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Department of Housing and Urban Development, Executive (1 - 10 of 75 items)
FHA Mortgage Insurance: Applicability of Industry Requirements Is Limited, but Certain Features Could Enhance Oversight
GAO-13-722: Published: Sep 9, 2013. Publicly Released: Oct 22, 2013.
Reserving practices and capital requirements for the Mutual Mortgage Insurance Fund (Fund) of the Federal Housing Administration (FHA) differ in key respects from those for private mortgage insurers (PMI). These differences stem from the distinct environments in which FHA and PMIs operate, including the particular accounting principles and statutory provisions that they must follow. For example, s...
Overview of GAO's Past Work on FHA's Single-Family Mortgage Insurance Programs
GAO-13-400R: Published: Mar 7, 2013. Publicly Released: Mar 7, 2013.
Among other things, GAO's past work discusses FHA's financial condition and steps the agency has taken to improve its financial condition. As housing prices began to decline at the end of 2006 and conventional mortgage lenders tightened their underwriting standards, more homebuyers began taking advantage of FHA-insured loans, which tend to have less strict underwriting standards and require lower...
HUD Has Identified Performance Measures for Its Block Grant Programs, but Information on Impact Is Limited
GAO-12-575R: Published: May 15, 2012. Publicly Released: May 15, 2012.
Information on the overall effectiveness (or impact) of the CDBG and HOME programs is limited. According to HUD officials, the agency has faced challenges in evaluating the impact of CDBG and HOME because, among other things, such an evaluation would have to compare neighborhoods that received program assistance with those that did not. Our previous work has also identified the difficulties of eva...
Nonprime Mortgages: Analysis of Loan Performance, Factors Associated with Defaults, and Data Sources
GAO-10-805: Published: Aug 24, 2010. Publicly Released: Sep 23, 2010.
The surge in mortgage foreclosures that began in late 2006 and continues today was initially driven by deterioration in the performance of nonprime (subprime and Alt-A) loans. Nonprime mortgage originations increased dramatically from 2000 through 2006, rising from about 12 percent ($125 billion) of all mortgage originations to about 34 percent ($1 trillion). The nonprime market contracted sharply...
Elderly Housing: Federal Housing Programs That Offer Assistance for the Elderly
GAO-05-174: Published: Feb 14, 2005. Publicly Released: Mar 16, 2005.
According to the 2003 American Housing Survey sponsored by the U.S. Department of Housing and Urban Development (HUD), nearly one-third of elderly households--those whose head was age 62 or older--were experiencing housing affordability problems. Further, a congressional commission reported in 2002 that investment in affordable housing is decreasing, although the elderly population is expected to...
Home Inspections: Many Buyers Benefit from Inspections, but Mandating Their Use Is Questionable
GAO-04-462: Published: Apr 30, 2004. Publicly Released: Jun 1, 2004.
In the 1990s, the Department of Housing and Urban Development's (HUD) Federal Housing Administration (FHA) dealt with a series of instances where buyers had not been notified of serious problems revealed by their appraisals. This led to several reforms, some of which allegedly may have caused some buyers to forgo home inspections, confusing that service with appraisals. Advocates of mandating home...
Community and Economic Development Loans: Securitization Faces Significant Barriers
GAO-04-21: Published: Oct 17, 2003. Publicly Released: Oct 17, 2003.
Community economic development (CED) lenders serve the credit needs of nonconventional borrowers and economically distressed areas across the nation. However, little is known about this industry, its ability to tap private sources of capital, and loan performance and volume in the industry. To provide information that would be helpful in considering the role that the federal government might play...
HUD Management: Progress Made on Management Reforms, but Challenges Remain
GAO-02-45: Published: Oct 31, 2001. Publicly Released: Oct 31, 2001.
In 1997, the Department of Housing and Urban Development (HUD) began a management reform effort, called the 2020 Management Reform Plan, to resolve its management and operational problems. GAO found that HUD has had some successes in implementing the management reforms, but challenges remain. Some initiatives, such as consolidating and streamlining operations, were achieved relatively quickly and...
Mortgage Financing: Financial Health of the Federal Housing Administration's Mutual Mortgage Insurance Fund
T-RCED-00-287: Published: Sep 12, 2000. Publicly Released: Sep 12, 2000.
Pursuant to a congressional request, GAO discussed the financial health of the Mutual Mortgage Insurance Fund, focusing on: (1) the activities of the Federal Housing Administration's (FHA) home mortgage insurance program; (2) how the reserves of the Fund are estimated; (3) GAO's views on determining an adequate level of reserves; (4) actions that Congress and the Secretary of the Department of Hou...
Single-Family Housing: Stronger Oversight of FHA Lenders Could Reduce HUD's Insurance Risk
T-RCED-00-213: Published: Jun 29, 2000. Publicly Released: Jun 29, 2000.
Pursuant to a congressional request, GAO discussed the Department of Housing and Urban Development's (HUD) oversight of Federal Housing Administration (FHA) lenders.GAO noted that: (1) GAO's work revealed a number of weaknesses in the lender approval, monitoring, and enforcement efforts performed by HUD's headquarters and its four homeownership centers; (2) HUD's process for granting FHA-approved...