or should the Secretary find for any other reason that voluntary agreement is not likely to result, the Secretary may terminate his efforts to conciliate the dispute. In such event, the parties shall be notified promptly, in writing, that such efforts have been unsuccessful and will not be resumed except upon the respondent's written request, where such request is made within the time specified in the Secretary's notice. $71.34 Other notification where voluntary compliance is not obtained. The person aggrieved shall be notified of all cases in which voluntary compliwhatever ance, for reason, is not achieved within 30 days after a complaint is filed or within 30 days after a case referred to a State or local agency has been reactivated. However, where the Secretary has decided to seek resolution, efforts at conciliation may continue after such notice has been given and pursuant to the terms of §§ 71.31 to 71.33. In cases where the Secretary has determined that a complaint does not warIrant further action, notification shall also be given to the respondent. any of the rights granted by said title or a denial of rights under the title to a group of persons raising an issue of general public importance. (b) Refer the matter to the Attorney General for such other action as he may deem appropriate. (c) Institute enforcement proceedings under E.O. 11063 or title VI of the Civil Rights Act of 1964, in accordance with regulations and procedures prescribed therefor. (d) Inform any other Federal agency appearing to have an interest in the enforcement of respondent's obligations with respect to discrimination in housing. Jurisdictional area Connecticut, Maine, Alaska, Arizona, Cali- Puerto Rico and Virgin 50-047-71-9 Sec. 81.6 Housing for low and moderate income families. [Reserved] 81.7 Audits. 81.8 Reports. AUTHORITY: The provisions of this Part 81 issued under secs. 303 (c), 304(b), 309 (h), 311, 12 U.S.C. 1718(c), 1719 (b), 1723a (h), 1723c. SOURCE: The provisions of this Part 81 appear at 33 F.R. 12648, Sept. 6, 1968, unless otherwise noted. § 81.1 Scope of part. This part is established for the codification of regulations governing the operations of the Federal National Mortgage Association (hereafter in this part called the corporation) issued and to be issued from time to time by the Secretary of Housing and Urban Development, as authorized by the Federal National Mortgage Association Charter Act (hereafter in this part called the Charter Act). § 81.2 Common stock. The corporation is authorized to issue to any seller or borrower required to make capital contributions under section 303(b) of the Charter Act shares of the corporation's common stock required to be issued by section 303 (c) of the Charter Act. The corporation is further authorized to issue and sell additional shares of its common stock to those persons and institutions that service its mortgages, in consideration for payments by such servicers into the corporation's capital or capital and surplus for each such share of an amount equal to the then current issue price of the common stock so required to be issued; but no such stock shall be issued to any servicer at any time in excess of its reasonably foreseeable need at such time in connection with the amount of stock required to be held under section 303 (c) of the Charter Act. The authorizations of this section are granted on the condition that the Secretary of Housing and Urban Development be given written notice at least 15 days in advance of any change by the corporation in the issue price of its stock. Dividends. [Reserved] § 81.3 § 81.4 Debt to capital ratio. (a) The aggregate amount of obligations of the corporation issued under section 304 (b) of the Charter Act and outstanding at any one time shall not exceed 25 times the sum of its capital, capital surplus, general surplus, reserves and undistributed earnings. For the purposes of this section, the outstanding aggregate principal amount of any obligations of the corporation issued under section 304 (e) of the Charter Act which are entirely subordinated to the obligations of the corporation issued or to be issued under section 304 (b) of the Charter Act shall be deemed to be capital of the corporation. (b) In the event at any time of a reduction in the sum of the corporation's capital, capital surplus, general surplus, reserves, and undistributed earnings, the maximum debt to capital ratio is automatically increased to such ratio as may be necessary to include all obligations issued under said section 304 (b) and outstanding at such time. In the event at any time of a maturity or other event requiring the payment or redemption of any of the obligations issued under section 304 (e) of the Charter Act, the maximum debt to capital ratio is automatically increased to such ratio as may be necessary to permit the issue of obligations under section 304 (b) of the Charter Act in an amount sufficient to provide the proceeds required to pay the principal of and interest on the obligations outstanding under such section 304(e) and so required to be paid or redeemed at such time. As used in this section, the term "maximum debt to capital ratio" means the maximum ratio, set forth in paragraph (a) of this section or elsewhere, which may be borne to the aforesaid sum by the aggregate principal amount of the corporation's obligations issued under section 304 (b) of the Charter Act and outstanding at any one time. So long as any obligations of the corporation issued under section 304(e) of the Charter Act are outstanding, no action shall be taken with respect to the debt to capital ratio provisions of this subsection which is detrimental to the holders of such obligations. [33 F.R. 12648, Sept. 6, 1968, as amended at 34 F.R. 19656, Dec. 13, 1969] |