Federal National Mortgage Association; Continuation of Regulations for Book-Entry Securities

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The final rule continues in effect without change 24 CFR 81.41 through 81.49, the book entry provisions of the Secretary's regulations governing the Federal National Mortgage Association (Fannie Mae). This final rule authorizes the issuance and trading in book-entry form of mortgage-backed and debt securities of Fannie Mae. The Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (``the 1992 Act'') provides for a transition period during which all rules promulgated by the Secretary under the Fannie Mae Charter Act prior to October 28, 1992, are to remain in effect. Under the 1992 Act, the transition period expires November 28, 1994, which is 18 months following the appointment of the Director of the Office of Federal Housing Enterprises Oversight. Today's action is an emergency regulation to continue the existing book-entry provisions of the regulations in order to avoid disruption to Fannie Mae's continued authority for book-entry issuance and trading of Fannie Mae securities.