Ginnie Mae: Greater Staffing Flexibility Needed to Improve Management
(Testimony, 10/29/93, GAO/T-RCED-94-67).

Despite its status as a government-owned corporation with potentially
huge liabilities for the federal government--$416 billion at last
count--the Government National Mortgage Association (GNMA) has limited
authority to add personnel to manage its assets. Because GNMA's staffing
needs continue to be tied to the Department of Housing and Urban
Development's (HUD) personnel ceiling, the agency has been turning to
contractors to handle management information systems, manage and dispose
of acquired mortgage portfolios, and monitor issuers.  A recent HUD
staff study concluded that GNMA lacked enough staff to properly manage
its current workload and would need more employees to undertake new
initiatives.  GNMA managers have been unable to effectively monitor
their contractors' activities and have been unable to respond to
changing market conditions by creating new products that could lower
financing costs for Federal Housing Administration and Department of
Veterans Affairs homebuyers.

--------------------------- Indexing Terms -----------------------------

 REPORTNUM:  T-RCED-94-67
     TITLE:  Ginnie Mae: Greater Staffing Flexibility Needed to Improve 
             Management
      DATE:  10/29/93
   SUBJECT:  Management information systems
             Housing programs
             Mortgage programs
             Loan defaults
             Government guaranteed loans
             Human resources utilization
             Contract monitoring
IDENTIFIER:  HUD Multifamily Coinsurance Program
             VA Home Loan Guaranty Program
             GNMA Real Estate Mortgage Investment Conduit
             
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