Mortgage market (41 - 50 of 57 items)
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...
1988 Financial Audit: Federal Housing Administration
T-AFMD-89-18: Published: Sep 28, 1989. Publicly Released: Sep 28, 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...
Housing Finance: Agency Issuance of Real Estate Mortgage Investment Conduits
GGD-88-111: Published: Sep 2, 1988. Publicly Released: Sep 2, 1988.
Pursuant to a congressional request, GAO examined the effects of permitting the Federal National Mortgage Association (FNMA) and the Federal Home Loan Mortgage Corporation (FHLMC) to issue Real Estate Mortgage Investment Conduits (REMIC), specifically whether: (1) FNMA and FHLMC have the legal authority to issue REMIC; (2) FNMA and FHLMC have a competitive advantage over private issuers in issuing...
Home Ownership: Targeting Assistance to Buyers Through Qualified Mortgage Bonds
RCED-88-190BR: Published: Jun 27, 1988. Publicly Released: Jun 27, 1988.
In response to a congressional request, GAO provided information on how to tighten eligibility criteria to better target assistance for first-time home buyers receiving reduced-interest rate loans through qualified mortgage bonds.GAO found that: (1) bond-assisted loans could have more of an impact on home ownership rates if agencies targeted them to households less likely to become home owners wit...
Potential Reduction in Federally Assisted Rental Housing From Expiring Section 8 Contracts and Mortgage Prepayment Restrictions
T-RCED-87-9: Published: Mar 26, 1987. Publicly Released: Mar 26, 1987.
GAO testified on two reports concerning possible reductions in the number of federally assisted rental housing units. GAO noted that expiring section 8 contracts and mortgage prepayments could reduce the inventory of privately owned, project-based housing units by more than 50 percent by fiscal year 2005; however, this inventory could expand as new units are added. GAO estimated the potential for...
Impact of Federal Tax Provisions on Resyndication of Federally Assisted Rental Housing
RCED-85-112: Published: Jul 10, 1985. Publicly Released: Jul 15, 1985.
Pursuant to a congressional request, GAO reviewed the impact of federal tax provisions on the resyndication of federally assisted, low-income rental housing property having a mortgage held or insured by the Department of Housing and Urban Development (HUD).GAO noted that as the insurer or holder of multifamily mortgages, HUD approves the resyndication of federally assisted properties to new groups...
The Federal National Mortgage Association in a Changing Economic Environment
RCED-85-102: Published: Apr 15, 1985. Publicly Released: Apr 15, 1985.
Pursuant to a congressional request, GAO reported on: (1) how the secondary market for residential mortgages is changing and the Federal National Mortgage Association's (FNMA) role in that market; (2) the privileges and constraints that affect FNMA in its public-purpose role and its profitability as a shareholder-owned corporation; (3) the interest rate and credit risks that FNMA incurs; and (4) h...
Borrowers Pay Lower Effective Interest Rates for Large Conventional Mortgage Loans
RCED-84-151: Published: Apr 5, 1984. Publicly Released: Apr 5, 1984.
In response to a congressional request, GAO determined: (1) what proportion of conventional mortgage loans exceeded the statutory conforming loan limit of $108,300 in 1983; (2) how interest rates and fees paid by borrowers for conventional loans which exceeded the 1983 limit differed from those paid by borrowers for conventional conforming loans; and (3) what income a hypothetical borrower would n...
Excessive Assumption Fees Charged on Federal Home Loan Mortgage Corporation Mortgages
RCED-84-119: Published: Mar 5, 1984. Publicly Released: Mar 12, 1984.
In response to a congressional request, GAO investigated the fees, points, and other charges levied by lenders on mortgages sold to the Federal Home Loan Mortgage Corporation to determine: (1) the pervasiveness of overcharges; (2) the reasons why Corporation auditors did not uncover excessive fees charged by lenders; (3) the feasibility of establishing a flat fee or some regulation of the assumpti...
The First Time Homebuyer Assistance Act of 1983
122339: Sep 13, 1983
GAO discussed the merits of S. 1598, the First Time Homebuyer Assistance Act of 1983, and suggested additional provisions. GAO believes that the bill, which would allow States and localities to substitute tax credits for mortgage revenue bonds, would improve the cost effectiveness of subsidies for first-time homebuyers and would reach more potential homebuyers. Further, tax credits could provide S...