Mortgage loans (51 - 60 of 155 items)
Federal Housing Administration: Modernization Proposals Would Have Program and Budget Implications and Require Continued Improvements in Risk Management
GAO-07-708: Published: Jun 29, 2007. Publicly Released: Jun 29, 2007.
In recent years, the Federal Housing Administration (FHA) has experienced a sharp decline in market share. Also, the agency has estimated that, absent program changes, its Mutual Mortgage Insurance Fund (Fund) would require appropriations in 2008. To adapt to market changes, FHA has implemented new procedures and proposed the following major legislative changes: raising FHA's loan limits, allowing...
Mortgage Financing: Seller-Funded Down-Payment Assistance Changes the Structure of the Purchase Transaction and Negatively Affects Loan Performance
GAO-07-1033T: Published: Jun 22, 2007. Publicly Released: Jun 22, 2007.
The Federal Housing Administration (FHA) differs from other key mortgage industry participants in that it allows borrowers to obtain down-payment assistance from nonprofit organizations (nonprofits) that operate programs supported partly by property sellers. Research has raised concerns about how this type of assistance affects home purchase transactions. To assist Congress in considering issues r...
Federal Housing Administration: Ability to Manage Risks and Program Changes Will Affect Financial Performance
GAO-07-615T: Published: Mar 15, 2007. Publicly Released: Mar 15, 2007.
The Federal Housing Administration (FHA) has seen increased competition from conventional mortgage and insurance providers. Additionally, because of the worsening performance of the mortgages it insures, FHA has estimated that its single-family insurance program would require a subsidy--that is, appropriations--in fiscal year 2008 in the absence of program changes. To help FHA adapt to the evolvin...
Mortgage Financing: HUD Could Realize Additional Benefits from Its Mortgage Scorecard
GAO-06-435: Published: Apr 13, 2006. Publicly Released: May 15, 2006.
Along with private mortgage providers, the Department of Housing and Urban Development's (HUD) Federal Housing Administration (FHA) has been impacted by technological advances that began in the mid-1990s and that have significantly affected the way the mortgage industry works. As a result, in 2004, FHA implemented Technology Open to Approved Lenders (TOTAL) Scorecard--an automated tool that evalua...
Hospital Mortgage Insurance Program: Program and Risk Management Could Be Enhanced
GAO-06-316: Published: Feb 28, 2006. Publicly Released: Feb 28, 2006.
Under its Hospital Mortgage Insurance Program, the Department of Housing and Urban Development's (HUD) Federal Housing Administration (FHA) insures nearly $5 billion in mortgage loans for the renovation or construction of hospitals that would otherwise have difficulty accessing capital. In response to a requirement in the 2005 Consolidated Appropriations Conference Report, GAO examined (1) the des...
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...
Mortgage Financing: FHA's $7 Billion Reestimate Reflects Higher Claims and Changing Loan and Performance Estimates
GAO-05-875: Published: Sep 2, 2005. Publicly Released: Oct 4, 2005.
The U.S. Department of Housing and Urban Development (HUD), through its Federal Housing Administration (FHA), provides insurance for private lenders against losses on home mortgages. FHA's largest insurance program is the Mutual Mortgage Insurance Fund (Fund), which currently is self-financed and operates at a profit. FHA submitted a "reestimate" of $7 billion for the credit subsidy and interest f...
Federal Housing Administration: Managing Risks from a New Zero Down Payment Product
GAO-05-857T: Published: Jun 30, 2005. Publicly Released: Jun 30, 2005.
To assist Congress in considering legislation to authorize the Secretary of the Department of Housing and Urban Development (HUD) to carry out a pilot program to insure zero down payment mortgages, this testimony provides information about practices mortgage institutions use in designing and implementing low and no down payment products. It also contains information about how these practices could...
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...
Mortgage Financing: Actions Needed to Help FHA Manage Risks from New Mortgage Loan Products
GAO-05-194: Published: Feb 11, 2005. Publicly Released: Mar 14, 2005.
The U.S. Department of Housing and Urban Development (HUD), through its Federal Housing Administration (FHA), insures billions of dollars in home mortgage loans made by private lenders. FHA insures low down payment loans and a number of parties have made proposals to either eliminate or otherwise change FHA's borrower contribution requirements. GAO was asked to (1) identify the key characteristics...