GAO’s reports and testimonies give Congress, federal agencies, and the public timely, fact-based, non-partisan information that can improve government operations and save taxpayers billions of dollars.
What GAO Found Although Title XI permits federal regulators to exempt certain mortgages from an appraisal requirement, such exemptions likely have not increased overall risks for regulated lenders (e.g., banks and credit unions) and homebuyers.
What GAO Found According to federal financial regulators, the additional Home Mortgage Disclosure Act (HMDA) data that some lenders have been required to report since 2018—such as debt-to-income ratio and credit score—help the regulators oversee and enforce fair lending laws.
What GAO FoundReserving practices and capital requirements for the Mutual Mortgage Insurance Fund (Fund) of the Federal Housing Administration (FHA) differ in key respects from those for private mortgage insurers (PMI).
What GAO FoundTen states concentrated in the western, midwestern, and southeastern United States--all areas where the housing market had experienced strong growth in the prior decade--experienced 10 or more commercial bank or thrift (bank) failures between 2008 and 2011.
The Federal Home Loan Bank System is a government-sponsored enterprise comprising 12 regionally-based Federal Home Loan Banks (FHLBank), the primary mission of which is to support housing finance and community and economic development.
Since their origin in the early 1900s, industrial loan corporations (ILCs) have grown significantly in size, and some have expressed concern that ILCs may have expanded beyond the original scope and purpose intended by Congress.
The Federal Deposit Insurance Corporation (FDIC) has projected that the failure of Superior Bank could cost the deposit insurance fund as much as $526 million. A major reason for the failure was Superior Bank's business strategy of originating and securing subprime loans on a large scale.
Pursuant to a legislative requirement, GAO reviewed the Resolution Trust Corporation's (RTC) Affordable Housing Disposition Program (AHDP), focusing on: (1) RTC progress in providing home ownership and rental opportunities to low- and moderate-income families; (2) RTC procedures for ensuring that property...