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Housing (161 - 170 of 1,246 items)
Federal Housing Administration: Proposed Legislative Changes Would Affect Borrower Benefits and Risks to the Insurance Funds
GAO-07-1109T: Published: Jul 18, 2007. Publicly Released: Jul 18, 2007.
Fewer borrowers are using the Federal Housing Administration's (FHA) single-family and manufactured housing insurance programs. To help counter this trend, proposed changes to the single-family program would raise loan limits, allow risk-based pricing of premiums, and reduce down payments. Changes such as higher loan limits also were proposed for the manufactured housing program. To assist Congres...
Federal Housing Administration: Decline in the Agency's Market Share Was Associated with Product and Process Developments of Other Mortgage Market Participants
GAO-07-645: Published: Jun 29, 2007. Publicly Released: Jun 29, 2007.
The Federal Housing Administration (FHA) historically has been an important participant in the mortgage market, which includes loans that carry government insurance or guarantees (such as FHA-insured mortgages) and those that do not (conventional mortgages). The conventional market comprises prime loans for the most creditworthy borrowers and subprime loans for borrowers with impaired credit. Redu...
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...
Leveraging Federal Funds for Housing, Community, and Economic Development
GAO-07-768R: Published: May 25, 2007. Publicly Released: Jun 25, 2007.
Each year the federal government funds numerous affordable housing and community and economic development initiatives through an array of programs, such as the Department of Housing and Urban Development's (HUD) Section 108 Loan Guarantee (Section 108) program. Yet, the need for federal money to fund these initiatives has continued to grow, while the federal budget increasingly has been strained b...
Federal Home Loan Banks: Too Soon to Tell the Potential Impact of Excess Stock Rule on the Affordable Housing Program
GAO-07-878R: Published: Jun 22, 2007. Publicly Released: Jun 22, 2007.
Affordable housing organizations and Federal Home Loan Bank (FHLBank) members have raised concerns that a Federal Housing Finance Board (FHFB) rule limiting excess stock could adversely impact FHLBank earnings. In particular, concerns have been raised regarding the FHLBanks' Affordable Housing Program (AHP), which subsidizes the cost of affordable housing with funds from the 12 FHLBanks, all of wh...
Mortgage Financing: Seller-Funded Down-Payment Assistance Changes the Structure of the Purchase Transaction and Negatively Affects Loan Performance
GAO-07-1033T: Published: Jun 22, 2007. Publicly Released: Jun 22, 2007.
The Federal Housing Administration (FHA) differs from other key mortgage industry participants in that it allows borrowers to obtain down-payment assistance from nonprofit organizations (nonprofits) that operate programs supported partly by property sellers. Research has raised concerns about how this type of assistance affects home purchase transactions. To assist Congress in considering issues r...
Public Housing: Information on the Financing, Oversight, and Effects of the HOPE VI Program
GAO-07-1025T: Published: Jun 20, 2007. Publicly Released: Jun 20, 2007.
Since fiscal year 1992, the Department of Housing and Urban Development (HUD) has awarded more than $6 billion in HOPE VI program grants to public housing authorities to revitalize severely distressed public housing and provide supportive services to residents. HUD has encouraged housing authorities to use their HOPE VI grants to attract, or leverage, funding from other sources, including other fe...
Project-Based Rental Assistance: HUD Should Update Its Policies and Procedures to Keep Pace with the Changing Housing Market
GAO-07-290: Published: Apr 11, 2007. Publicly Released: Apr 11, 2007.
In light of the pressing need for rental housing affordable to low-income households and concerns that the Department of Housing and Urban Development (HUD) may not be committed to maintaining its Section 8 project-based housing stock--a key source of such housing--Congress directed GAO to assess HUD's efforts to preserve its project-based housing and recommend ways to improve these efforts. This...
Federal Housing Administration: Ability to Manage Risks and Program Changes Will Affect Financial Performance
GAO-07-615T: Published: Mar 15, 2007. Publicly Released: Mar 15, 2007.
The Federal Housing Administration (FHA) has seen increased competition from conventional mortgage and insurance providers. Additionally, because of the worsening performance of the mortgages it insures, FHA has estimated that its single-family insurance program would require a subsidy--that is, appropriations--in fiscal year 2008 in the absence of program changes. To help FHA adapt to the evolvin...
Disaster Assistance: Better Planning Needed for Housing Victims of Catastrophic Disasters
GAO-07-88: Published: Feb 28, 2007. Publicly Released: Feb 28, 2007.
In 2005, Hurricanes Katrina and Rita destroyed thousands of homes and displaced over 1 million people. In light of widespread Congressional and public interest in U.S. agencies' performance in assisting hurricane victims, GAO initiated work under the Comptroller General's authority to examine federal housing assistance. Specifically, this report examines (1) the extent to which the National Respon...