528, as amended; 7 U. S. C.
1015

11. Section 375.3 a 6 20 F. R.
7958 is hereby amended to read as follows:
375.3 Authorities. Subject to the policies and procedures prescribed in this part:
The Director,. Finance Office, is authorized, on behalf of the Government, in connection With the assignment of in sured Soil and Water Conservation and Farm Ownership notes, to execute re quired documents and to perform other necessary steps, including but not limited to:

Executing Form FHA-207, Sup plemental Purchase Agreement Auto matic Renewal, and Form FHA-83, Reinsurance and Repurchase Agree ment Automatic Renewal,
372.144 Assignment of notes.
b To the Government.
2 When the State Director deter 12. Section 375.7 ic 20 F. R. 7959 is mines that action will be taken to liqui date a loan through voluntary conveyhereby amended to read as follows:
ance or. foreclosure, he will request the 375.7 Assignment of insured note Director, Finance Office, to require the from insurance fund to a private buyer.

holder to endorse the note to the Gov c I f payment will be made in ad ernment and to deliver the endorsed uote, the original trust assignment-and vance of delivery of the endorsed notes, any Forms FHA-359, FHA-38, or FHA the Director, Finance Office, will request 07 to the Government, The Director, the buyer to forward a check or draft before the effective date of the assign ,,nace Office, will process payment to ment, drawn to the order of the Farmers e holder in full from the Insurance Home Administration in the total ,, and, in case of foreclosure, assign amount of all the notes. I f the buyer e mortgage to the Government for the is an individual, payment by certified .riC?Un Insurance Fund by excheck or cashiers check will be required.
ting an assignment from the GovernUpon receipt of payment, the Director, ent as trustee on an approved form.
Finance Office, will:

1 Endorse the note for assignment.
2 Execute a Form FHA-83 except when 1 the original fixed period has not expired, of ii a Repurchase Agree ment has not been offered to the buyer.
When. Form FHA-83 is not executed, a reinsurance provision will be added to the endorsement of the note as follows:
The debt evidenced by this note is hereby reinsured as o f ___________ _ 19__
3 Send the note and Form FHA-83, if one was executed, to the purchaser by registered mail, return receipt requested.
Secs. 41, 0; 50 Stat. 528, as amended, 870, sec. 10, 68 Stat. 735; 7 U. S. C. 1015, 10 U. S. C.
590w, 590X-3

13. The introductory statement in 3-75.8 a 20 F. R. 7959 is hereby amended to read as follows:
375.8 Assignment of an insured Farm Ownership note held by the Farmers Home Administration as trustee for a State Rural Rehabilitation Corporation under a section 2 if agreement a
Assignment to a private buyer. The steps involved in assigning a note from the United. States as trustee for a State Rural Rehabilitation Corporation to a private buyer are generally the same as those prescribed in 375.7 for the as signment of notes from the Insurance Fund, except that Form FHA-83 will not be executed and a reinsurance provision will not be included in the endorsement of the note.
14. Section 375.8 a 4
7959 is hereby revoked..

20 F. R.

Sec. 41, 50 Stat. 528, as amended, sec. 4, 04
Stat. 100; 7 U. S. C. 1015, 40 U. S. C. 442

Dated: October 7, 1958.
seal
D a r r el A . D u n n ,
Acting Administrator, Farmers ,Home Administration.
F. R. Doc. 58-8449; Filed, Oct. 10, 1958;
8:53 a. m.

Chapter IV Commodity Stabilization Service and Commodity Credit Cor poration, Department of Agriculture Subchapter B Loans, Purchases, and Other Operations 1958 O. C. C. Grain Price Support Bulletin 1, Supp. 1, Arndt. 4, Rye P ar t 421 G r a in s a n d R e la t e d C o m m o d it ie s
S ubpart 1958-Crop R y e L oan a n d P urchase A greement P rogram paym ents
The regulations issued by the Com modity Credit Corporation and the Commodity Stabilization Service pub lished in 23 F. R. 3500, 5319, 6279 and 6771, containing specific requirements for the 1958-crop rye price support pro gram are hereby amended as follows:
1.
Section 421.3386 h is amended by adding the following counties and rates of payments per bushel:
C a l if o r n ia Am ount per County:
"bushel c e n ts 1
Modoc _______________________________ $0.02
Siskiyou ____ ________ __ _____ ____ ___
.05