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OGC-97-6 1 (1996-12-05)

handle is hein.gao/gaobablpf0001 and id is 1 raw text is: GAO United States General Accounting Office Washington, D.C. 20548 Office of the General Counsel B-275487 December 5, 1996 The Honorable Alfonse M. D'Amato Chairman The Honorable Paul S. Sarbanes Ranking Minority Member Committee on Banking, Housing and Urban Affairs United States Senate The Honorable James A. Leach Chairman The Honorable Henry B. Gonzalez Ranking Minority Member Committee on Banking and Financial Services House of Representatives Subject: United States Department of Agriculture, Rural Housing Service: Reengineering and Reinvention of the Direct Section 502 and 504 Single Family Ho using Pro gram Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by United States Department of Agriculture, Rural Housing Service (RHS), entitled Reengineering and Reinvention of the Direct Section 502 and 504 Single Family Housing Program (RIN: 0575-AB99). We received the rule on November 18, 1996. It was published in the Federal Register as an interim final rule on November 22, 1996. 61 Fed. Reg. 59762. The interim final rule sets forth revised and combined rules for carrying out the requirements of sections 502 and 504 of the Housing Act of 1949 and combines the current 18 regulations into one rule as part of the National Performance Review Program. The rule, among other changes, implements a Dedicated Loan Origination System which will utilize many of the methods used by private mortgage companies to improve program performance and efficiency to the program's customers. The effective date of the rule is December 26, 1996, which is less than the 60 days delay in a rule's effective date required by the Small Business Regulatory Enforcement Fairness Act of 1996 (SBREFA). In accelerating the effective date, RHS stated that it had determined under 5 U.S.C. § 808(2) that a delay in GAO/OGC-97-6

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