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 2007-10-16 monographic deposited born digital 61 p. GA 1.13:GAO-08-78R https://www.govinfo.gov/app/details/GAOREPORTS-GAO-08-78R P0b002ee1803851ed f:d0878R DGPO 2010-08-12 2011-03-24 GAOREPORTS-GAO-08-78R machine generated eng fdlp REPORT GAOREPORTS-GAO-08-78R GAO-08-78R Comparative analysis Economic analysis Federal/state relations Financial analysis Financial management Foreclosures Lending institutions Loan interest rates Mortgage interest rates Mortgage loans Mortgage programs Mortgage-backed securities Prime interest rates Standards Correspondence A77367 Substantial growth in the mortgage market in recent years has helped many Americans become homeowners. However, as of the latest quarterly data available, June 2007, more than 1 million mortgages were in default or foreclosure, an increase of 50 percent compared with June 2005. Defaults and foreclosures on home mortgages can impose significant costs on borrowers, lenders, mortgage investors, and neighborhoods. Additionally, recent increases in defaults and foreclosures have contributed to concern and increased volatility in certain U.S. and global financial markets. These developments have raised questions about the extent and causes of problems in the mortgage market. To provide some insights on these issues, Congress asked GAO to analyze (1) the scope and magnitude of recent default and foreclosure trends, and how these trends compare with historical values, and (2) developments in economic conditions and the primary and secondary mortgage markets associated with these trends. https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-08-78R/html/GAOREPORTS-GAO-08-78R.htm https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-08-78R/pdf/GAOREPORTS-GAO-08-78R.pdf GAO-08-78R https://www.govinfo.gov/app/details/GAOREPORTS-GAO-08-78R Correspondence GAO-08-78R; Information on Recent Default and Foreclosure Trends for Home Mortgages and Associated Economic and Market Developments; Comparative analysis Economic analysis Federal/state relations Financial analysis Financial management Foreclosures Lending institutions Loan interest rates Mortgage interest rates Mortgage loans Mortgage programs Mortgage-backed securities Prime interest rates Standards