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Department of Housing and Urban Development, Executive (1 - 10 of 16 items)
Federal Housing Administration: Analysis of Options for Modifying Its Products, Market Presence, and Powers
GAO-13-682: Published: Sep 9, 2013. Publicly Released: Oct 22, 2013.
GAO identified a number of proposed options for adjusting product terms and conditions to help improve the Federal Housing Administration's (FHA) long-term viability. FHA has raised the premiums that it charges borrowers several times in recent years and has taken steps to tighten its underwriting standards--for example, by setting a minimum required credit score. Some mortgage market observers ha...
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: 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...
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...
Department of Housing and Urban Development: Status of Efforts to Implement an Integrated Financial Management System
GAO-03-447R: Published: Apr 9, 2003. Publicly Released: Apr 9, 2003.
Weaknesses in the Department of Housing and Urban Development's (HUD) financial management systems have been a long-standing challenge for the department and have contributed to our designating two of its major programs areas as high-risk and the financial management information systems in particular as a major management challenge. While some progress has been made, both GAO and the HUD Office of...
Mortgage Financing: Changes in the Performance of FHA-Insured Loans
GAO-02-773: Published: Jul 10, 2002. Publicly Released: Aug 9, 2002.
Federal Housing Administration (FHA) loans made in recent years have experienced somewhat higher foreclosure rates than loans made in earlier years. However, recent loans are performing much better than loans made in the 1980s. Although economic factors such as house price appreciation are key determinants of mortgage foreclosure, changes in underwriting requirements, as well as changes in the con...
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...
HUD Management: Status of Actions to Resolve Serious Internal Control Weaknesses
GAO-01-103: Published: Oct 16, 2000. Publicly Released: Oct 16, 2000.
This report discusses the Department of Housing and Urban Development's (HUD) efforts to resolve serious internal control weaknesses. During the past several years, serious internal control weaknesses and other deficiencies have plagued HUD's activities. In 1997, HUD announced its 2020 Management Reform Plan to overcome the agency's problems. HUD has made reasonable progress toward resolving mater...
Management Challenges: GAO's Responses to HUD's Comments
RCED/AIMD-99-189: Published: Jul 14, 1999. Publicly Released: Jul 14, 1999.
Pursuant to a congressional request, GAO responded to the Deputy Secretary of the Department of Housing and Urban Development's (HUD) statements regarding GAO's designation of HUD's programs as a high-risk area.GAO noted that: (1) GAO designated HUD's programs as a high-risk area in 1994 because of: (a) internal control weaknesses; (b) poorly integrated, ineffective, and generally unreliable infor...
Homeownership: Information on Single-Family Loans Sold by HUD
RCED-99-145: Published: Jun 15, 1999. Publicly Released: Jun 15, 1999.
Pursuant to a congressional request, GAO provided information on the single family loans sold by the Department of Housing and Urban Development (HUD), focusing on the: (1) status of single-family loans sold; (2) ways in which HUD has ensured that the purchasers of these loans abide by the forbearance requirements contained in the loan sales agreements; and (3) changes HUD has made in the staffing...