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Housing (111 - 120 of 1,246 items)
Mortgage Foreclosures: Additional Mortgage Servicer Actions Could Help Reduce the Frequency and Impact of Abandoned Foreclosures
GAO-11-93: Published: Nov 15, 2010. Publicly Released: Nov 15, 2010.
Entities responsible for managing home mortgage loans--called servicers--may initiate foreclosure proceedings on certain delinquent loans but then decide to not complete the process. Many of these properties are vacant. These abandoned foreclosure--or "bank walkaway"--properties can exacerbate neighborhood decline and complicate federal stabilization efforts. GAO was asked to assess (1) the nature...
Financial Audit: Federal Housing Finance Agency's Fiscal Years 2010 and 2009 Financial Statements
GAO-11-151: Published: Nov 15, 2010. Publicly Released: Nov 15, 2010.
The Housing and Economic Recovery Act of 2008 (HERA) created the Federal Housing Finance Agency (FHFA) and gave it responsibility for, among other things, the supervision and oversight of the housing-related government-sponsored enterprises (GSE): Fannie Mae, Freddie Mac, and the 12 federal home loan banks. Specifically, FHFA was assigned responsibility for ensuring that each of the regulated enti...
Military Housing: Installations Need to Share Information on Their Section 801 On-Base Housing Contracts
GAO-11-60: Published: Oct 28, 2010. Publicly Released: Oct 28, 2010.
In the Military Construction Authorization Act, 1984, Congress authorized the Section 801 housing program, which provided a means for improving and expanding military family housing through private developers' investment. Under this authority, the Department of Defense (DOD) awarded eight contracts for the construction of on-base housing that typically consisted of two phases: the in-lease (DOD le...
Recovery Act: Opportunities Exist to Increase the Public's Understanding of Recipient Reporting on HUD Programs
GAO-10-966: Published: Sep 30, 2010. Publicly Released: Oct 20, 2010.
The American Recovery and Reinvestment Act of 2009 (Recovery Act) has provided about $6 billion in grants for three Department of Housing and Urban Development (HUD) programs that fund housing or community development. As of March 31, 2010, HUD's Capital Fund awarded nearly $3 billion in grants to 3,134 public housing agencies, the Community Development Block Grant-Recovery (CDBG-R) awarded about...
Status of Study Concerning Appraisal Methods and the Home Valuation Code of Conduct
GAO-11-158R: Published: Oct 19, 2010. Publicly Released: Oct 19, 2010.
This letter responds to a requirement in the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 that we report within 90 days on the status of a GAO study mandated by the act on real estate appraisal issues. Enacted on July 21, 2010, the act requires us to study the effectiveness and impact of options for selecting appraisers, different valuation methods, and the Home Valuation Code...
Housing and Community Grants: HUD Needs to Enhance Its Requirements and Oversight of Jurisdictions' Fair Housing Plans
GAO-10-905: Published: Sep 14, 2010. Publicly Released: Oct 14, 2010.
Pursuant to the Fair Housing Act, Department of Housing and Urban Development (HUD) regulations require grantees, such as cities, that receive federal funds through the Community Development Block Grant (CDBG) and HOME Investment Partnerships Program (HOME) to further fair housing opportunities. In particular, grantees are required to prepare planning documents known as Analyses of Impediments (AI...
Mortgage Financing: Financial Condition of FHA's Mutual Mortgage Insurance Fund
GAO-10-1066T: Published: Sep 23, 2010. Publicly Released: Sep 23, 2010.
This testimony is on the financial condition of the Federal Housing Administration's (FHA) Mutual Mortgage Insurance Fund (Fund). FHA has helped millions of families purchase homes through its single-family mortgage insurance programs and in recent years, has experienced a dramatic increase in its market role. FHA insures almost all of its single-family mortgages under the Fund, which is reviewed...
Nonprime Mortgages: Analysis of Loan Performance, Factors Associated with Defaults, and Data Sources
GAO-10-805: Published: Aug 24, 2010. Publicly Released: Sep 23, 2010.
The surge in mortgage foreclosures that began in late 2006 and continues today was initially driven by deterioration in the performance of nonprime (subprime and Alt-A) loans. Nonprime mortgage originations increased dramatically from 2000 through 2006, rising from about 12 percent ($125 billion) of all mortgage originations to about 34 percent ($1 trillion). The nonprime market contracted sharply...
Mortgage Financing: Opportunities to Enhance Management and Oversight of FHA's Financial Condition
GAO-10-827R: Published: Sep 14, 2010. Publicly Released: Sep 22, 2010.
The Department of Housing and Urban Development's (HUD) Federal Housing Administration (FHA) has helped millions of families purchase homes through its single-family mortgage insurance programs. In recent years, FHA has experienced a dramatic increase in its market role due to the contraction of other mortgage market segments. FHA insures almost all of its single-family mortgages under its Mutual...
Recovery Act: Results of GAO's Survey of State Housing Finance Agencies' Use of the Low-Income Housing Tax Credit Assistance Program (TCAP) and the Section 1602 Program (GAO-10-1023SP, September, 2010), an E-supplement to GAO-10-1022R
GAO-10-1023SP: Published: Sep 20, 2010. Publicly Released: Sep 20, 2010.
This product is an E-supplement to GAO-10-1022R. To further assess state implementation of the Tax Credit Assistance Program (TCAP) and Section 1602 Program, we asked managers of state housing finance agencies in all 50 states, the District of Columbia, Puerto Rico, Guam, and the US Virgin Islands to complete a web survey. Our questionnaire asked about the status of program delivery, program desig...