Government National Mortgage Association; Multiclass Securities Program; Announcement of OMB Control Number

On September 30, 1994 (59 FR 50148), the Department published in the Federal Register, a Supplemental Notice for GNMA Multiclass Securities Program, in which it referred to a Notice published in the Federal Register on May 26, 1994 (59 FR 27290), which implemented a new program under which GNMA would guarantee multiclass mortgage-backed securities. The May 26, 1994 Notice provided for implementation in two stages, the initial stage and the full participation stage. The program is intended to benefit borrowers using federally insured or guaranteed mortgages by increasing investment demand for GNMA guaranteed mortgage- backed securities (``MBS'') that are backed by these mortgages, thus reducing financing costs for these mortgages; and raise revenues through the receipt of guarantee and other fees by GNMA. The September 30, 1994 Notice and a Notice of Proposed Information Collection Requirements to OMB, published on September 28, 1994 (59 FR 49410), identified that this program under which GNMA would guarantee multiclass mortgage-backed securities, contained information collection requirements, but that no person would be subjected to a penalty for failure to comply with these information collection requirements until they had been approved and assigned an OMB control number. The purpose of this document is to announce the OMB control number for the GNMA Multiclass Securities Program.

This is a factual description of what was issued or decided, not an assessment of it.