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    Subject Term: "Federal housing"

    5 publications with a total of 8 open recommendations including 1 priority recommendation
    Director: Daniel Garcia-Diaz
    Phone: (202) 512-8678

    3 open recommendations
    Recommendation: Congress should consider amending the National Housing Act to specify the economic conditions the MMI Fund would be expected to withstand without substantial risk of drawing on permanent and indefinite budget authority, and require FHA to specify and comply with a capital ratio consistent with these conditions. In specifying the economic conditions, Congress should take into account FHA's statutory operational goals and role in supporting the mortgage market during periods of economic stress. (Matter for Consideration 1)

    Agency: Congress
    Status: Open

    Comments: When we determine what steps the Congress has taken, we will provide updated information.
    Recommendation: The Commissioner of FHA should combine stress test results for the forward mortgage and Home Equity Conversion Mortgage portfolios, where possible, and report estimated MMI Fund-wide capital ratios for the stress scenarios examined. (Recommendation 1)

    Agency: Department of Housing and Urban Development: Federal Housing Administration
    Status: Open

    Comments: When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.
    Recommendation: The Commissioner of FHA should develop specific objectives for stress tests of the MMI Fund and apply stress testing methods and scenarios consistent with those objectives. (Recommendation 2)

    Agency: Department of Housing and Urban Development: Federal Housing Administration
    Status: Open

    Comments: When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.
    Director: Valerie Melvin
    Phone: (202) 512-6304

    1 open recommendations
    Recommendation: To increase the likelihood that its IT investments develop reliable cost estimates, the Secretary of HUD should finalize, and ensure the implementation of, guidance that incorporates the best practices called for in the GAO Cost Estimating and Assessment Guide.

    Agency: Department of Housing and Urban Development
    Status: Open

    Comments: In April 2017, HUD reported that the department concurred with the recommendation and noted that the Office of the Chief Information Officer (OCIO) intends to establish cost estimation guidance for IT projects within its IT Management Framework Guide, incorporating appropriate best practices from the GAO Cost Estimating and Assessment Guide. HUD anticipates completing the OCIO IT Management Framework guidance that is intended to incorporate cost estimating principles for IT projects by September 1, 2017.
    Director: Lawrance L. Evans, Jr.
    Phone: (202) 512-8678

    1 open recommendations
    Recommendation: To reduce uncertainty and provide FHFA sufficient direction for carrying out its responsibilities as conservator of the enterprises, Congress should consider legislation that establishes objectives for the future federal role in housing finance, including the structure of the enterprises, and a transition plan to a reformed housing finance system that enables the enterprises to exit conservatorship.

    Agency: Congress
    Status: Open

    Comments: As of April 13, 2017, Congress has not taken action on this matter. In its 2017 Oversight Plan, the House Financial Services Committee stated that "the Committee will examine proposals affecting the operations of Fannie Mae and Freddie Mac, including consolidating their business operations, winding down their legacy business commitments, and repealing their statutory charters."
    Director: Lawrance L. Evans Jr.,
    Phone: (202) 512-8678

    1 open recommendations
    Recommendation: To ensure that FHFA has adequate authority to ensure the safety and soundness of the enterprises and to clarify its supervisory role, Congress should consider granting FHFA explicit authority to examine third parties that do business with and play a critical role in the operations of the enterprises.

    Agency: Congress
    Status: Open

    Comments: As of April 2017, Congress has not taken any action on this matter.
    Director: Melvin, Valerie C
    Phone: (202)512-6304

    2 open recommendations
    including 1 priority recommendation
    Recommendation: To ensure that HUD effectively and efficiently manages its modernization efforts aimed at improving its IT environment to support mission needs, the Secretary of Housing and Urban Development should direct the Deputy Secretary to establish a plan of action that identifies specific time frames for correcting the deficiencies highlighted in this report for both its ongoing projects, as applicable, and its planned projects, to include (1) developing charters that define what constitutes project success and establish accountability, (2) finalizing deliverable-oriented work breakdown structures and associated dictionaries that define the detailed work needed to accomplish project objectives, (3) completing comprehensive project management plans that reflect cost and schedule baselines and fully incorporate subsidiary management plans, (4) establishing requirements management plans that include prioritization methods to be applied and metrics for determining how products address requirements, (5) completing matrixes to include requirements traceability from mission needs through implementation, and (6) establishing strategies to guide how acquisitions are managed in accordance with other processes and that performance metrics are established.

    Agency: Department of Housing and Urban Development
    Status: Open
    Priority recommendation

    Comments: HUD did not agree or disagree with, but stated it had planned actions intended to address, our recommendation. As of April 2017, HUD provided evidence of its updated project planning and management process, including requirements for improvements to project charters and management plans, but we have not yet seen evidence that HUD's actions have fully addressed deficiencies in other project management documentation.
    Recommendation: To improve development and use of the department's project management framework, the Secretary should direct the Customer Care Committee to review the role and responsibilities of the Technical Review Subcommittee and ensure that the department's governance structure operates as intended and adequately oversees the management of all of its modernization efforts.

    Agency: Department of Housing and Urban Development
    Status: Open

    Comments: HUD agreed with our recommendation and reported plans for the Customer Care Committee to review the roles and responsibilities of the Technical Review Subcommittee. As of March 2017, HUD had finalized an updated Subcommittee charter. We are reviewing changes made to the charter and plan to observe the Subcommittee's operation under the revised guidance.