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Weaknesses in Servicing and Accounting for Home Mortgages Held by HUD

FGMSD-79-41 Published: Aug 16, 1979. Publicly Released: Aug 16, 1979.
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Highlights

The number and value of mortgages held by the Department of Housing and Urban Development (HUD) increased from 8,103, valued at about $117 million in 1977, to 10,022 valued at over $151 million in 1979. HUD did not have adequate plans for such a sizable workload increase, and consequently, the program has been hampered by accounting and mortgage servicing problems.

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Topics

Housing
Accounting systemsEscrow accountsGovernment collectionsLoan defaultsLoan repaymentsMortgage loansMortgage programsMortgagesClaims paymentsInterest penalties