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Community Planning and Development (51 - 60 of 758 items)
Financial Audit: Federal Housing Finance Agency's Fiscal Years 2010 and 2009 Financial Statements
GAO-11-151: Published: Nov 15, 2010. Publicly Released: Nov 15, 2010.
The Housing and Economic Recovery Act of 2008 (HERA) created the Federal Housing Finance Agency (FHFA) and gave it responsibility for, among other things, the supervision and oversight of the housing-related government-sponsored enterprises (GSE): Fannie Mae, Freddie Mac, and the 12 federal home loan banks. Specifically, FHFA was assigned responsibility for ensuring that each of the regulated enti...
The Cooperative Model as a Potential Component of Structural Reform Options for Fannie Mae and Freddie Mac
GAO-11-33R: Published: Nov 15, 2010. Publicly Released: Nov 15, 2010.
On September 6, 2008, the Federal Housing Finance Agency (FHFA) placed the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) into conservatorships. FHFA took this step after concern developed that the deteriorating financial condition of the two government-sponsored enterprises (GSE), which had about $5.4 trillion in combined financial...
Recovery Act: Opportunities Exist to Increase the Public's Understanding of Recipient Reporting on HUD Programs
GAO-10-966: Published: Sep 30, 2010. Publicly Released: Oct 20, 2010.
The American Recovery and Reinvestment Act of 2009 (Recovery Act) has provided about $6 billion in grants for three Department of Housing and Urban Development (HUD) programs that fund housing or community development. As of March 31, 2010, HUD's Capital Fund awarded nearly $3 billion in grants to 3,134 public housing agencies, the Community Development Block Grant-Recovery (CDBG-R) awarded about...
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...
Community Development Block Grants: Entitlement Communities' and States' Methods of Distributing Funds Reflect Program Flexibility
GAO-10-1011: Published: Sep 15, 2010. Publicly Released: Sep 15, 2010.
The Housing and Community Development Act of 1974 (act) creating the Community Development Block Grant (CDBG) program provides entitlement communities (metropolitan cities and urban counties) and states with significant discretion in how they distribute funds for eligible activities. Because of this discretion, entitlement communities may use a variety of processes to select individual projects an...
Hurricanes Katrina and Rita: Federally Funded Programs Have Helped to Address the Needs of Gulf Coast Small Businesses, but Agency Data on Subcontracting Are Incomplete
GAO-10-723: Published: Jul 29, 2010. Publicly Released: Aug 16, 2010.
Hurricanes Katrina and Rita wreaked havoc on small businesses in the Gulf Coast, and much federal assistance has been provided to help these businesses. GAO was asked to describe (1) the amount of assistance provided to Gulf Coast small businesses through the Small Business Administration's (SBA) disaster and Gulf Opportunity (GO) loans, state-administered business assistance programs funded by th...
Management Report: Opportunities for Improvements in FHFA's Internal Controls and Accounting Procedures
GAO-10-587R: Published: Jun 3, 2010. Publicly Released: Jun 3, 2010.
In November 2009, we issued our opinion on the fiscal year 2009 financial statements of the Federal Housing Finance Agency (FHFA). Our report also included our opinion on the effectiveness of FHFA's internal control over financial reporting as of September 30, 2009, and our evaluation of FHFA's compliance with provisions of selected laws and regulations for the fiscal year ended September 30, 2009...
Homelessness: Information on Administrative Costs for HUD's Emergency Shelter Grants Program
GAO-10-491: Published: May 20, 2010. Publicly Released: May 20, 2010.
The Homeless Emergency Assistance and Rapid Transition to Housing Act of 2009 (HEARTH Act) directed GAO to study the appropriate administrative costs of the U.S. Department of Housing and Urban Development (HUD) Emergency Shelter Grants Program (ESG)--a widely used, formula-based program that supports services to persons experiencing homelessness. This report discusses (1) for selected recipients,...
Information Security: Opportunities Exist for the Federal Housing Finance Agency to Improve Controls
GAO-10-528: Published: Apr 30, 2010. Publicly Released: Apr 30, 2010.
The Federal Housing Finance Agency (FHFA) relies extensively on computerized systems to carry out its mission to provide effective supervision, regulation, and housing mission oversight of the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), and the federal home loan banks. Effective information security controls are essential to ensure...
Troubled Asset Relief Program: Home Affordable Modification Program Continues to Face Implementation Challenges
GAO-10-556T: Published: Mar 25, 2010. Publicly Released: Mar 25, 2010.
Mortgage loan defaults and foreclosures are key factors behind the current economic downturn. In response, Congress passed and the President signed the Emergency Economic Stabilization Act of 2008, which authorized the Department of the Treasury to establish the Troubled Asset Relief Program (TARP). Under TARP, Treasury created the Home Affordable Modification Program (HAMP) as its cornerstone eff...