Mortgage loans (51 - 60 of 76 items)
Multifamily Housing: HUD's Mark-to-Market Proposal
T-RCED-95-230: Published: Jun 15, 1995. Publicly Released: Jun 15, 1995.
GAO discussed the Department of Housing and Urban Development's (HUD) proposal to restructure its multifamily housing portfolio. GAO noted that: (1) HUD pays higher costs than necessary to subsidize low-income properties and sets lower rents than required to maintain the properties' physical condition; (2) HUD has proposed to replace project-based assistance with tenant-based assistance and restru...
Mortgage Financing: Financial Health of FHA's Home Mortgage Insurance Program Has Improved
T-RCED-94-255: Published: Jun 30, 1994. Publicly Released: Jun 30, 1994.
GAO discussed the actuarial soundness of the Federal Housing Administration's (FHA) Mutual Mortgage Insurance Fund. GAO noted that: (1) the fund's economic value has improved significantly in recent years and the fund is accumulating sufficient capital reserves to become actuarially sound; (2) the fund's economic net worth was $600 million at the end of fiscal year (FY) 1992 and $4.9 billion at th...
Housing Finance: Characteristics of Borrowers of FHA-Insured Mortgages
RCED-94-135BR: Published: Apr 6, 1994. Publicly Released: Apr 6, 1994.
Pursuant to a legislative requirement, GAO provided information on changes in the: (1) income, age, and race of borrowers of Federal Housing Administration (FHA)-insured mortgages; and (2) location of their homes.GAO found that: (1) 24 percent of FHA-insured mortgages originated in 1991 went to low-income families, and 41 percent of FHA-insured loans originated in 1991 went to moderate-income fami...
Homeownership: Actuarial Soundness of FHA's Single-Family Mortgage Insurance Program
T-RCED-93-64: Published: Jul 27, 1993. Publicly Released: Jul 27, 1993.
GAO discussed the actuarial soundness of the Mutual Mortgage Insurance Fund, which is administered by the Federal Housing Administration (FHA). GAO noted: (1) poor program management, waste, fraud, and abuse have contributed to the losses sustained by the fund; (2) the absence of internal controls over FHA single-family property disposition management systems has allowed private real estate agents...
Tax Policy: Many Factors Contributed to the Growth in Home Equity Financing in the 1980s
GGD-93-63: Published: Mar 25, 1993. Publicly Released: Apr 28, 1993.
Pursuant to a congressional request, GAO reviewed the use of home equity financing, focusing on: (1) trends in home equity and mortgage-backed financing, and other types of consumer credit between 1981 and 1991; (2) causes of the growth in home equity financing; (3) problems caused by home equity financing; and (4) the implications of tax policy options to constrain home equity borrowing.GAO found...
Mortgage Credit Enhancements: Options for FHA in Meeting the Need for Affordable Multifamily Housing
T-RCED-92-52: Published: Apr 3, 1992. Publicly Released: Apr 3, 1992.
GAO discussed legislative or administrative actions that could improve the availability of mortgage financing for affordable multifamily housing through credit enhancements. GAO noted that: (1) the Federal Housing Administration (FHA) has historically been the federal government's principal provider of credit enhancements, but its insuring of mortgages has declined sharply in recent years from a h...
Federal Home Loan Mortgage Corporation: Abuses in Multifamily Program Increase Exposure to Financial Losses
RCED-92-6: Published: Oct 7, 1991. Publicly Released: Oct 15, 1991.
Pursuant to a congressional request, GAO examined whether the Federal Home Loan Mortgage Corporation's (Freddie Mac) procedures governing the purchasing and servicing of 35 Bronx, New York, multifamily mortgages adequately protected its investments.GAO found that: (1) because of weak controls, Freddie Mac did not detect patterns of inaccurate and incomplete information in the appraisals and report...
Homeownership: Loan Policy Changes Made to Strengthen FHA's Mortgage Insurance Program
RCED-91-61: Published: Mar 1, 1991. Publicly Released: Mar 13, 1991.
Pursuant to a congressional request, GAO reviewed policy changes to the Federal Housing Administration's (FHA) single-family mortgage insurance program, focusing on the: (1) effect of the changes on the FHA Mutual Mortgage Insurance Fund's cash position; and (2) House-Senate Conference Committee on Housing Legislation's attempts to enact housing legislation.GAO found that: (1) the Fund's cash posi...
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...
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...