Mortgage programs (11 - 20 of 36 items)
Troubled Asset Relief Program: Status of Efforts to Address Defaults and Foreclosures on Home Mortgages
GAO-09-231T: Published: Dec 4, 2008. Publicly Released: Dec 4, 2008.
A dramatic increase in mortgage loan defaults and foreclosures is one of the key contributing factors to the current downturn in the U.S. financial markets and economy. In response, Congress passed and the President signed in July the Housing and Economic Recovery Act of 2008 and in October the Emergency Economic Stabilization Act of 2008 (EESA), which established the Office of Financial Stability...
Federal Housing Administration: Proposed Legislative Changes Would Affect Borrower Benefits and Risks to the Insurance Funds
GAO-07-1109T: Published: Jul 18, 2007. Publicly Released: Jul 18, 2007.
Fewer borrowers are using the Federal Housing Administration's (FHA) single-family and manufactured housing insurance programs. To help counter this trend, proposed changes to the single-family program would raise loan limits, allow risk-based pricing of premiums, and reduce down payments. Changes such as higher loan limits also were proposed for the manufactured housing program. To assist Congres...
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...
Mortgage Financing: HUD Could Realize Additional Benefits from Its Mortgage Scorecard
GAO-06-435: Published: Apr 13, 2006. Publicly Released: May 15, 2006.
Along with private mortgage providers, the Department of Housing and Urban Development's (HUD) Federal Housing Administration (FHA) has been impacted by technological advances that began in the mid-1990s and that have significantly affected the way the mortgage industry works. As a result, in 2004, FHA implemented Technology Open to Approved Lenders (TOTAL) Scorecard--an automated tool that evalua...
Hospital Mortgage Insurance Program: Program and Risk Management Could Be Enhanced
GAO-06-316: Published: Feb 28, 2006. Publicly Released: Feb 28, 2006.
Under its Hospital Mortgage Insurance Program, the Department of Housing and Urban Development's (HUD) Federal Housing Administration (FHA) insures nearly $5 billion in mortgage loans for the renovation or construction of hospitals that would otherwise have difficulty accessing capital. In response to a requirement in the 2005 Consolidated Appropriations Conference Report, GAO examined (1) the des...
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...
Elderly Housing: Federal Housing Programs and Supportive Services
GAO-05-795T: Published: Jun 16, 2005. Publicly Released: Jun 16, 2005.
According to a congressionally established bipartisan commission, decreased investment in affordable housing and an elderly population that is projected to grow from about 12 percent of the population in 2002 to 20 percent by 2030 are likely to increase the number of elderly who must spend large portions of their incomes on housing. Moreover, according to this commission, more than one-third of th...
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...
Major Management Challenges and Program Risks: Department of Housing and Urban Development
GAO-03-103: Published: Jan 1, 2003. Publicly Released: Jan 1, 2003.
This report addresses the major management challenges and program risks facing the U.S. Department of Housing and Urban Development (HUD) as it works to carry out its multiple and highly diverse missions. The report discusses the actions that HUD has taken and that are under way to address the challenges GAO identified in its Performance and Accountability Series 2 years ago. Also, GAO summarizes...