Homeownership:

Actuarial Soundness of FHA's Single-Family Mortgage Insurance Program

T-RCED-93-64: Published: Jul 27, 1993. Publicly Released: Jul 27, 1993.

Contact:

Office of Public Affairs
(202) 512-4800
youngc1@gao.gov

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 to steal million of dollars in FHA funds; (3) as of September 30, 1991, the fund had an economic net worth of -$1.4 billion and a resulting capital reserve ratio of -0.46 percent; and (4) the economic net worth of the fund for fiscal year 1992 has improved.

Aug 1, 2014

Mar 31, 2014

Mar 27, 2014

Mar 18, 2014

Feb 6, 2014

Jan 30, 2014

Jan 28, 2014

Oct 22, 2013

Aug 8, 2013

Looking for more? Browse all our products here