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Housing (71 - 80 of 1,247 items)
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...
Foreclosure Review: Opportunities Exist to Further Enhance Borrower Outreach Efforts
GAO-12-776: Published: Jun 29, 2012. Publicly Released: Jul 5, 2012.
Regulators and servicers have gradually increased their efforts to reach eligible borrowers and have taken steps to improve communication materials. Conducting readability tests or using focus groups are generally considered best practices for consumer outreach, but regulators and servicers did not undertake these activities. Staff at the Board of Governors of the Federal Reserve System (Federal R...
Rural Housing Service: Efforts to Identify and Reduce Improper Rental Assistance Payments Could Be Enhanced
GAO-12-624: Published: May 31, 2012. Publicly Released: Jul 2, 2012.
The Rural Housing Service (RHS) has identified improper rental assistance payments caused by certain sources of errors, but its reported error rate (total amount improperly paid divided by program outlays) may understate the magnitude of the problem. RHS has identified improper payments resulting from inaccurate calculations of tenant subsidies and incomplete supporting documents. From fiscal year...
Foreclosure Mitigation: Agencies Could Improve Effectiveness of Federal Efforts with Additional Data Collection and Analysis
GAO-12-296: Published: Jun 28, 2012. Publicly Released: Jun 28, 2012.
In an effort to help the millions of homeowners struggling to keep their homes, a range of federal programs have offered relief in the form of loan modifications and refinancing into loans with lower interest rates, among other things. Under Treasurys Home Affordable Modification Program (HAMP), initiated in early 2009, servicers have modified almost 1 million loans between 2009 and 2011. Du...
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...
Recovery Act: Tax Debtors Have Received FHA Mortgage Insurance and First-Time Homebuyer Credits
GAO-12-592: Published: May 29, 2012. Publicly Released: Jun 27, 2012.
The Federal Housing Administration (FHA) insured over $1.44 billion in mortgages for 6,327 borrowers with $77.6 million in federal tax debt who benefited from the 2009 American Recovery and Reinvestment Act. Of these borrowers, 3,815 individuals claimed and received $27.4 million in Recovery Act First-Time Homebuyer Credits (FTHBC). This analysis includes tax debtors who (1) benefited from FHAs...
Veteran Homelessness: VA and HUD Are Working to Improve Data on Supportive Housing Program
GAO-12-726: Published: Jun 26, 2012. Publicly Released: Jun 26, 2012.
The Department of Veterans Affairs (VA) and Department of Housing and Urban Development (HUD) rely on VA medical centers (VAMC) and public housing agencies (PHA) that serve veterans directly to determine participant eligibility for the HUD-VA Supportive Housing (HUD-VASH) program. VAMC staff GAO contacted said that they interview veterans interested in the HUD-VASH program to assess whether the ve...
Recovery Act: Housing Programs Met Spending Milestones, but Asset Management Information Needs Evaluation
GAO-12-634: Published: Jun 18, 2012. Publicly Released: Jun 18, 2012.
Almost all public housing authorities (PHA) met their spending deadlines for the Public Housing Capital Fund formula and competitive grant programs. As mandated, all but one PHA spent 100 percent of their formula grants by March 17, 2012. According to Department of Housing and Urban Development (HUD) officials, PHAs with competitive grants were on track to meet their September 2012 spending deadli...
Inspectors General: HUD Office of Inspector General Resources and Results
GAO-12-618: Published: May 31, 2012. Publicly Released: May 31, 2012.
During the 5-year period from fiscal year 2007 through 2011, the Department of Housing and Urban Developments (HUD) Office of Inspector General (OIG) had budget and staffing resources that were consistent with other OIGs, and a monetary return for each budget dollar which exceeded the average return for Cabinet-level OIGs. During the 5-year period, the HUD OIG had total budgetary resources r...
Information Technology: HUD's Fiscal Year 2011 Expenditure Plan Satisfies Statutory Conditions
GAO-12-654: Published: May 24, 2012. Publicly Released: May 24, 2012.
HUDs fiscal year 2011 expenditure plan, which seeks to obligate about $114 million for seven modernization projects, along with enterprisewide services and program management, satisfies both sets of statutory conditions contained in the 2011 appropriations act. Specifically, for the first set of statutory conditions, the plan identified the functional and performance capabilities, mission be...