Mortgage programs (1 - 10 of 155 items)
Financial Institutions: Penalty and Settlement Payments for Mortgage-Related Violations in Selected Cases
GAO-17-11R: Published: Nov 10, 2016. Publicly Released: Nov 10, 2016.
GAO reviewed nine selected cases involving alleged mortgage-related violations—violations related to mortgage origination, mortgage servicing, and the packaging or sale of residential mortgage-backed securities—finalized from February 2012 through April 2016. GAO found that the eight federal agencies that played key roles in these cases—the Department of Justice, Department of Housing and Ur...
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...
Mortgage Servicing: Community Lenders Remain Active under New Rules, but CFPB Needs More Complete Plans for Reviewing Rules
GAO-16-448: Published: Jun 23, 2016. Publicly Released: Jul 25, 2016.
Community banks and credit unions (community lenders) remained active in servicing mortgage loans under the Consumer Financial Protection Bureau's (CFPB) new mortgage-servicing rules. Among other things, these rules are intended to provide more information to consumers about their loan obligations. The share of mortgages serviced by community lenders in 2015—about 13 percent—remained small com...
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...
Troubled Asset Relief Program: Status of Housing Programs
GAO-16-279R: Published: Jan 8, 2016. Publicly Released: Jan 8, 2016.
As of October 31, 2015, three Troubled Asset Relief Program (TARP) housing programs— Making Home Affordable (MHA), Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets (Hardest Hit Fund or HHF), and Federal Housing Administration’s Short Refinance Program (FHA Short Refinance)—remained active. Combined, the Department of the Treasury (Treasury) had obligated $37.51 bill...
Lender-Placed Insurance: More Robust Data Could Improve Oversight
GAO-15-631: Published: Sep 8, 2015. Publicly Released: Sep 8, 2015.
Mortgage servicers purchase lender-placed insurance (LPI) for mortgages whose borrower-purchased insurance coverage lapses, most often because of nonpayment by the borrower or cancellation or nonrenewal by the original insurer. The limited information available indicates that LPI generally affects 1 percent to 2 percent of all mortgaged properties annually and has become less prevalent since the 2...
Troubled Asset Relief Program: Treasury Could More Consistently Analyze Potential Benefits and Costs of Housing Program Changes
GAO-15-670: Published: Jul 6, 2015. Publicly Released: Jul 6, 2015.
Between February 2009 and May 2015, the U.S. Department of the Treasury (Treasury) disbursed approximately $16.3 billion of the $37.5 billion in Troubled Asset Relief Program (TARP) funds allocated to support housing programs. The number of new borrowers with permanent modifications added to the Home Affordable Modification Program (HAMP), the key component of these programs, began to decline in l...
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 (...
Servicemembers Civil Relief Act: Information on Mortgage Protections and Related Education Efforts
GAO-14-221: Published: Jan 28, 2014. Publicly Released: Jan 28, 2014.
The number of servicemembers with mortgages eligible for Servicemembers Civil Relief Act (SCRA) mortgage protections is unknown because servicers have not collected this information in a comprehensive manner. Based on the limited and nongeneralizeable information that GAO obtained from the three mortgage servicers and the credit union, a small percentage of the total loan portfolios were identifie...
Federal Housing Administration: Analysis of Options for Modifying Its Products, Market Presence, and Powers
GAO-13-682: Published: Sep 9, 2013. Publicly Released: Oct 22, 2013.
GAO identified a number of proposed options for adjusting product terms and conditions to help improve the Federal Housing Administration's (FHA) long-term viability. FHA has raised the premiums that it charges borrowers several times in recent years and has taken steps to tighten its underwriting standards--for example, by setting a minimum required credit score. Some mortgage market observers ha...