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Federal Reserve System, Independent Agencies (1 - 5 of 5 items)
Housing Finance System: A Framework for Assessing Potential Changes
GAO-15-131: Published: Oct 7, 2014. Publicly Released: Oct 7, 2014.
Developments in the single-family housing finance market from 2000-2013 led to changes in the federal government's role in the housing finance system and ultimately to a significant increase in that role. For example,Before the 2007-2009 financial crisis, the market share of nonprime mortgages—loans often made to borrowers with high-risk characteristics and funded by mortgage backed securities (...
Residential Appraisals: Regulators Should Take Actions to Strengthen Appraisal Oversight
GAO-12-840T: Published: Jun 28, 2012. Publicly Released: Jun 28, 2012.
Data GAO obtained from Fannie Mae and Freddie Mac (the enterprises) and five of the largest mortgage lenders indicate that appraisalswhich provide an estimate of market value at a point in timeare the most commonly used valuation method for first-lien residential mortgage originations. Other methods, such as broker price opinions and automated valuation models, are quicker and less cos...
Mortgage Reform: Potential Impacts of Provisions in the Dodd-Frank Act on Homebuyers and the Mortgage Market
GAO-11-656: Published: Jul 19, 2011. Publicly Released: Jul 19, 2011.
The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd- Frank Act) is intended, among other things, to reform residential mortgage lending and securitization practices that contributed to the recent financial crisis. The act provides some liability protection for lenders originating mortgages that meet nine specified criteria, as applicable, associated with a borrower's ability to rep...
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...
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...