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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
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