Mortgage protection insurance (71 - 80 of 91 items)
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...
Improving the Process for Allocating Loan Management Set-Aside Funds to Multifamily Housing Projects
RCED-85-29: Published: Nov 16, 1984. Publicly Released: Nov 16, 1984.
The Loan Management Set-Aside (LMSA) Program is administered by the Department of Housing and Urban Development (HUD) to help maintain the financial viability of multifamily housing projects with cash-flow problems. The program is available to both insured and held projects. GAO reviewed the process used by HUD to allocate LMSA funds in fiscal years (FY) 1983 and 1984 and the basis used by HUD for...
VA and HUD Can Improve Service and Reduce Processing Costs in Insuring Home Mortgage Loans
AFMD-82-15: Published: Jun 11, 1982. Publicly Released: Jun 11, 1982.
GAO reviewed the underwriting activities used by the Veterans Administration (VA) and the Department of Housing and Urban Development (HUD) to grant and insure mortgage loans.A large portion of the processing costs incurred by VA and HUD in insuring loans involves underwriting. VA and HUD rely mostly on their own staffs for underwriting rather than on lenders. By relying more on approved lenders,...
HUD Should Strengthen Mortgagee Monitoring To Reduce Losses
CED-81-108: Published: Jun 9, 1981. Publicly Released: Jul 9, 1981.
Mortgagees approved by the Department of Housing and Urban Development (HUD) are responsible for originating and servicing HUD-insured, single-family loans. If a mortgagee fails to adequately assess a prospective home buyer's ability to repay a loan or fails to provide proper servicing of that loan, then defaults, foreclosures, and substantial losses to the Federal Government can occur. HUD primar...
HUD's Payment of Distributive Shares From the Mutual Mortgage Insurance Fund
CED-81-44: Published: Feb 9, 1981. Publicly Released: Feb 9, 1981.
The Mutual Mortgage Insurance Fund allows single-family homes to be purchased with small downpayments and long-term mortgages and insures lenders against loss from defaulted mortgage loans. The Department of Housing and Urban Development (HUD) is required to pay dividends (distributive shares) from the Fund to eligible mortgagors when their mortgages are paid in full. A review was performed of HUD...
Housing and Urban Development's Efforts To Improve Its Accounting System for Mortgage Insurance Premiums
FGMSD-80-27: Published: Mar 19, 1980. Publicly Released: Mar 19, 1980.
GAO reviewed the action taken by the Department of Housing and Urban Development (HUD) to improve its system for billing and collecting mortgage insurance premiums. The review concentrated on the effectiveness of actions taken to reduce the amount of delinquent premiums.HUD has not been sufficiently aggressive in collecting the millions of dollars in premiums that mortgage institutions owe. Contro...
Termination of Mortgage Insurance Premium Payments on Department of Defense-Owned Housing
CED-78-147: Published: Aug 3, 1978. Publicly Released: Aug 3, 1978.
On December 12, 1977, GAO reported to the Secretary of Housing and Urban Development (HUD) that the practice of requiring the Department of Defense (DOD) to pay mortgage-insurance premiums on family housing properties owned by DOD and insured by HUD was no longer necessary. The Secretary of Defense guaranteed payment of outstanding mortgages on these properties, and Congress provided annual approp...
HUD Needs To Better Assess Financial Soundness of Multifamily Residential Projects Before Insuring Them
CED-78-70: Published: Mar 29, 1978. Publicly Released: Mar 29, 1978.
The Department of Housing and Urban Development (HUD) began insuring multifamily housing projects in 1938 and, in 1954, began implementing subsidized multifamily housing programs to enable low- and moderate-income families to improve their housing conditions.Recently HUD has incurred many financial losses due to mortgage defaults, foreclosures, and assignments on its multifamily loan insurance pro...
Condominium Homeownership Opportunities Could Be Increased
CED-78-71: Published: Mar 21, 1978. Publicly Released: Mar 21, 1978.
The growth in condominium ownership and its advantages have led to the enactment of legislation authorizing condominium financing programs for the Department of Housing and Urban Development (HUD), the Veterans Administration (VA), and the Farmers Home Administration (FmHA).Because of statutory limitations, opportunities for financing are still not readily available to condominium buyers. HUD can...
Department of Housing and Urban Development's Requirement That the Department of Defense Pay Mortgage Insurance Premiums on Wherry and Capehart Family Housing Properties
CED-78-14: Published: Dec 12, 1977. Publicly Released: Dec 12, 1977.
The Department of Housing and Urban Development (HUD) requires the Department of Defense (DOD) to pay mortgage insurance premiums on Wherry and Capehart family housing properties owned by DOD and insured by HUD. A review of this practice indicated that it is no longer necessary for HUD to require DOD to insure HUD against DOD's default, especially since DOD has guaranteed the payment of these mort...