Housing (21 - 30 of 32 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...
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...
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...
The Federal Housing Administration Needs Clearer Criteria for Underwriting Single-Family Mortgages Insurance
CED-78-59: Published: Mar 13, 1978. Publicly Released: Dec 3, 1982.
The single-family home underwriting practices of the Federal Housing Administration (FHA) in the New York area office were reviewed. In three Brooklyn neighborhoods, the volume of approvals and disapprovals for single-family mortgage insurance from May 1, 1976, to April 30, 1977, were determined, and the FHA underwriting criteria were identified.In the designated neighborhoods, FHA personnel: reje...
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...
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...
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...
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...
Government National Mortgage Association's Secondary Mortgage Market Activities
CED-77-28: Published: Mar 8, 1977. Publicly Released: Mar 8, 1977.
The Government National Mortgage Association participates in the buying and selling of mortgages in the secondary mortgage market.The Association attempts to accomplish its legislatively assigned missions primarily by: (1) issuing to mortgage originators commitments to purchase mortgages with primarily below-market interest rates; (2) purchasing and selling such mortgages; and (3) guaranteeing sec...