Government National Mortgage Association: Greater Staffing Flexibility Needed to Improve Management
RCED-93-100
Published: Jun 30, 1993. Publicly Released: Jul 13, 1993.
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Highlights
Pursuant to a congressional request, GAO provided information on the Government National Mortgage Association's (GNMA) activities, focusing on: (1) its mission objectives; and (2) recent management and issuer oversight problems and solutions.
Recommendations
Matter for Congressional Consideration
| Matter | Status | Comments |
|---|---|---|
| Congress should monitor HUD and Office of Management and Budget (OMB) efforts to resolve GNMA staffing problems. If HUD and OMB do not resolve this problem, Congress may wish to consider directing them to provide GNMA with the necessary staff without regard to the HUD personnel budget. | This issue has not been raised by Congress, and GAO knows of no future plans. |
Recommendations for Executive Action
| Agency Affected | Recommendation | Status |
|---|---|---|
| Department of Housing and Urban Development | To ensure that GNMA has the flexibility to manage its growing workload, respond to changing markets, and create new products, the Secretary of Housing and Urban Development and the Director, OMB, should work together to consider GNMA staffing needs and provide for those needs without regard to personnel limitations imposed on HUD. |
No action has been taken, or intended, that would be in line with the recommendation other than the initiation by GNMA of Real Estate Mortgage Investment Conduits for which GNMA staff were assigned.
|
| Office of Management and Budget | To ensure that GNMA has the flexibility to manage its growing workload, respond to changing markets, and create new products, the Secretary of Housing and Urban Development and the Director, OMB, should work together to consider GNMA staffing needs and provide for those needs without regard to personnel limitations imposed on HUD. |
No action has been taken, or intended, that would be in line with the recommendation other than the initiation by GNMA of Real Estate Mortgage Investment Conduits for which GNMA staff were assigned.
|
| Department of Housing and Urban Development | The Secretary of Housing and Urban Development should report to Congress within 60 days of the issuance of this report on the options that it and OMB have considered and the actions they have taken to provide GNMA with the resources it needs to operate in a business-like manner while reducing the overall financial risk to the federal government. |
No action has been taken, or intended, that would be in line with the recommendation other than the initiation by GNMA of Real Estate Mortgage Investment Conduits for which GNMA staff were assigned.
|
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