Housing (61 - 70 of 82 items)
Federal Housing Administration: Monitoring of Single Family Mortgages Needs Improvement
RCED-91-11: Published: Feb 7, 1991. Publicly Released: Feb 7, 1991.
GAO reviewed the Federal Housing Administration's (FHA) Section 203(b) mortgage insurance program for single family homes, focusing on how FHA field offices monitored the processing and approval of program participant applications.GAO found that: (1) because FHA lacked a comprehensive description of monitoring program activities, GAO identified and reviewed 25 monitoring activities which FHA used...
Home Ownership: Limiting Mortgage Assistance Provided to Owners With High-Income Growth
RCED-90-117: Published: Sep 26, 1990. Publicly Released: Sep 26, 1990.
Pursuant to a legislative requirement, GAO provided information on provisions for qualified mortgage bond and mortgage credit certificate assistance, focusing on the recapture mechanism.GAO found that: (1) many assisted owners will use a higher recapture rate than the interest-rate reduction they received when computing their recapture amount, since most assisted owners had a mortgage interest red...
Housing Programs: Increased Use of Alternatives to Foreclosure Could Reduce VA's Losses
RCED-90-4: Published: Dec 20, 1989. Publicly Released: Jan 16, 1990.
Pursuant to a congressional request, GAO reviewed the Department of Veterans Affairs' (VA) loan termination process for VA-guaranteed mortgages, focusing on how changes in VA practices could reduce the number and cost of foreclosures.GAO found that: (1) VA lost $465 million on foreclosed homes it acquired and resold during fiscal year (FY) 1987; (2) VA predominantly used foreclosure to liquidate d...
Public Housing: Planned Kenilworth-Parkside Sale Raises Issues for Future Transactions
RCED-90-26: Published: Dec 1, 1989. Publicly Released: Dec 6, 1989.
GAO reviewed the District of Columbia's pending sale of the Kenilworth-Parkside public housing property to the Kenilworth-Parkside Resident Management Corporation, focusing on: (1) its plan to initiate resident management corporation (RMC) sales of individual units to tenants; (2) capital-producing approaches RMC could pursue after attaining ownership; and (3) the potential effects of RMC financia...
Internal Controls: Weaknesses in HUD's Single Family Housing Appraisal Program
RCED-87-165: Published: Sep 30, 1987. Publicly Released: Sep 30, 1987.
GAO analyzed the Department of Housing and Urban Development's (HUD) efforts to correct weaknesses in its single-family housing appraisal program.GAO found that HUD: (1) selected appraisals for review without a systematic, statistical sample; (2) did not meet the requirements of its present review program; and (3) used fee appraisers to perform field reviews of other appraisers' work, despite indi...
Rural Housing: Impact of Refinancing and Selling FmHA Section 502 Homeownership Loans
RCED-87-54: Published: Mar 31, 1987. Publicly Released: Mar 31, 1987.
GAO reported on the Department of Agriculture (USDA) Farmers Home Administration's (FmHA) plan to sell rural homeownership loans, and compared the impact on revenues of selling or refinancing the loans.The Omnibus Budget Reconciliation Act of 1986 requires the Secretary of Agriculture to sell loans to the public to reduce fiscal year 1987 federal outlays by over $1.7 billion. GAO noted that the Ho...
Rural Housing: Opportunities To Reduce Costs and Better Target Assistance
RCED-86-33: Published: Feb 18, 1986. Publicly Released: Feb 18, 1986.
GAO discussed a variety of measures that the Farmers Home Administration's (FmHA) county offices could take to reduce housing costs and target more assistance to very low-income households and those occupying substandard housing.GAO found that: (1) FmHA county offices generally did not adopt cost reduction measures suggested in FmHA guidelines; (2) as of October 1, 1985, FmHA had not issued regula...
Debentures Not Serving Purposes HUD Intended--Legislative Changes Could Help Increase Effectiveness and Minimize Interest Costs
RCED-85-38: Published: Mar 13, 1985. Publicly Released: Mar 13, 1985.
GAO evaluated the provisions of the National Housing Act of 1934, which authorized the Department of Housing and Urban Development (HUD) to accept long-term, low-interest debentures instead of cash as payment for mortgage insurance premiums. GAO focused its review on: (1) the impact of redemption of debentures before they reach maturity as payment for mortgage insurance premiums; and (2) helping H...
HUD's Loan Servicing Contracts for Multifamily Mortgages Need Better Management
RCED-83-78: Published: Mar 14, 1983. Publicly Released: Mar 21, 1983.
In response to a congressional request, GAO evaluated the Department of Housing and Urban Development's (HUD) reply to formal congressional questions concerning the HUD Region III contract and proposed nationwide contract with the private sector for loan services. HUD plans to utilize the private sector contracts to improve the servicing of HUD-held mortgages resulting in increased revenues from t...
New Mortgages for Financing Homes Need Uniform and Comprehensive Consumer Safeguards
CED-81-53: Published: Jul 2, 1981. Publicly Released: Jul 2, 1981.
GAO reviewed several of the new mortgage instruments for single-family homes and their impact on homebuyers and lenders. The review was made because many Americans purchasing homes in the future will be faced with selecting one of the new alternative mortgage instruments instead of the standard level payment mortgage which has been in use for about 40 years.The principal types of alternatives to t...