Federal Housing Administration: Modernization Proposals Would Have Program and Budget Implications and Require Continued Improvements in Risk Management

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 2007-06-29 monographic deposited born digital 56 p. GA 1.13:GAO-07-708 https://www.govinfo.gov/app/details/GAOREPORTS-GAO-07-708 P0b002ee1803a293b f:d07708 DGPO 2010-08-12 2011-03-28 GAOREPORTS-GAO-07-708 machine generated eng fdlp REPORT GAOREPORTS-GAO-07-708 GAO-07-708 Federal aid for housing Housing Housing programs Lending institutions Mortgage loans Mortgage programs Prices and pricing Program evaluation Program management Proposed legislation Requirements definition Risk assessment Risk management Strategic planning Policies and procedures Program implementation Other Written Product A71689 Federal Housing Administration: Modernization Proposals Would Have Program and Budget Implications and Require Continued Improvements in Risk Management In recent years, the Federal Housing Administration (FHA) has experienced a sharp decline in market share. Also, the agency has estimated that, absent program changes, its Mutual Mortgage Insurance Fund (Fund) would require appropriations in 2008. To adapt to market changes, FHA has implemented new procedures and proposed the following major legislative changes: raising FHA's loan limits, allowing risk-based pricing, and lowering down-payment requirements. GAO was asked to report on (1) the likely program and budget impacts of FHA's modernization efforts; (2) the tools, resources, and risk management practices important to FHA's implementation of the legislative proposals, if passed; and (3) other options that FHA and Congress could consider to help FHA adapt to market changes. To address these objectives, GAO analyzed FHA and Home Mortgage Disclosure Act (HMDA) data and interviewed officials from FHA and other mortgage institutions. https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-07-708/html/GAOREPORTS-GAO-07-708.htm https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-07-708/pdf/GAOREPORTS-GAO-07-708.pdf GAO-07-708 https://www.govinfo.gov/app/details/GAOREPORTS-GAO-07-708 Other Written Product GAO-07-708; Federal Housing Administration: Modernization Proposals Would Have Program and Budget Implications and Require Continued Improvements in Risk Management; Federal aid for housing Housing Housing programs Lending institutions Mortgage loans Mortgage programs Prices and pricing Program evaluation Program management Proposed legislation Requirements definition Risk assessment Risk management Strategic planning Policies and procedures Program implementation United States Public Law 479 (73rd Congress) Public Law 73-479 United States Public Law 73 (101st Congress) Public Law 101-73 United States Public Law 508 (101st Congress) Public Law 101-508 United States Public Law 123 (107th Congress) Public Law 107-123