Department of Housing and Urban Development (21 - 30 of 1,387 items)
Nonbank Mortgage Servicers: Existing Regulatory Oversight Could Be Strengthened [Reissued on April 14, 2016]
GAO-16-278: Published: Mar 10, 2016. Publicly Released: Apr 11, 2016.
The share of home mortgages serviced by nonbanks increased from approximately 6.8 percent in 2012 to approximately 24.2 percent in 2015 (as measured by unpaid principal balance). However, banks continued to service the remainder (about 75.8 percent). Some market participants GAO interviewed said nonbank servicers' growth increased the capacity for servicing delinquent loans, but they also noted ch...
National Flood Insurance Program: Options for Providing Affordability Assistance
GAO-16-190: Published: Feb 10, 2016. Publicly Released: Mar 10, 2016.
Options for targeting assistance to subsidized policyholders of primary residences who may experience difficulty paying full-risk rates for their National Flood Insurance Program (NFIP) policies include means testing assistance based on the income level of policyholders or geographic areas, setting premium caps, and basing assistance on the cost of mitigating the risk of damage to their homes. Cur...
Credit Reform: Current Method to Estimate Credit Subsidy Costs Is More Appropriate for Budget Estimates Than a Fair Value Approach
GAO-16-41: Published: Jan 29, 2016. Publicly Released: Feb 29, 2016.
The Federal Credit Reform Act of 1990 (FCRA) requires agencies to estimate the cost to the government of extending or guaranteeing credit. This cost, referred to as subsidy cost, equals the net present value of estimated cash flows from the government (e.g., loan disbursements and claim payments to lenders) minus estimated cash flows to the government (e.g., loan repayments, interest payments, fee...
Financial Audit: Federal Housing Finance Agency's Fiscal Years 2015 and 2014 Financial Statements
GAO-16-95R: Published: Nov 16, 2015. Publicly Released: Nov 16, 2015.
GAO found (1) the Federal Housing Finance Agency’s (FHFA) financial statements as of and for the fiscal years ended September 30, 2015, and 2014, are presented fairly, in all material respects, in accordance with U.S. generally accepted accounting principles; (2) FHFA maintained, in all material respects, effective internal control over financial reporting as of September 30, 2015; and (3) no re...
Affordable Rental Housing: Assistance Is Provided by Federal, State, and Local Programs, but There Is Incomplete Information on Collective Performance
GAO-15-645: Published: Sep 15, 2015. Publicly Released: Sep 15, 2015.
The federal government and state and local entities provide both rental assistance and affordable housing through a wide variety of programs. The six participating audit offices that conducted coordinated audits on rental assistance reported that the programs they reviewed were funded solely through one level of government or were funded by a combination of resources, as shown in the figure below...
Managing for Results: Practices for Effective Agency Strategic Reviews
GAO-15-602: Published: Jul 29, 2015. Publicly Released: Jul 29, 2015.
GAO identified seven practices federal agencies can employ to facilitate effective strategic reviews and illustrated aspects of those practices through examples from the strategic review processes conducted at the Departments of Agriculture (USDA), Education (Education), Homeland Security (DHS), and Housing and Urban Development (HUD), and the Environmental Protection Agency (EPA), and the Nationa...
A Framework for Managing Fraud Risks in Federal Programs
GAO-15-593SP: Published: Jul 28, 2015. Publicly Released: Jul 28, 2015.
To help managers combat fraud and preserve integrity in government agencies and programs, GAO identified leading practices for managing fraud risks and organized them into a conceptual framework called the Fraud Risk Management Framework (the Framework). The Framework encompasses control activities to prevent, detect, and respond to fraud, with an emphasis on prevention, as well as structures and...
Mortgage Reforms: Actions Needed to Help Assess Effects of New Regulations
GAO-15-185: Published: Jun 25, 2015. Publicly Released: Jul 27, 2015.
Federal agency officials, market participants, and observers estimated that the qualified mortgage (QM) and qualified residential mortgage (QRM) regulations would have limited initial effects because most loans originated in recent years largely conformed with QM criteria.The QM regulations, which address lenders' responsibilities to determine a borrower's ability to repay a loan, set forth standa...
Low-Income Housing Tax Credit: Joint IRS-HUD Administration Could Help Address Weaknesses in Oversight
GAO-15-330: Published: Jul 15, 2015. Publicly Released: Jul 23, 2015.
Internal Revenue Service (IRS) oversight of the Low-Income Housing Tax Credit (LIHTC) program has been minimal. Specifically, since 1986 IRS conducted seven audits of 56 state housing finance agencies (HFA) on which IRS relies to administer and oversee the program. (HFAs are state-chartered authorities established to meet affordable housing needs.) Federal internal control standards call for monit...
HUD Public and Indian Housing Programs: Progress on Prior GAO Recommendations to Enhance Accountability and Efficiency
GAO-15-747T: Published: Jul 10, 2015. Publicly Released: Jul 10, 2015.
As of June 2015, the Department of Housing and Urban Development (HUD) had addressed some of GAO's 16 prior recommendations for four programs: Moving to Work (MTW), Family Self-Sufficiency (FSS), Housing Choice Voucher (voucher), and Indian Housing Block Grant (IHBG). But other recommendations require further attention. Specifically:HUD has addressed seven of eight recommendations GAO made in Apri...