Mortgages (101 - 110 of 131 items)
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...
Cost Effectiveness of Section 8 Partially Assisted Housing Projects
091948: Aug 21, 1980
No summary is currently available...
Ineligible Households in Assisted Housing Projects
113154: Aug 21, 1980
GAO undertook a review of the practice of some section 8 project owners who are leasing units, for which section 8 assistance is available, to market rate tenants rather than section 8 eligible households. Although leasing to such ineligible market rate households is permissible under the section 8 regulations, GAO believes the current policy and procedures relating to their inclusion in assisted...
HUD Should Make Immediate Changes in Accounting for Secretary-Held Multifamily Mortgages
FGMSD-80-43: Published: May 16, 1980. Publicly Released: May 16, 1980.
The Department of Housing and Urban Development (HUD) holds over 2,000 multifamily mortgages valued at about $3.7 billion. These Secretary-held mortgages were either returned from commercial lenders after mortgagors defaulted on their insured mortgages or resulted from HUD selling property it had previously acquired.As of September 30, 1979, HUD reported that $500 million in payments on multifamil...
HUD's Accounting System for Secretary-Held Multifamily Mortgages
111413: Jan 23, 1980
The Department of Housing and Urban Development's (HUD) system for Secretary-held multifamily mortgages provides monthly payment and billing data to the mortgagors and the HUD field offices. However, the system does not provide servicing personnel with adequate information to service their workload aggressively, nor does it track the payment status of mortgages under the terms of workout agreement...
Analysis of Multifamily Assigned Mortgages
CED-80-43: Published: Jan 16, 1980. Publicly Released: Jan 22, 1980.
In response to a Senate request, GAO obtained information on the amount of money and length of time involved in delinquencies on multifamily mortgages held by the Department of Housing and Urban Development (HUD). Mortgages under workout arrangements designed to bring them current and mortgages in the foreclosure process were also considered.Past experience has shown that at the time of mortgage a...
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...
Review of the Financial Statements of the Federal Housing Administration
105959: May 16, 1978
A report issued on April 28, 1978, on the Federal Housing Administration's financial statements did not contain an opinion on the reasonableness of the balances. Subsequent to issuance of the report, a task force was established to study accounting problems and find solutions. GAO worked with the task force to help correct deficiencies and to review the adequacy of its corrections. GAO provided a...
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...
Implementation of Revised Section 235 Homeownership Program
CED-78-16: Published: Nov 23, 1977. Publicly Released: Nov 23, 1977.
An inquiry was conducted into the Department of Housing and Urban Development's (HUD) implementation of the revised section 235 homeownership program. Since its inception in January 1976, the program has helped only 9,459 homebuyers, and only $21.3 million of the total $264.1 million in contract authority has been reserved or obligated. The Department's initial goal was to spend the $264.1 million...