Mortgages (81 - 90 of 131 items)
Home Ownership: Mortgage Servicing Transfers Are Increasing and Causing Borrower Concern
RCED-90-62: Published: Nov 1, 1989. Publicly Released: Nov 22, 1989.
Pursuant to a congressional request, GAO reviewed home mortgage servicing transfer practices.GAO found that 1985 mortgage servicing transfer estimates of $80 to $90 billion increased to $150 billion in 1988, because economies of scale, accounting and tax advantages, and income generation needs made servicing buying and selling profitable. GAO also found that borrowers were adversely affected by th...
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...
Financial Audit: Federal Housing Administration Fund's 1987 Statement of Financial Position
AFMD-89-3: Published: May 12, 1989. Publicly Released: May 12, 1989.
Pursuant to a legislative requirement, GAO reviewed the Federal Housing Administration (FHA) Fund's consolidated statement of financial position as of September 30, 1987.GAO found that the FHA Fund's consolidated statement of financial position fairly presented its financial position as of September 30, 1987, in conformity with generally accepted accounting principles...
Foreign Assistance: The Solanda Housing Guaranty Project in Ecuador
NSIAD-86-120: Published: May 21, 1986. Publicly Released: Jun 23, 1986.
In response to a congressional request, GAO: (1) reviewed the Solanda Housing Guaranty project in Ecuador, focusing on Agency for International Development (AID) and Ecuadoran requirements for financing, design, and implementation; (2) investigated allegations that high indirect costs have unnecessarily increased the prices of Solanda units; and (3) analyzed AID-funded wood house demonstration pro...
Rental Housing: Potential Reduction in the Privately Owned and Federally Assisted Inventory
RCED-86-176FS: Published: Jun 16, 1986. Publicly Released: Jun 16, 1986.
In response to a congressional request, GAO provided information on the retention of the privately owned and federally assisted rental housing inventory as lower-income housing, specifically the current inventory of such housing and the potential impact of expiring section 8 contracts and mortgage prepayment restrictions on the inventory.GAO found that the fiscal year (FY) 1985 inventory was 1.9 m...
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...
Single Family Appraisal and Disposal Practices of the Department of Housing and Urban Development
CED-77-90: Published: Jun 23, 1977. Publicly Released: Oct 27, 1983.
The purchasers of a home that had been foreclosed and put up for bid at $37,500 by the Federal Housing Administration (FHA) alleged that they were not told of the agency's appraisal price of the property.A review of the case showed that the appropriate requirements were met and that the FHA had acted reasonably in the disposal of the property. The purchasers were, in fact, told the property valuat...
Mortgages Assigned to HUD Under Section 221(g)(4) of the National Housing Act
RCED-84-40: Published: Oct 24, 1983. Publicly Released: Oct 24, 1983.
Pursuant to a congressional request, GAO provided information on the potential long-term costs to the Department of Housing and Urban Development (HUD) of the provisions of section 221 of the National Housing Act.Legislation enacted in 1954 as part of section 221 of the act allows mortgagees holding mortgages insured under section 221 to assign them to HUD, if they are not delinquent and are at le...
Review of the Federal Housing Administration Fund's Financial Statements for the Year Ended September 30, 1981
AFMD-83-66: Published: Jun 10, 1983. Publicly Released: Jun 10, 1983.
GAO presented the results of its review of the combined statement of financial position of the Federal Housing Administration Fund as of September 30, 1981, and the related combined statements of revenue and expenses, cumulative results of operations, and changes in financial position for the year then ended.GAO noted that the review resulted in significant accounting and financial reporting polic...