Housing (71 - 80 of 110 items)
Rural Rental Housing: Incentives Maintain Low-Income Housing but Clearer Guidance Needed
RCED-92-150: Published: Jun 23, 1992. Publicly Released: Jul 15, 1992.
Pursuant to a congressional request, GAO provided information on: (1) financial and other incentives offered by the Farmers Home Administration (FmHA) and their effect on preserving the FmHA rural rental housing inventory; (2) the types of incentives FmHA uses; and (3) the problems FmHA encounters in providing incentives.GAO found that: (1) 140 FmHA projects either received financial incentives or...
Rental Housing: Implementing the New Federal Incentives to Deter Prepayments of HUD Mortgages
PEMD-91-2: Published: Apr 30, 1991. Publicly Released: May 30, 1991.
Pursuant to a congressional request, GAO provided information about the likelihood that owners of low- and moderate-income rental housing stock will seek prepayments of mortgages insured under the National Housing Act.GAO found that: (1) the precise number of properties eligible for prepayment was uncertain, ranging from a low of 334,000 family units to a high of 367,000; (2) the four studies it r...
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...
Impact of FHA Loan Policy Changes on Its Cash Position
T-RCED-90-70: Published: Jun 6, 1990. Publicly Released: Jun 6, 1990.
GAO discussed the impact of proposed policy changes on the cash position of the Federal Housing Administration's (FHA) Mutual Mortgage Insurance (MMI) Fund, focusing on the effects of: (1) increasing FHA mortgage ceiling limits; (2) reducing down payment requirements; and (3) allowing FHA to insure adjustable rate mortgages (ARM) with higher interest rate caps. GAO noted that the MMI fund: (1) was...
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...
Impact of FHA Loan Policy Changes
T-RCED-90-17: Published: Nov 16, 1989. Publicly Released: Nov 16, 1989.
GAO discussed the impact of proposed policy changes on the Federal Housing Administration's (FHA) Mutual Mortgage Insurance (MMI) Fund, focusing on the effects of: (1) increasing FHA mortgage ceiling limits; (2) reducing down payment requirements; and (3) increasing adjustable rate mortgage (ARM) availability. GAO noted in its econometric projections that, given favorable economic conditions: (1)...
1988 Financial Audit: Federal Housing Administration
T-AFMD-89-17: Published: Sep 27, 1989. Publicly Released: Sep 27, 1989.
GAO discussed its audit of the Federal Housing Administration's (FHA) financial statements. GAO noted that: (1) it was unable to express an opinion on the FHA financial statements because of uncertainties over potential losses from the diversion of property sales proceeds, overstatements of the values of foreclosed property, and the effects of other investigations; (2) FHA suffered major losses in...
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...