United States Government Publishing Office publisher pbl distributor dst United States Government Accountability Office author aut Government Organization text government publication eng GAOREPORTS Legislative Agency Publications gao legislative 2010-08-12 U.S. Government Printing Office 2007-03-15 monographic deposited born digital 19 p. GA 1.13:GAO-07-615T https://www.govinfo.gov/app/details/GAOREPORTS-GAO-07-615T P0b002ee1803a263a f:d07615t DGPO 2010-08-12 2011-03-28 GAOREPORTS-GAO-07-615T machine generated eng fdlp REPORT GAOREPORTS-GAO-07-615T GAO-07-615T Claims Cost control Housing programs Insurance premiums Internal controls Mortgage loans Mortgage programs Program evaluation Program management Risk management Standards Lending institutions Financial analysis Cost estimates Policies and procedures HUD Home Equity Conversion Mortgage Insurance Program Testimony A66864

The Federal Housing Administration (FHA) has seen increased competition from conventional mortgage and insurance providers. Additionally, because of the worsening performance of the mortgages it insures, FHA has estimated that its single-family insurance program would require a subsidy--that is, appropriations--in fiscal year 2008 in the absence of program changes. To help FHA adapt to the evolving market, proposed changes to the National Housing Act would allow greater flexibility in setting insurance premiums and reduce down-payment requirements. To assist Congress in considering the financial challenges facing FHA, this testimony provides information from recent reports GAO has issued and ongoing work concerning the proposed legislation that address different aspects of FHA's risk management. Specifically, this testimony looks at (1) FHA's management of risk related to loans with down-payment assistance, (2) instructive practices for managing risks of new products, (3) FHA's development and use of its mortgage scorecard, and (4) FHA's estimation of program costs. https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-07-615T/html/GAOREPORTS-GAO-07-615T.htm https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-07-615T/pdf/GAOREPORTS-GAO-07-615T.pdf GAO-07-615T https://www.govinfo.gov/app/details/GAOREPORTS-GAO-07-615T Testimony GAO-07-615T; Federal Housing Administration: Ability to Manage Risks and Program Changes Will Affect Financial Performance; Claims Cost control Housing programs Insurance premiums Internal controls Mortgage loans Mortgage programs Program evaluation Program management Risk management Standards Lending institutions Financial analysis Cost estimates Policies and procedures HUD Home Equity Conversion Mortgage Insurance Program Title 12 Section 1711 12 U.S.C. 1711 Public Law 73-479