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Department of Veterans Affairs, Executive (1 - 5 of 5 items)
Federal Housing Administration: Improving Disposition and Oversight Practices May Increase Returns on Foreclosed Property Sales
GAO-13-542: Published: Jun 20, 2013. Publicly Released: Jul 22, 2013.
The Federal Housing Administration's (FHA) performance in selling its foreclosed properties--known as real estate-owned (REO) properties--lagged the performance of both of the government-sponsored enterprises (enterprises), Fannie Mae and Freddie Mac. FHA disposed of more than 400,000 properties from January 2007 through June 2012. Its combined 2007-2012 returns, measured by the net execution rate...
Foreclosure Mitigation: Agencies Could Improve Effectiveness of Federal Efforts with Additional Data Collection and Analysis
GAO-12-296: Published: Jun 28, 2012. Publicly Released: Jun 28, 2012.
In an effort to help the millions of homeowners struggling to keep their homes, a range of federal programs have offered relief in the form of loan modifications and refinancing into loans with lower interest rates, among other things. Under Treasurys Home Affordable Modification Program (HAMP), initiated in early 2009, servicers have modified almost 1 million loans between 2009 and 2011. Du...
Single-Family Housing: Opportunities to Improve Federal Foreclosure and Property Sale Processes
GAO-02-305: Published: Apr 17, 2002. Publicly Released: May 17, 2002.
Federal programs in the Federal Housing Administration (FHA), the Department of Veterans Affairs (VA), and the Rural Housing Service (RHS) promote mortgage financing for low-income, first-time, minority, veteran, and rural home buyers. Congress has also chartered private corporations--Fannie Mae and Freddie Mac--to provide mortgage lending and to promote homeownership opportunities. Many homeowner...
Homeownership: Achievements of and Challenges Faced by FHA's Single-Family Mortgage Insurance Program
T-RCED-98-217: Published: Jun 2, 1998. Publicly Released: Jun 2, 1998.
GAO discussed: (1) the achievements of the Federal Housing Administration's (FHA) home mortgage insurance program, including the extent that home buyers use FHA insurance, the characteristics of these home buyers--including whether they were first-time home buyers--and how many of them might also qualify for private mortgage insurance; (2) how the insurance terms available through FHA's principal...
Homeownership: FHA's Role in Helping People Obtain Home Mortgages
RCED-96-123: Published: Aug 13, 1996. Publicly Released: Aug 13, 1996.
Pursuant to a congressional request, GAO provided information on the Federal Housing Administration's (FHA) role in helping people to obtain home mortgages.GAO found that: (1) FHA and Department of Veterans Affairs (VA) programs allow borrowers to make smaller downpayments and accumulate higher total debt to income ratios than private mortgage insurers (PMI); (2) FHA programs finance closing costs...