Mortgage loans (31 - 40 of 221 items)
Mortgage Foreclosures: Additional Mortgage Servicer Actions Could Help Reduce the Frequency and Impact of Abandoned Foreclosures
GAO-11-93: Published: Nov 15, 2010. Publicly Released: Nov 15, 2010.
Entities responsible for managing home mortgage loans--called servicers--may initiate foreclosure proceedings on certain delinquent loans but then decide to not complete the process. Many of these properties are vacant. These abandoned foreclosure--or "bank walkaway"--properties can exacerbate neighborhood decline and complicate federal stabilization efforts. GAO was asked to assess (1) the nature...
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...
Status of Study Concerning Appraisal Methods and the Home Valuation Code of Conduct
GAO-11-158R: Published: Oct 19, 2010. Publicly Released: Oct 19, 2010.
This letter responds to a requirement in the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 that we report within 90 days on the status of a GAO study mandated by the act on real estate appraisal issues. Enacted on July 21, 2010, the act requires us to study the effectiveness and impact of options for selecting appraisers, different valuation methods, and the Home Valuation Code...
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...
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...
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...
Homeownership Preservation: Federal Efforts to Combat Foreclosure Rescue Schemes Are Under Way, but Improved Planning Elements Could Enhance Progress
GAO-10-787: Published: Jul 15, 2010. Publicly Released: Aug 16, 2010.
One of the most devastating aspects of the current financial crisis for homeowners is the prospect of losing their homes to foreclosure, and many homeowners have fallen victim to foreclosure rescue and loan modification schemes. In 2009, the administration created the Financial Fraud Enforcement Task Force (FFETF), which is led by the Department of Justice (DOJ), to combat these and other financia...
Federal Housing Finance Agency: Oversight of the Federal Home Loan Banks' Agricultural and Small Business Collateral Policies Could Be Improved
GAO-10-792: Published: Jul 20, 2010. Publicly Released: Aug 11, 2010.
The Federal Home Loan Bank System is a government-sponsored enterprise comprising 12 regionally-based Federal Home Loan Banks (FHLBank), the primary mission of which is to support housing finance and community and economic development. Each FHLBank makes loans (advances) to member financial institutions in its district, such as banks, which traditionally are secured by single-family mortgages. In...
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...
State-Level Information on Negative Home Equity and Loan Performance in the Nonprime Mortgage Market
GAO-10-633R: Published: May 14, 2010. Publicly Released: Jun 14, 2010.
The decline of home prices in many parts of the country has left millions of homeowners with negative home equity, meaning that their outstanding mortgage balances exceed the current value of their homes. As we reported to you previously, a substantial proportion of borrowers with active nonprime mortgages (including subprime and Alt-A loans) had negative equity in their homes as of June 30, 2009...