FDIC Federal Register Citations

[Federal Register: March 8, 2007 (Volume 72, Number 45)]

[Notices]

[Page 10533-10537]

From the Federal Register Online via GPO Access [wais.access.gpo.gov]

[DOCID:fr08mr07-79]

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DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency

[Docket No. OCC-2007-0005]

FEDERAL RESERVE SYSTEM

[Docket No. OP-1278]

FEDERAL DEPOSIT INSURANCE CORPORATION

DEPARTMENT OF THE TREASURY

Office of Thrift Supervision

[No. 2007-09]

NATIONAL CREDIT UNION ADMINISTRATION

Proposed Statement on Subprime Mortgage Lending

AGENCIES: Office of the Comptroller of the Currency, Treasury (OCC);

Board of Governors of the Federal Reserve System (Board); Federal

Deposit Insurance Corporation (FDIC); Office of Thrift Supervision,

Treasury (OTS); and National Credit Union Administration (NCUA).

ACTION: Notice with request for comment.

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SUMMARY: The OCC, Board, FDIC, OTS, and NCUA (the Agencies) request

comment on this proposed Statement on Subprime Mortgage Lending. The

proposed statement addresses emerging issues and questions relating to

certain subprime mortgage lending practices, and it discusses risk

management and consumer compliance processes, policies, and procedures

that institutions should implement to respond to these concerns.

DATES: Comments must be submitted on or before May 7, 2007.

ADDRESSES: The Agencies will jointly review all of the comments

submitted. Therefore, interested parties may send comments to any of

the Agencies and need not send comments (or copies) to all of the

Agencies. Please consider submitting your comments by e-mail or fax,

since paper mail in the Washington area and at the Agencies is subject

to delay. Interested parties are invited to submit comments to:

OCC: You should include ``OCC'' and Docket Number OCC-2007-0005 in

your comment. You may submit your comment by any of the following

methods:

Federal eRulemaking Portal: http://www.regulations.gov.

Follow the instructions for submitting comments.

OCC Web Site: http://www.occ.treas.gov. Click on ``Contact

the OCC,'' scroll down and click on ``Comments on Proposed

Regulations.''

E-Mail Address: regs.comments@occ.treas.gov.

Fax: (202) 874-4448.

Mail: Office of the Comptroller of the Currency, 250 E

Street, SW., Mail Stop 1-5, Washington, DC 20219.

Hand Delivery/Courier: 250 E Street, SW., Attn: Public

Information Room, Mail Stop 1-5, Washington, DC 20219.

Instructions: In general, the OCC will enter all comments received

into the docket without change, including any business or personal

information that you provide.

You may review comments and other related materials by any of the

following methods:

Viewing Comments Personally: You may personally inspect

and photocopy comments at the OCC's Public Information Room, 250 E

Street, SW., Washington, DC. You can make an appointment to inspect

comments by calling (202) 874-5043.

Viewing Comments Electronically: You may request that we

send you an electronic copy of comments via e-mail or mail you a CD-ROM

containing electronic copies by contacting the OCC at

regs.comments@occ.treas.gov.

Docket Information: You may also request available

background documents and project summaries using the methods described

above.

Board: You may submit comments, identified by Docket No. OP-1278,

by any of the following methods:

Agency Web site: http://www.federalreserve.gov

Follow the instructions for submitting comments at http://www.federalreserve.gov/.

. Federal eRulemaking Portal: http://www.regulations.gov.

Follow the instructions for submitting comments.

E-mail: regs.comments@federalreserve.gov. Include the

docket number (OP-1278) in the subject line of the message.

Fax: (202) 452-3819 or (202) 452-3102.

Mail: Jennifer J. Johnson, Secretary, Board of Governors

of the Federal Reserve System, 20th Street and Constitution Avenue,

NW., Washington, DC 20551.

All public comments are available from the Board's Web site at

http://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm as

submitted, unless modified for technical reasons. Accordingly, your

comments will not be edited to remove any identifying or contact

information. Public comments also may be viewed electronically or in

paper form in Room MP-500 of the Board's Martin Building (20th and C

Streets, NW.) between 9 a.m. and 5 p.m. on weekdays.

FDIC: You may submit comments by any of the following methods:

Agency Web Site: http://www.FDIC.gov/regulations/laws/federal.

Follow instructions for submitting comments on the Agency Web

Site.

E-mail: Comments@FDIC.gov. Include ``Statement on Subprime

Mortgage Lending'' in the subject line of the message.

Mail: Robert E. Feldman, Executive Secretary, Attention:

Comments, Federal Deposit Insurance Corporation, 550 17th Street, NW.,

Washington, DC 20429.

Hand Delivery/Courier: Guard station at the rear of the

550 17th Street Building (located on F Street) on business days between

7 a.m. and 5 p.m. (EST).

Federal eRulemaking Portal: http://www.regulations.gov.

Follow the instructions for submitting comments.

Public Inspection: All comments received will be posted without

change to http://www.FDIC.gov/regulations/laws/federal including any

personal information provided. Comments may be inspected and

photocopied in the FDIC Public Information Center, 3501 North Fairfax

Drive, Room E-1002, Arlington, VA 22226, between 9 a.m. and 5 p.m.

(EST) on business days. Paper copies of public comments may be ordered

from the Public Information Center by telephone at (877) 275-3342 or

(703) 562-2200.

OTS: You may submit comments, identified by docket number 2007-09,

by any of the following methods:

Federal eRulemaking Portal: http://www.regulations.gov.

Follow the instructions for submitting comments.

E-mail address: regs.comments@ots.treas.gov. Please

include docket number 2007-09 in the subject line of the message and

include your name and telephone number in the message.

Fax: (202) 906-6518.

Mail: Regulation Comments, Chief Counsel's Office, Office

of Thrift Supervision, 1700 G Street, NW., Washington, DC 20552,

Attention: No. 2007-XX.

Hand Delivery/Courier: Guard's Desk, East Lobby Entrance,

1700 G Street, NW., from 9 a.m. to 4 p.m. on business days. Address

envelope as

[[Page 10534]]

follows: Attention: Regulation Comments, Chief Counsel's Office,

Attention: No. 2007-09.

Instructions: All submissions received must include the agency name

and docket number for this proposed Statement. All comments received

will be posted without change to the OTS Internet Site

at http://www.ots.treas.gov/pagehtml.cfm?catNumber=67&an=1

including any personal information provided.

Docket: For access to the docket to read background documents or

comments received, go to http://www.ots.treas.gov/pagehtml.cfm?catNumber=67&an=1.

In addition, you may inspect comments at the OTS's Public Reading Room, 1700 G Street, NW.,

by appointment. To make an appointment for access, call (202) 906-5922, send an e-mail

to public.info@ots.treas.gov, or send a facsimile transmission to (202)

906-7755. (Prior notice identifying the materials you will be

requesting will assist us in serving you.) We schedule appointments on

business days between 10 a.m. and 4 p.m. In most cases, appointments

will be available the next business day following the date we receive a

request.

NCUA: You may submit comments by any of the following methods:

Federal eRulemaking Portal: http://www.regulations.gov.

Follow the instructions for submitting comments.

NCUA Web site:

http://www.ncua.gov/RegulationsOpinionsLaws/proposed_regs/proposed_regs.html.

Follow the instructions for submitting comments.

E-mail: Address to regcomments@ncua.gov. Include ``[Your

name] Comments on `` in the e-mail subject line.

Fax: (703) 518-6319. Use the subject line described above

for e-mail.

Mail: Address to Mary Rupp, Secretary of the Board,

National Credit Union Administration, 1775 Duke Street, Alexandria,

Virginia 22314-3428.

Hand Delivery/Courier: Same as mail address.

FOR FURTHER INFORMATION CONTACT:

OCC: Michael S. Bylsma, Director, Community and Consumer Law

Division, (202) 874-5750 or Stephen Jackson, Director, Retail Credit

Risk, (202) 874-5170.

Board: Division of Banking Supervision and Regulation: Brian

Valenti, Supervisory Financial Analyst, (202) 452-3575, Virginia Gibbs,

Senior Supervisory Financial Analyst, (202) 452-2521, or Sabeth

Siddique, Assistant Director, (202) 452-3861; Division of Consumer and

Community Affairs: Kathleen Ryan, Counsel, (202) 452-3667, or Jamie

Goodson, Attorney, (202) 452-3667; or Legal Division: Stephanie Martin,

Associate General Counsel, (202) 452-3198. Board of Governors of the

Federal Reserve System, 20th Street and Constitution Avenue, NW.,

Washington, DC 20551. Users of Telecommunication Device for Deaf (TTD)

only, call (202) 263-4869.

FDIC: Suzy S. Gardner, Examination Specialist, (202) 898-3640,

Division of Supervision and Consumer Protection; Richard Foley,

Counsel, (202) 898-3784, Legal Division; or April Breslaw, Acting

Associate Director, Compliance Policy & Exam Support Branch, (202) 898-

6609, Division of Supervision and Consumer Protection.

OTS: Tammy Stacy, Director of Consumer Regulation, Compliance and

Consumer Protection Division, (202) 906-6437; Glenn Gimble, Senior

Project Manager, Compliance and Consumer Protection Division, (202)

906-7158, William Magrini, Senior Project Manager, Credit Risk, (202)

906-5744; or Teresa Luther, Economist, Credit Risk, (202) 906-6798.

NCUA: Cory Phariss, Program Officer, Examination and Insurance,

(703) 518-6618.

SUPPLEMENTARY INFORMATION:

I. Background

This proposed Statement on Subprime Mortgage Lending (Statement)

discusses criteria and factors, including payment shock, that an

institution should assess in determining a borrower's ability to repay

a subprime loan. The Statement also discusses consumer protection

issues and practices, including reminders about some of the existing

statutes, regulations, and guidance intended to protect consumers from

unfair, deceptive, and other predatory practices. Finally, the

Statement discusses the need for policies, procedures, and systems to

assure that institutions' subprime mortgage lending is conducted in a

safe and sound manner. The Statement is contained in Section II, below.

The Agencies \1\ request comment on all aspects of the Statement,

including, but not limited to, the specific questions that appear in

Section III.

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\1\ The Agencies consist of the Board of Governors of the

Federal Reserve System (the Board), the Federal Deposit Insurance

Corporation (FDIC), the National Credit Union Administration (NCUA),

the Office of the Comptroller of the Currency (OCC), and the Office

of Thrift Supervision (OTS), collectively the Agencies.

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II. Proposed Statement on Subprime Mortgage Lending

The Agencies developed this Statement to address emerging issues

and questions relating to certain subprime \2\ mortgage lending

practices. The Agencies are concerned that subprime borrowers may not

fully understand the risks and consequences of obtaining certain

adjustable-rate mortgage (ARM) products. In particular, the Agencies

are concerned with ARM products marketed to subprime borrowers with the

following characteristics:

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\2\ The term ``subprime'' is defined in the 2001 Expanded

Guidance for Subprime Lending Programs. Federally insured credit

unions should refer to LCU 04-CU-13--Specialized Lending Activities.

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Offering low initial payments based on a fixed

introductory or ``teaser'' rate that expires after a short initial

period then adjusts to a variable index rate plus a margin for the

remaining term of the loan; \3\

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\3\ For example, ARMs known as ``2/28'' loans feature a fixed

rate for two years and then adjust to a variable rate for the

remaining 28 years. The spread between the initial fixed rate of

interest and the fully indexed interest rate in effect at loan

origination typically ranges from 300 to 600 basis points.

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Approving borrowers without considering appropriate

documentation of their income;

Setting very high or no limits on how much the payment

amount or the interest rate may increase (``payment or rate caps'') at

reset periods, potentially causing a substantial increase in the

monthly payment amount ``payment shock''; \4\

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\4\ Payment shock refers to a significant increase in the amount

of the monthly payment that occurs when the interest rate adjusts to

a fully indexed basis. Products with a wide spread between the

initial interest rate and the fully indexed interest rate that do

not have payment caps or periodic interest rate caps, or that

contain very high caps can produce significant payment shock.

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Containing product features likely to result in frequent

refinancing to maintain an affordable monthly payment;

Including substantial prepayment penalties and/or

prepayment penalties that extend beyond the initial interest rate

adjustment period; and/or

Providing borrowers with inadequate information relative

to product features, material loan terms and product risks, prepayment

penalties, and the borrower's obligations for property taxes and

insurance.

The consequences to subprime borrowers could include: Being unable

to afford the monthly payments after the initial rate adjustment

because of payment shock; experiencing difficulty in paying real estate

taxes and

[[Page 10535]]

homeowners insurance that were not escrowed; incurring expensive

refinancing fees frequently due to closing costs and prepayment

penalties, especially if the prepayment penalty period extends beyond

the rate adjustment date; and losing their home. The Agencies also are

concerned about the elevated credit risk that is inherent in these

products.

The Agencies note that many of these concerns are addressed in

existing interagency guidance. The most prominent are the 1993

Interagency Guidelines for Real Estate Lending (Real Estate

Guidelines), the 1999 Interagency Guidance on Subprime Lending

(Subprime Lending Guidance), and the 2001 Expanded Guidance for

Subprime Lending Programs (Expanded Subprime Guidance).\5\

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\5\ Federally insured credit unions should refer to LCU 04-CU-

13--Specialized Lending Activities. National banks should also refer

to 12 CFR 34.3(b) and (c), as well as 12 CFR part 30, Appendix C.

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While the 2006 Interagency Guidance on Nontraditional Mortgage

Product Risks (NTM Guidance) may not explicitly pertain to products

with the characteristics addressed in this Statement, it outlines

prudent underwriting and consumer protection principles that

institutions should also consider with regard to subprime mortgage

lending. This Statement reiterates many of the principles addressed in

existing guidance relative to prudent risk management practices and

consumer protection laws.\6\

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\6\ As with the Interagency Guidance on Nontraditional Mortgage

Product Risks, 71 FR 58609 (October 4, 2006), this Statement applies

to all banks and their subsidiaries, bank holding companies and

their nonbank subsidiaries, savings associations and their

subsidiaries, savings and loan holding companies and their

subsidiaries, and credit unions.

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Risk Management Practices

Predatory Lending Considerations

Institutions marketing subprime mortgage loans should ensure that

they do not engage in the type of predatory lending practices discussed

in the Expanded Subprime Guidance. Typically, predatory lending

involves at least one, and perhaps all three, of the following

elements:

Making mortgage loans based predominantly on the

foreclosure or liquidation value of a borrower's collateral rather than

on the borrower's ability to repay the mortgage according to its terms;

Inducing a borrower to repeatedly refinance a loan in

order to charge high points and fees each time the loan is refinanced

(``loan flipping''); or

Engaging in fraud or deception to conceal the true nature

of the mortgage loan obligation, or ancillary products, from an

unsuspecting or unsophisticated borrower.

Institutions marketing mortgage loans such as these carry an

elevated risk that their conduct will violate Section 5 of the Federal

Trade Commission Act (FTC Act), which prohibits unfair or deceptive

acts or practices.\7\

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\7\ The OCC, the Board, the OTS, and the FDIC enforce this

provision under section 8 of the FDI Act. The OCC, Board, and FDIC

also have issued supervisory guidance to the institutions under

their respective jurisdictions concerning unfair or deceptive acts

or practices. See OCC Advisory Letter 2002-3--Guidance on Unfair or

Deceptive Acts or Practices, March 22, 2002 and 12 CFR part 30,

Appendix C; Joint Board and FDIC Guidance on Unfair or Deceptive

Acts or Practices by State-Chartered Banks, March 11, 2004. OTS has

also issued a regulation that prohibits savings associations from

using advertisements or other representations that are inaccurate or

misrepresent the services or contracts offered (12 CFR 563.27). The

NCUA prohibits federally insured credit unions from using any

advertising or promotional material that is inaccurate, misleading,

or deceptive in any way concerning its products, services, or

financial condition (12 CFR 740.2).

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Underwriting Standards

Institutions should refer to the Real Estate Guidelines, which

provide underwriting standards for all real estate loans.\8\ The Real

Estate Guidelines state that prudently underwritten real estate loans

should reflect all relevant credit factors, including the capacity of

the borrower to adequately service the debt.\9\ The 2006 NTM Guidance

details similar criteria for qualifying borrowers for products that may

result in payment shock.

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\8\ Refer to 12 CFR part 34, subpart D (OCC); 12 CFR 208,

subpart C (Board); 12 CFR part 365 (FDIC); 12 CFR 560.100 and 12 CFR

560.101 (OTS); 12 CFR 701.21 (NCUA).

\9\ OTS Examination Handbook Section 212, 1-4 Family Residential

Mortgage Lending, also discusses borrower qualification standards.

Federally Insured Credit Unions should refer to LCU 04-CU-13--

Specialized Lending Activities.

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Prudent qualifying standards recognize the potential effect of

payment shock in evaluating a borrower's ability to service debt. An

institution's analysis of a borrower's repayment capacity should

include an evaluation of the borrower's ability to repay the debt by

its final maturity at the fully indexed rate, assuming a fully

amortizing repayment schedule. One widely accepted approach in the

mortgage industry is to quantify a borrower's repayment capacity by a

debt-to-income (DTI) ratio. An institution's DTI analysis should assess

a borrower's total monthly housing-related payments (e.g., principal,

interest, taxes, and insurance, or ``PITI'') as a percentage of gross

monthly income.

This assessment is particularly important if the institution relies

upon reduced documentation or allows other forms of risk layering.

Risk-layering features in a subprime mortgage loan may significantly

increase the risks to both the institution and the borrower. Therefore,

an institution should have clear policies governing the use of risk-

layered features, such as reduced documentation loans or simultaneous-

second lien mortgages. When risk-layering features are combined with a

mortgage loan, an institution should demonstrate the existence of

effective mitigating factors that support the underwriting decision and

the borrower's repayment capacity.

The higher a loan's risk, either from loan features or borrower

characteristics, the more important it is to verify the borrower's

income, assets, and liabilities. When underwriting higher risk loans,

stated income and reduced documentation should be accepted only if

there are mitigating factors that clearly minimize the need for direct

verification of repayment capacity. For many borrowers, institutions

should be able to readily document income using recent W-2 statements,

pay stubs or tax returns. A higher interest rate is not considered an

acceptable mitigating factor.

Consumer Protection Principles

Fundamental consumer protection principles relevant to the

underwriting and marketing of mortgage loans include:

Approving loans based on the borrower's ability to repay

the loan according to its terms, and

Providing information that enables consumers to understand

material terms, costs, and risks of loan products at a time that will

help the consumer select products and choose among payment options.

When applying these principles to ARMs marketed to subprime

borrowers described in this document, communications with consumers,

including advertisements, oral statements, and promotional materials

should provide clear and balanced information about the relative

benefits and risks of the products. This information should be provided

in a timely manner to assist consumers in the product selection

process, not just upon submission of an application or at consummation

of the loan. Institutions should not use such communications to steer

consumers to these products to the exclusion of other products offered

by the institution for which the consumer may qualify.

Information provided to consumers should clearly explain the risk

of

[[Page 10536]]

payment shock \10\ and the ramifications of prepayment penalties,

balloon payments, and the lack of escrow for taxes and insurance, as

applicable. The Agencies strongly encourage institutions that impose

prepayment penalties to structure them in such a way that they do not

extend beyond the initial reset period and, further, provide borrowers

a sufficient window of time immediately prior to the reset date to

refinance without penalty.

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\10\ To illustrate: A borrower earning $36,000 per year obtains

a $200,000 ``2/28'' mortgage loan. The loan has a two-year

introductory fixed interest rate of 7%, resulting in an initial

payment of $1,331 and a 44% debt-to-income (DTI) ratio, based on

principal and interest only; and would be higher after the inclusion

of taxes and insurance. The spread is 6% over the six-month London

Interbank Offered Rate (LIBOR), which is 5.5% at the time of loan

origination. The fully indexed interest rate at origination of 11.5%

(6% + 5.5%) would cause the borrower's monthly payment to increase

to $1,956 (or 47%), a 65% DTI ratio, based on principal and interest

only.

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Similarly, if borrowers do not understand that their monthly

mortgage payments do not include taxes and insurance, and they have not

budgeted for these essential homeownership expenses, they may be faced

with the need for significant additional funds on short notice.\11\

Therefore, mortgage product descriptions and advertisements should

provide clear, detailed information about all of the costs, terms,

features, and risks of the loan to the borrower. Consumers should be

informed of:

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\11\ Institutions generally can address these concerns most

directly by requiring borrowers to escrow funds for real estate

taxes and insurance.

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Payment Shock. Potential payment increases, including how

the new payment will be calculated when the introductory fixed rate

expires.

Prepayment Penalties. The existence of any prepayment

penalty, how it will be calculated, and when it may be imposed.\12\

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\12\ Federal credit unions are prohibited from charging

prepayment penalties. 12 CFR 701.21.

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Balloon Payments. The existence of any balloon payment.

Cost of Reduced Documentation Loans. Whether there is a

pricing premium attached to a reduced documentation or stated income

program.

Responsibility for Taxes and Insurance. The requirement to

make payments for real estate taxes and insurance in addition to their

loan payments, if not escrowed, and the fact that taxes and insurance

costs can be substantial.

Control Systems

Institutions should develop strong control systems to monitor

whether actual practices are consistent with their policies and

procedures. Systems should address compliance and consumer information

concerns, as well as safety and soundness, and encompass both

institution personnel and applicable third parties, such as mortgage

brokers or correspondents.

Important controls include establishing appropriate criteria for

hiring and training loan personnel, entering into and maintaining

relationships with third parties, and conducting initial and ongoing

due diligence with third parties. Institutions also should design

compensation programs that avoid providing incentives for originations

inconsistent with sound underwriting and consumer protection

principles, and that do not steer consumers to these products to the

exclusion of other products for which the consumer may qualify.

Institutions should have procedures and systems in place to monitor

compliance with appropriate laws and regulations, applicable third-

party agreements and internal policies. An institution's controls also

should include appropriate corrective actions in the event of failure

to comply with applicable laws, regulations, third-party agreements or

internal policies. In addition, institutions should initiate procedures

to review consumer complaints to identify potential compliance problems

or other negative trends.

Supervisory Review

The Agencies will carefully scrutinize risk management and consumer

compliance processes, policies, and procedures at regularly scheduled

examinations. Institutions that do not adequately manage these

functions will be asked to take remedial action. The Agencies will take

action against institutions that fail to implement or adhere to safe

and sound standards, exhibit predatory lending practices, or violate

consumer protection laws, such as the Federal Trade Commission Act's

prohibition against unfair or deceptive practices or the fair lending

laws.

III. Request for Comment

The Agencies recognize that the structural evolution of subprime

mortgage lending in recent years has introduced some products that are

intended at their outset to be temporary credit accommodations in

anticipation of early sale or refinancing, rather than longer-term

amortizing accounts. Such loans typically involve terms that exceed the

borrower's ability to service the debt without refinancing or selling

the property. The motivations for these arrangements vary. They may

include financing in anticipation of the borrower's intended temporary

residency, expected future earnings growth, or need for a period of

``credit repair.'' Because of this fundamental shift in the purpose and

actual repayment expectations of such loan programs, the Agencies are

particularly interested in public comment on the following specific

questions:

1. The proposed qualification standards are likely to result in

fewer borrowers qualifying for the type of subprime loans addressed in

this Statement, with no guarantee that such borrowers will qualify for

alternative loans in the same amount. Do such loans always present

inappropriate risks to lenders or borrowers that should be discouraged,

or alternatively, when and under what circumstances are they

appropriate?

2. Will the proposed Statement unduly restrict the ability of

existing subprime borrowers to refinance their loans and avoid payment

shock? The Agencies also are specifically interested in the

availability of mortgage products that would not present the risk of

payment shock.

3. Should the principles of this proposed Statement be applied

beyond the subprime ARM market?

4. We seek comment on the practice of institutions that limit

prepayment penalties to the initial fixed rate period. Additionally, we

seek comment on how this practice, if adopted, would assist consumers

and impact institutions, by providing borrowers with a timely

opportunity to determine appropriate actions relating to their

mortgages. We also seek comment on whether an institution's limiting of

the expiration of prepayment penalties such that they occur within the

final 90 days of the fixed rate period is a practice that would help

meet borrower needs.

In addition to the foregoing questions, the Agencies request

comment on all other aspects of the proposed Statement.

Dated: February 28, 2007.

John C. Dugan,

Comptroller of the Currency.

By order of the Board of Governors of the Federal Reserve

System, March 2, 2007.

Jennifer J. Johnson,

Secretary of the Board.

Dated at Washington, DC, the 28th day of February, 2007.

By order of the Federal Deposit Insurance Corporation.

Robert E. Feldman,

Executive Secretary.

Dated: February 28, 2007.

[[Page 10537]]

By the Office of Thrift Supervision.

John M. Reich,

Director.

By the National Credit Union Administration on February 28,

2007.

JoAnn M. Johnson,

Chairman.

[FR Doc. 07-1083 Filed 3-7-07; 8:45 am]

BILLING CODE 4810-33-P; 6210-01-P; 6714-01-P; 6720-01-P; 7535-01-P