Housing programs (11 - 20 of 61 items)
Federal Housing Administration: Modernization Proposals Would Have Program and Budget Implications and Require Continued Improvements in Risk Management
GAO-07-708: Published: Jun 29, 2007. Publicly Released: Jun 29, 2007.
In recent years, the Federal Housing Administration (FHA) has experienced a sharp decline in market share. Also, the agency has estimated that, absent program changes, its Mutual Mortgage Insurance Fund (Fund) would require appropriations in 2008. To adapt to market changes, FHA has implemented new procedures and proposed the following major legislative changes: raising FHA's loan limits, allowing...
Federal Housing Administration: Ability to Manage Risks and Program Changes Will Affect Financial Performance
GAO-07-615T: Published: Mar 15, 2007. Publicly Released: Mar 15, 2007.
The Federal Housing Administration (FHA) has seen increased competition from conventional mortgage and insurance providers. Additionally, because of the worsening performance of the mortgages it insures, FHA has estimated that its single-family insurance program would require a subsidy--that is, appropriations--in fiscal year 2008 in the absence of program changes. To help FHA adapt to the evolvin...
Federal Housing Administration: Proposed Reforms Will Heighten the Need for Continued Improvements in Managing Risks and Estimating Program Costs
GAO-06-868T: Published: Jun 20, 2006. Publicly Released: Jun 20, 2006.
The Department of Housing and Urban Development's (HUD) Federal Housing Administration (FHA) has faced several challenges in recent years, including rising default rates, higher-than-expected program costs, and a sharp decline in program participation. To help FHA adapt to market changes, HUD has proposed a number of changes to the National Housing Act that would raise FHA's mortgage limits, allow...
Federal Housing Administration: Managing Risks from a New Zero Down Payment Product
GAO-05-857T: Published: Jun 30, 2005. Publicly Released: Jun 30, 2005.
To assist Congress in considering legislation to authorize the Secretary of the Department of Housing and Urban Development (HUD) to carry out a pilot program to insure zero down payment mortgages, this testimony provides information about practices mortgage institutions use in designing and implementing low and no down payment products. It also contains information about how these practices could...
Mortgage Financing: Actions Needed to Help FHA Manage Risks from New Mortgage Loan Products
GAO-05-194: Published: Feb 11, 2005. Publicly Released: Mar 14, 2005.
The U.S. Department of Housing and Urban Development (HUD), through its Federal Housing Administration (FHA), insures billions of dollars in home mortgage loans made by private lenders. FHA insures low down payment loans and a number of parties have made proposals to either eliminate or otherwise change FHA's borrower contribution requirements. GAO was asked to (1) identify the key characteristics...
Multifamily Housing: More Accessible HUD Data Could Help Efforts to Preserve Housing for Low-Income Tenants
GAO-04-992T: Published: Jul 20, 2004. Publicly Released: Jul 20, 2004.
The Department of Housing and Urban Development (HUD) has subsidized the development of about 1.7 million rental units in over 23,000 privately owned properties by offering owners favorable long-term mortgage financing, rental assistance payments, or both in exchange for owners' commitment to house low-income tenants. When owners pay off mortgages--the mortgages "mature"--the subsidized financing...
Multifamily Housing: Issues Related to Mark-to-Market Program Reauthorization
GAO-01-871T: Published: Jun 19, 2001. Publicly Released: Jun 19, 2001.
This testimony discusses the Mark-to-Market Program, which provides for low-income rental housing while reducing the federal government's costs for rental subsidies. The program, which is administered by the Department of Housing and Urban Development's (HUD) Office of Multifamily Housing Restructuring (OMHAR), provides the framework to restructure insured Section 8 properties in HUD's multifamily...
Multifamily Housing: Impact of Loan Sales on Tenants and Properties Varies by Property
RCED-00-31: Published: Jan 20, 2000. Publicly Released: Jan 20, 2000.
Pursuant to a congressional request, GAO provided information on the impact of loan sales on tenants and properties, focusing on: (1) the impact on tenants as project-based assistance contracts expire; and (2) the steps that the Department of Housing and Urban Development (HUD) has taken to ensure that mortgage purchasers honor the tenant protections.GAO noted that: (1) at the partially assisted p...
Multifamily Housing: Progress Made in Establishing HUD's Office of Multifamily Housing Assistance Restructuring
RCED-99-5: Published: Oct 27, 1998. Publicly Released: Oct 27, 1998.
Pursuant to a legislative requirement, GAO reviewed the status of the Office of Multifamily Housing Assistance Restructuring's (OMHAR) development, focusing on: (1) its organization and staffing and how it relates to the Department of Housing and Urban Development's (HUD) overall structure; (2) whether it is on schedule to meet its key operational and reporting requirements; (3) the procedures and...
Federal Housing Enterprises: HUD's Implementation of Its Mission Oversight Needs to Be Strengthened
T-GGD-98-177: Published: Jul 30, 1998. Publicly Released: Jul 30, 1998.
Pursuant to a congressional request, GAO discussed the Department of Housing and Urban Development's (HUD) housing mission oversight of the two largest government-sponsored housing enterprises: the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac).GAO noted that: (1) HUD adopted a generally conservative approach in 1995 to setting the f...