Housing programs (1 - 10 of 52 items)
Financial Management Systems: HUD Needs to Address Management and Governance Weaknesses That Jeopardize Its Modernization Efforts
GAO-16-656: Published: Jul 28, 2016. Publicly Released: Jul 28, 2016.
In October 2015, as part of its planned New Core financial management systems modernization efforts, the Department of Housing and Urban Development (HUD) completed transitioning 4 of 14 capabilities to shared service solutions. The implemented capabilities were for managing employee travel and relocation; recording time and attendance; performing core accounting functions such as general ledger a...
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...
Federal Housing Administration: Risks to the Mutual Mortgage Insurance Fund and the Agency's Operations
GAO-12-277T: Published: Dec 1, 2011. Publicly Released: Dec 1, 2011.
The Federal Housing Administration (FHA) has helped millions purchase homes by insuring private lenders against losses from defaults on single-family mortgages. In recent years, FHA has experienced a dramatic increase in its market role due, in part, to the contraction of other mortgage market segments. The increased reliance on FHA mortgage insurance highlights the need for FHA to ensure that it...
Homeownership Counseling: Although Research Suggests Some Benefits, Implementation and Evaluation Challenges Exist
GAO-11-925T: Published: Sep 14, 2011. Publicly Released: Sep 14, 2011.
Homeownership counseling can help consumers learn about buying a home and give them tools to deal with setbacks that could keep them from making timely mortgage payments. The Department of Housing and Urban Development (HUD) approves and provides grants to housing counseling agencies and has also implemented a requirement that borrowers seeking federally insured reverse mortgages through the Home...
Neighborhood Stabilization Program: HUD and Grantees Are Taking Actions to Ensure Program Compliance but Data on Program Outputs Could be Improved
GAO-11-48: Published: Dec 17, 2010. Publicly Released: Dec 17, 2010.
Congress created the Neighborhood Stabilization Program (NSP) to help reduce the number of foreclosed and abandoned properties and restore depressed local housing markets. The Housing and Economic Recovery Act of 2008 (HERA) authorized the program's first round (NSP 1), providing $3.92 billion in grant funds to states and local governments. The Department of Housing and Urban Development (HUD) adm...
The Housing Assistance Council's Use of Appropriated Funds
GAO-11-189R: Published: Dec 6, 2010. Publicly Released: Dec 6, 2010.
The Food, Conservation, and Energy Act of 2008 authorized appropriations of $10 million annually for the Housing Assistance Council (HAC) from fiscal years 2009 through 2011. Established in 1971, HAC is a nonprofit rural housing organization that aims to improve housing conditions for low-income rural residents, especially in high-need areas such as Indian country and Appalachia and among groups s...
Mortgage Financing: Financial Condition of FHA's Mutual Mortgage Insurance Fund
GAO-10-1066T: Published: Sep 23, 2010. Publicly Released: Sep 23, 2010.
This testimony is on the financial condition of the Federal Housing Administration's (FHA) Mutual Mortgage Insurance Fund (Fund). FHA has helped millions of families purchase homes through its single-family mortgage insurance programs and in recent years, has experienced a dramatic increase in its market role. FHA insures almost all of its single-family mortgages under the Fund, which is reviewed...
Mortgage Financing: Opportunities to Enhance Management and Oversight of FHA's Financial Condition
GAO-10-827R: Published: Sep 14, 2010. Publicly Released: Sep 22, 2010.
The Department of Housing and Urban Development's (HUD) Federal Housing Administration (FHA) has helped millions of families purchase homes through its single-family mortgage insurance programs. In recent years, FHA has experienced a dramatic increase in its market role due to the contraction of other mortgage market segments. FHA insures almost all of its single-family mortgages under its Mutual...
Mandate on Department of Housing and Urban Development's Alternative Credit Pilot Program
GAO-10-876R: Published: Jul 30, 2010. Publicly Released: Jul 30, 2010.
When potential borrowers apply for a mortgage loan, lenders typically use borrowers' credit scores--which are based on their credit payment histories, debt, length of credit history, new credit accounts or requests, and types of credit used--to help determine their creditworthiness. However, some borrowers have limited or no credit histories, and lenders are unable to determine their creditworthin...
Reverse Mortgages: Policy Changes Have Had Mostly Positive Effects on Lenders and Borrowers, but These Changes and Market Developments Have Increased HUD's Risk
GAO-09-836: Published: Jul 30, 2009. Publicly Released: Jul 30, 2009.
Reverse mortgages--a type of loan against home equity available to seniors--are growing in popularity. A large majority of reverse mortgages are insured by the Department of Housing and Urban Development (HUD) under its Home Equity Conversion Mortgage (HECM) program. The Housing and Economic Recovery Act of 2008 (HERA) made several modifications to the HECM program, including changes in how origin...