On January 26, 1999 the Land-Secured Financing Steering Committee met by conference call and had an extensive discussion about the ongoing process of developing national disclosure guidelines for land-secured financing. The Steering Committee agreed that an appropriate first step is to have the NFMA produce a working draft statement of disclosure guidelines. The working draft, which the NFMA hopes to create by the end of May, can then be circulated and used as a starting point for in-depth disclosure discussions that will be open to all interested industry participants. The Steering Committee will reconvene in March to discuss an appropriate timetable for the MSRB to host forums geared to solicit nationwide industry comment on the working draft. The forums will seek input on the substance of the draft guidelines from industry participants involved in the many aspects of land-secured financing.

January 29, 1999

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