Department of Housing and Urban Development:

Single Family Mortgage Insurance-Loss Mitigation Procedures

OGC-98-17: Published: Dec 9, 1997. Publicly Released: Dec 9, 1997.

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Pursuant to a legislative requirement, GAO reviewed the Department of Housing and Urban Development (HUD) new rule on single family mortgage insurance loss mitigation procedures. GAO found that: (1) the rule eliminates the Mortgage Assignment Program and provides that HUD may: (a) recompense mortgages for using mortgage foreclosures; (b) pay the mortgagee a partial claim which would be applied to the arrearage of a defaulted mortgage; and (c) accept assignment of a mortgage which the mortgagee has modified to cure the default; and (2) HUD complied with the applicable requirements in promulgating the rule.

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