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Office of Housing, Department of Housing and Urban Development, Executive (31 - 40 of 159 items)
Mandate on Department of Housing and Urban Development's Alternative Credit Pilot Program
GAO-10-876R: Published: Jul 30, 2010. Publicly Released: Jul 30, 2010.
When potential borrowers apply for a mortgage loan, lenders typically use borrowers' credit scores--which are based on their credit payment histories, debt, length of credit history, new credit accounts or requests, and types of credit used--to help determine their creditworthiness. However, some borrowers have limited or no credit histories, and lenders are unable to determine their creditworthin...
Fannie Mae and Freddie Mac: Analysis of Options for Revising the Housing Enterprises' Long-term Structures
GAO-09-782: Published: Sep 10, 2009. Publicly Released: Sep 10, 2009.
Congress established Fannie Mae and Freddie Mac (the enterprises) with two key housing missions: (1) provide stability in the secondary market for residential mortgages (also in periods of economic stress) and (2) serve the mortgage credit needs of targeted groups such as low-income borrowers. To accomplish these goals, the enterprises issued debt and stock, purchased mortgages from lenders with t...
Home Mortgages: Provisions in a 2007 Mortgage Reform Bill (H.R. 3915) Would Strengthen Borrower Protections, but Views on Their Long-term Impact Differ
GAO-09-741: Published: Jul 31, 2009. Publicly Released: Jul 31, 2009.
H.R. 3915 (2007), a bill introduced, but not enacted by the 110th Congress, was intended to reform mortgage lending practices to prevent a recurrence of problems in the mortgage market, particularly in the nonprime market segment. The bill would have set minimum standards for all mortgages (e.g., reasonable ability to repay) and created a "safe harbor" for loans that met certain requirements. Secu...
Reverse Mortgages: Policy Changes Have Had Mostly Positive Effects on Lenders and Borrowers, but These Changes and Market Developments Have Increased HUD's Risk
GAO-09-836: Published: Jul 30, 2009. Publicly Released: Jul 30, 2009.
Reverse mortgages--a type of loan against home equity available to seniors--are growing in popularity. A large majority of reverse mortgages are insured by the Department of Housing and Urban Development (HUD) under its Home Equity Conversion Mortgage (HECM) program. The Housing and Economic Recovery Act of 2008 (HERA) made several modifications to the HECM program, including changes in how origin...
Federal Housing Administration: Proposed Legislative Changes Would Affect Borrower Benefits and Risks to the Insurance Funds
GAO-07-1109T: Published: Jul 18, 2007. Publicly Released: Jul 18, 2007.
Fewer borrowers are using the Federal Housing Administration's (FHA) single-family and manufactured housing insurance programs. To help counter this trend, proposed changes to the single-family program would raise loan limits, allow risk-based pricing of premiums, and reduce down payments. Changes such as higher loan limits also were proposed for the manufactured housing program. To assist Congres...
Federal Housing Administration: Decline in the Agency's Market Share Was Associated with Product and Process Developments of Other Mortgage Market Participants
GAO-07-645: Published: Jun 29, 2007. Publicly Released: Jun 29, 2007.
The Federal Housing Administration (FHA) historically has been an important participant in the mortgage market, which includes loans that carry government insurance or guarantees (such as FHA-insured mortgages) and those that do not (conventional mortgages). The conventional market comprises prime loans for the most creditworthy borrowers and subprime loans for borrowers with impaired credit. Redu...
Federal Housing Administration: Modernization Proposals Would Have Program and Budget Implications and Require Continued Improvements in Risk Management
GAO-07-708: Published: Jun 29, 2007. Publicly Released: Jun 29, 2007.
In recent years, the Federal Housing Administration (FHA) has experienced a sharp decline in market share. Also, the agency has estimated that, absent program changes, its Mutual Mortgage Insurance Fund (Fund) would require appropriations in 2008. To adapt to market changes, FHA has implemented new procedures and proposed the following major legislative changes: raising FHA's loan limits, allowing...
Energy Efficiency: Important Challenges Must Be Overcome to Realize Significant Opportunities for Energy Efficiency Improvements in Gulf Coast Reconstruction
GAO-07-654: Published: Jun 26, 2007. Publicly Released: Jun 26, 2007.
Following several hurricanes in 2005, the need to rebuild and repair destroyed and damaged homes and buildings in the Gulf Coast region may create opportunities for making energy efficiency improvements and realizing energy cost savings. While numerous federal agencies are involved in the recovery process, the Department of Housing and Urban Development (HUD) and the Department of Energy (DOE) int...
Federal Housing Administration: Ability to Manage Risks and Program Changes Will Affect Financial Performance
GAO-07-615T: Published: Mar 15, 2007. Publicly Released: Mar 15, 2007.
The Federal Housing Administration (FHA) has seen increased competition from conventional mortgage and insurance providers. Additionally, because of the worsening performance of the mortgages it insures, FHA has estimated that its single-family insurance program would require a subsidy--that is, appropriations--in fiscal year 2008 in the absence of program changes. To help FHA adapt to the evolvin...
Federal Housing Administration: Proposed Reforms Will Heighten the Need for Continued Improvements in Managing Risks and Estimating Program Costs
GAO-06-868T: Published: Jun 20, 2006. Publicly Released: Jun 20, 2006.
The Department of Housing and Urban Development's (HUD) Federal Housing Administration (FHA) has faced several challenges in recent years, including rising default rates, higher-than-expected program costs, and a sharp decline in program participation. To help FHA adapt to market changes, HUD has proposed a number of changes to the National Housing Act that would raise FHA's mortgage limits, allow...