Government guaranteed loans (1 - 10 of 46 items)
Home Mortgage Guarantees: Issues to Consider in Evaluating Opportunities to Consolidate Two Overlapping Single-Family Programs
GAO-16-801: Published: Sep 29, 2016. Publicly Released: Oct 31, 2016.
GAO's comparison of single-family home purchase loans guaranteed by the Rural Housing Service (RHS) and the Federal Housing Administration (FHA) in fiscal years 2010–2014 identified significant overlap and some differences in the borrowers served. Within statutorily defined rural areas (RHS-eligible areas):Both agencies served large numbers of rural borrowers, but FHA served over 35 percent more...
Rural Housing Service: Actions Needed to Strengthen Management of the Single Family Mortgage Guarantee Program
GAO-16-193: Published: Mar 31, 2016. Publicly Released: May 2, 2016.
The estimated credit subsidy costs (expected net lifetime costs) of single-family mortgages guaranteed by the Department of Agriculture's (USDA) Rural Housing Service (RHS) substantially increased in recent years, partly due to high losses from the 2007 through 2011 housing crisis. For example, the fiscal year 2013 and 2014 reestimates (which federal agencies must do annually) indicated higher exp...
Housing Finance System: A Framework for Assessing Potential Changes
GAO-15-131: Published: Oct 7, 2014. Publicly Released: Oct 7, 2014.
Developments in the single-family housing finance market from 2000-2013 led to changes in the federal government's role in the housing finance system and ultimately to a significant increase in that role. For example,Before the 2007-2009 financial crisis, the market share of nonprime mortgages—loans often made to borrowers with high-risk characteristics and funded by mortgage backed securities (...
FHA Mortgage Insurance: Applicability of Industry Requirements Is Limited, but Certain Features Could Enhance Oversight
GAO-13-722: Published: Sep 9, 2013. Publicly Released: Oct 22, 2013.
Reserving practices and capital requirements for the Mutual Mortgage Insurance Fund (Fund) of the Federal Housing Administration (FHA) differ in key respects from those for private mortgage insurers (PMI). These differences stem from the distinct environments in which FHA and PMIs operate, including the particular accounting principles and statutory provisions that they must follow. For example, s...
Ginnie Mae: Risk Management and Cost Modeling Require Continuing Attention
GAO-12-49: Published: Nov 14, 2011. Publicly Released: Dec 1, 2011.
The Government National Mortgage Association (Ginnie Mae) has increased its role in the secondary mortgage market significantly. Ginnie Mae is a wholly owned government corporation in the Department of Housing and Urban Development (HUD). It guarantees the timely payment of principal and interest of mortgage-backed securities (MBS) backed by pools of federally insured or guaranteed mortgage loans,...
Characteristics and Performance of Nonprime Mortgages
GAO-09-848R: Published: Jul 28, 2009. Publicly Released: Jul 28, 2009.
During the first part of this decade, the number of mortgage originations grew rapidly, particularly in the nonprime segment of the mortgage market, which includes subprime and Alt-A loans. In dollar terms, nonprime loans accounted for an increasing share of the overall mortgage market, rising from 12 percent in 2000 to 34 percent in 2006. Over this period, the dollar volume of nonprime mortgages...
Home Mortgages: Recent Performance of Nonprime Loans Highlights the Potential for Additional Foreclosures
GAO-09-922T: Published: Jul 28, 2009. Publicly Released: Jul 28, 2009.
This testimony discusses the performance of the nonprime mortgage market as of March 31, 2009, which includes subprime and Alt-A loans. Nonprime loans accounted for an increasing share of the overall mortgage market from 2000 through 2006, rising from 12 percent to 34 percent. Over this period, the dollar volume of nonprime mortgages originated annually climbed from $100 billion to $600 billion in...
Housing Finance: Ginnie Mae Is Meeting Its Mission but Faces Challenges in a Changing Marketplace
GAO-06-9: Published: Oct 31, 2005. Publicly Released: Nov 30, 2005.
The Government National Mortgage Association, commonly known as Ginnie Mae, is a wholly owned government corporation that guarantees mortgage-backed securities (MBS) backed by pools of federally insured or guaranteed mortgage loans. The agency supports federal housing programs by facilitating the securitization of loans backed by the Federal Housing Administration (FHA), Department of Veterans Aff...
Housing Finance: Options to Help Prevent Suspensions of FHA and RHS Loan Guarantee Programs
GAO-05-227: Published: Mar 15, 2005. Publicly Released: Apr 14, 2005.
In fiscal year 2004, the Department of Housing and Urban Development's Federal Housing Administration (FHA) and the Department of Agriculture's Rural Housing Service (RHS) guaranteed approximately $136 billion in mortgages for single-family homes, multifamily rental housing, and healthcare facilities under a variety of programs. In past years, both agencies have occasionally had to suspend the iss...
Single-Family Housing: HUD's Risk-Based Oversight of Appraisers Could Be Enhanced
GAO-05-14: Published: Nov 5, 2004. Publicly Released: Nov 5, 2004.
Incomplete or inaccurate appraisals resulting in property overvaluations may expose the Department of Housing and Urban Development's (HUD) Single-Family Mortgage Insurance programs--which insured about 3.7million single-family mortgage loans with a total value of about $425 billion in fiscal years 2001 through 2003--to greater financial risks. In 1999, GAO reported on the need for improvements in...