The Secretary of HUD's Regulation of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac): Book-Entry Procedures

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This interim rule revises procedures that govern the issuance, recordation, and transfer of Federal National Mortgage Association (``Fannie Mae'') and Federal Home Loan Mortgage Corporation (``Freddie Mac'') (collectively ``Government-Sponsored Enterprises'' or ``GSEs'') Securities in the Book-entry System. The rule modifies HUD's current book-entry procedures for Fannie Mae to bring them into accord with the revised book-entry procedures of the Department of Treasury (``Treasury'') published in the Federal Register on August 23, 1996 (61 FR 43626). This rule also extends these revised book-entry procedures to Freddie Mac and supersedes Freddie Mac's current book-entry regulations. In accordance with Treasury's revised book-entry procedures, this rule incorporates recent significant changes in commercial and property law, including changes concerning the holding of securities through financial intermediaries. This rule replaces existing regulations that contain outdated legal concepts. This rule applies to outstanding securities.