Mortgages (61 - 70 of 86 items)
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...
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...
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...
Department of Housing and Urban Development Policies Concerning Multifamily Property Management and Disposition
121488: May 25, 1983
GAO discussed the Department of Housing and Urban Development's (HUD) policies concerning multifamily property management and disposition. Specifically, GAO addressed: (1) the basis for the prices that HUD receives on project sales and the financing mechanisms involved; (2) the current status of delinquencies on HUD multifamily assigned mortgages; (3) HUD responsiveness to prior GAO recommendation...
The Costs and Benefits of Single Family Mortgage Revenue Bonds: Preliminary Report
RCED-83-145: Published: Apr 18, 1983. Publicly Released: Apr 27, 1983.
In response to a congressional request, GAO analyzed the loan activity of 40 State and local bond issuers that borrowed in the tax-exempt market between December 1981 and July 1982 and provided preliminary information regarding: (1) the extent to which lower income homebuyers are benefiting from the mortgage revenue bonds; (2) the effectiveness of Federal purchase price ceilings and State and loca...
HUD's Loan Servicing Contracts for Multifamily Mortgages Need Better Management
RCED-83-78: Published: Mar 14, 1983. Publicly Released: Mar 21, 1983.
In response to a congressional request, GAO evaluated the Department of Housing and Urban Development's (HUD) reply to formal congressional questions concerning the HUD Region III contract and proposed nationwide contract with the private sector for loan services. HUD plans to utilize the private sector contracts to improve the servicing of HUD-held mortgages resulting in increased revenues from t...
Review of the Financial Statements of the Federal Housing Administration Fiscal Year 1977
090235: May 16, 1978
No summary is currently available...
Problems Continue in Accounting for and Servicing HUD-Held Multifamily Mortgages
AFMD-82-18: Published: Aug 18, 1982. Publicly Released: Oct 17, 1982.
GAO was asked to perform a followup review to a prior report on loan servicing and accounting problems in the Department of Housing and Urban Development (HUD) multifamily mortgage programs. The earlier report concluded that the failure of HUD to produce adequate delinquency data and aggressively collect amounts owed on defaulted multifamily mortgages contributed significantly to the over $500 mil...
New Mortgages for Financing Homes Need Uniform and Comprehensive Consumer Safeguards
CED-81-53: Published: Jul 2, 1981. Publicly Released: Jul 2, 1981.
GAO reviewed several of the new mortgage instruments for single-family homes and their impact on homebuyers and lenders. The review was made because many Americans purchasing homes in the future will be faced with selecting one of the new alternative mortgage instruments instead of the standard level payment mortgage which has been in use for about 40 years.The principal types of alternatives to t...