Department of Housing and Urban Development: Emergency Homeowners' Loan Program
GAO-11-458R: Mar 18, 2011
- Full Report:
GAO reviewed the Department of Housing and Urban Development's (HUD) new rule on the Emergency Homeowners' Loan Program. GAO found that (1) the interim rule reinstates, with certain modifications, regulations that HUD formerly published to serve as the framework by which emergency relief may be provided to homeowners experiencing temporary involuntary loss of employment or underemployment resulting in a substantial reduction in income due to adverse economic conditions, and who consequently are financially unable to make full mortgage payments; and (2) HUD complied with the applicable requirements in promulgating the rule.