Financial Management: Analysis of Selected VA and FHA Housing Program Accounting Methods

Pursuant to a congressional request, GAO compared certain accounting methods used by the Department of Veterans Affairs' (VA) housing credit assistance program with those the Federal Housing Administration uses for its Mutual Mortgage Insurance (MMI) Fund, focusing on how each agency handles: (1) losses from guaranteed or insured loans; (2) revenue from loan guarantee fees and insurance premiums; (3) the value of outstanding direct mortgage loans and property acquired through settlement of mortgage insurance or guarantor claims; and (4) administrative costs.