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Housing (61 - 70 of 1,246 items)
Overview of GAO's Past Work on FHA's Single-Family Mortgage Insurance Programs
GAO-13-400R: Published: Mar 7, 2013. Publicly Released: Mar 7, 2013.
Among other things, GAO's past work discusses FHA's financial condition and steps the agency has taken to improve its financial condition. As housing prices began to decline at the end of 2006 and conventional mortgage lenders tightened their underwriting standards, more homebuyers began taking advantage of FHA-insured loans, which tend to have less strict underwriting standards and require lower...
Low-Income Housing Tax Credits: Agencies Implemented Changes Enacted in 2008, but Project Data Collection Could Be Improved
GAO-13-66: Published: Dec 6, 2012. Publicly Released: Dec 6, 2012.
What GAO FoundFederal and state agencies implemented changes made in 2008 to the Low-Income Housing Tax Credit (LIHTC) program by revising program guidance and modifying plans for allocating tax credits. The Internal Revenue Service (IRS) implemented the changes made by the Housing and Economic Recovery Act of 2008 (HERA) by, among other things, issuing notices and revenue procedures. Program sta...
Financial Audit: Federal Housing Finance Agency's Fiscal Years 2012 and 2011 Financial Statements
GAO-13-124R: Published: Nov 15, 2012. Publicly Released: Nov 15, 2012.
GAO found (1) the financial statements are presented fairly, in all material respects, in conformity with U.S. generally accepted accounting principles; (2) the Federal Housing Finance Agency (FHFA) maintained, in all material respects, effective internal control over financial reporting as of September 30, 2012; and (3) no reportable noncompliance in fiscal year 2012 with provisions of laws and r...
Manufactured Housing Standards: Testing and Performance Evaluation Could Better Ensure Safe Indoor Air Quality
GAO-13-52: Published: Oct 24, 2012. Publicly Released: Oct 24, 2012.
Key standards for manufactured homes provide a lower margin of safety against a carbon monoxide exposure incident than those for site-built homes, which are constructed at their permanent locations. For instance, the Department of Housing and Urban Development (HUD) Code requires a minimum 3-foot separation between air intakes and exhaust vents, while industry standards for site-built homes have r...
Mortgage Financing: Fannie Mae and Freddie Mac's Multifamily Housing Activities Have Increased
GAO-12-849: Published: Sep 6, 2012. Publicly Released: Oct 9, 2012.
From 1994 through 2011, the multifamily loan activities of Fannie Mae and Freddie Mac (the enterprises) generally increased. In this period, Fannie Mae held a lower percentage of multifamily loans in its portfolio than Freddie Mac. While the enterprises multifamily business operations generally were profitable, both enterprises reported losses in 2008 and 2009.In recent years, Fannie Mae and...
Community Reinvestment Act: Challenges in Quantifying Its Effect on Low-Income Housing Tax Credit Investment
GAO-12-869R: Published: Aug 28, 2012. Publicly Released: Sep 27, 2012.
While CRA should increase investor demand for LIHTCs, quantifying the extent of any effect of CRA on LIHTC equity contributions is difficult given data and methodological challenges. In part because of the qualitative nature of the CRA investment test, regulatory ratings cannot be systematically linked to banks' LIHTC investments. Although a bank's overall rating and the associated narrative of it...
Housing Assistance: Listing of Programs, Activities, and Tax Expenditures and Related Information (GAO-12-555SP, August 2012) an E-supplement to GAO-12-554
GAO-12-555SP: Published: Aug 16, 2012. Publicly Released: Sep 17, 2012.
This is an E-supplement to GAO-12-554. This e-supplement provides an inventory of spending programs, tax expenditures, and other activities (collectively, "activities") that federal agencies and entities use to support rental housing, homeownership, or both. For each activity, this inventory includes the following information: (1) the implementing or administering agencies or entities; (2) a brief...
Housing Assistance: Opportunities Exist to Increase Collaboration and Consider Consolidation
GAO-12-554: Published: Aug 16, 2012. Publicly Released: Sep 17, 2012.
Housing assistance is fragmented across 160 programs and activities. Overlap exists for some products offered, service delivery, and geographic areas served by selected programsÂ—particularly in the Department of AgricultureÂ’s (USDA) Rural Housing Service (RHS) and Department of Housing and Urban DevelopmentÂ’s (HUD) Federal Housing Administration (FHA). For instance, RHS, FHA, and the Department...
Troubled Asset Relief Program: Further Actions Needed to Enhance Assessments and Transparency of Housing Programs
GAO-12-783: Published: Jul 19, 2012. Publicly Released: Jul 19, 2012.
The Department of the Treasury announced changes in January 2012 to its Making Home Affordable (MHA) programs, which are funded by the Troubled Asset Relief Program (TARP), to address barriers to borrower participation. These changes include expanding eligibility criteria and extending application deadlines through 2013. Not enough time has passed to assess the extent to which these changes will i...
Mortgage Foreclosures: Regulatory Oversight of Compliance with Servicemembers Civil Relief Act Has Been Limited
GAO-12-700: Published: Jul 17, 2012. Publicly Released: Jul 17, 2012.
Certain protections under the Servicemembers Civil Relief Act (SCRA) only apply to those servicemembers who obtained mortgages prior to becoming active duty, but at least 15,000 instances of financial institutions failing to properly reduce servicemembers mortgage interest rates and over 300 improper foreclosures have been identified by federal investigations and financial institutions in re...