Housing Assistance: An Inventory of Fiscal Year 2010 Programs, Tax Expenditures, and Other Activities

U.S. Government Accountability Office

Insured Mortgages on Indian Land (Section 248)

Administering Agency/Entity Department of Housing and Urban Development
Short Description Provides mortgage insurance to protect lenders against the risk of default on mortgages made to buy, build, or rehabilitate houses on Indian land. Any Native Americans wishing to live on Indian lands and intending to use the mortgage property as their primary residence are eligible to apply for mortgage insurance through lenders approved by the Federal Housing Administration.
Primary Purpose Assistance for buying, selling, or financing a home
Type of Housing Supported Homeownership
Type of Assistance Insured loan
Fiscal Year 2010 Obligations Loans are insured under the Mutual Mortgage Insurance Fund. The expected credit subsidy costs for all loan commitments made in fiscal year 2010 under this Fund were -$2,546,000,000. These estimates are revised in subsequent years and the ultimate cost will not be known until the loans have matured, which in some cases may be 30 years.

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