Board of Directors of the HOPE for Homeowners Program: HOPE for Homeowners Program: Program Regulations
GAO-09-101R: Oct 20, 2008
- Full Report:
GAO reviewed the Federal Housing Administrations' (FHA) new rule on the HOPE for Homeowners Program. GAO found that (1) the rule sets forth the core requirements for the HOPE for Homeowners Program, which have been established by the Board of the Program, and sets forth standards for the following Program areas: underwriting standards, representations of the mortgage whose mortgagor will participate in the Program, mortagor representations, certain prohibitions imposed on FHA, FHA equity sharing with the borrower, FHA appreciation sharing with the borrower, the prohibition on subordinate liens in the first 5 years of the mortgagor's Program mortage, and applicable hearing procedures; and (2) FHA has complied with applicable requirements in promulgating the rule.