Article 3 of the Regulation [13] and Article 6 [14] of the Supplementary Rules provide that HFF ‘shall perform the assessment of the value of the bonds offered to the Fund’ and that ‘the book value of the loan shall as a rule be the basis for their price.’ In other words, HFF itself carries out an ‘in-house’ assessment of the value of the mortgage loans.
L’article 3 du règlement [13] et de l’article 6 [14] des dispositions complémentaires disposent que le HFF «procédera à l’évaluation de la valeur des obligations offertes au Fonds» et que «la valeur comptable du prêt servira de base à la fixation de leur prix» [traductions libres].