United States Government Publishing Office publisher pbl distributor dst United States Government Accountability Office Resources, Community, and Economic Development Division author aut Government Organization text government publication eng GAOREPORTS Legislative Agency Publications gao legislative 2010-08-12 U.S. Government Printing Office 1995-08-25 monographic deposited born digital 55 p. GA 1.13:RCED-95-214 https://www.govinfo.gov/app/details/GAOREPORTS-RCED-95-214 P0b002ee180382fc4 f:rc95214 DGPO 2010-08-12 2011-03-28 GAOREPORTS-RCED-95-214 machine generated eng fdlp REPORT GAOREPORTS-RCED-95-214 RCED-95-214 Nursing homes Mortgage loans Mortgage programs Loan defaults Mortgage protection insurance Federal aid for housing Data collection operations Elder care Handicapped persons Medicare Program Medicaid Program HUD Reinvention Blueprint HUD Multifamily Housing Loan Program HUD Retirement Service Center Program HUD Section 242 Hospital Mortgage Insurance Program Letter Report RCED The Department of Housing and Urban Development (HUD) has insured private lenders against financial losses arising from defaults on mortgages for nursing homes and retirement service centers. Although HUD officials believe that the program has enabled the agency to assist populations or areas that are not well served by the private sector, GAO found that the nursing home program has not been targeted to specific populations or communities and that HUD does not collect or analyze information on whom the program is servicing. The Federal Housing Administration (FHA) has not done any complete assessment of the finanical performance of the nursing home and retirement service center programs. Available data indicate that the nursing home program has incurred losses of $187 million, adjusted for inflation, during its 35-year history. Additionally, FHA's fiscal year 1994 loan loss reserves anticipate future losses equivalent to about 19 percent of the $3.7 billion balance of nursing home loans in the portfolio as of September 1994. HUD data show that about 46 percent of the retirement service center's total portfolio of about $1.4 billion had defaulted and resulted in FHA insurance claims as of September 1994. GAO doubts whether HUD will be able to effectively manage the nursing home and retirement service center programs in the near future. https://www.govinfo.gov/content/pkg/GAOREPORTS-RCED-95-214/html/GAOREPORTS-RCED-95-214.htm https://www.govinfo.gov/content/pkg/GAOREPORTS-RCED-95-214/pdf/GAOREPORTS-RCED-95-214.pdf GAO/RCED-95-214 https://www.govinfo.gov/app/details/GAOREPORTS-RCED-95-214 Letter Report GAO/RCED-95-214; HUD Management: Greater Oversight Needed of FHA's Nursing Home Insurance Program; Nursing homes Mortgage loans Mortgage programs Loan defaults Mortgage protection insurance Federal aid for housing Data collection operations Elder care Handicapped persons Medicare Program Medicaid Program HUD Reinvention Blueprint HUD Multifamily Housing Loan Program HUD Retirement Service Center Program HUD Section 242 Hospital Mortgage Insurance Program Public Law 103-233