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 1999-06-14 monographic deposited born digital 45 p. GA 1.13:RCED-99-124 https://www.govinfo.gov/app/details/GAOREPORTS-RCED-99-124 P0b002ee180391774 f:rc99124 DGPO 2010-08-12 2011-03-23 GAOREPORTS-RCED-99-124 machine generated eng fdlp REPORT GAOREPORTS-RCED-99-124 RCED-99-124 Government guaranteed loans Mortgage protection insurance Internal controls Comparative analysis Property improvement loans Mortgage loans Risk management Program abuses Insurance claims HUD 203(k) Home Rehabilitation Mortgage Insurance Program Mutual Mortgage Insurance Fund General Insurance Fund FHA 203(b) Insurance Program Letter Report RCED The 203 (k) Home Rehabilitation Mortgage Insurance Program was established to help promote the rehabilitation and repair of housing stock through a program that combines, in one insured mortgage, the funds needed to purchase and rehabilitate a single-family home. The loans are made by banks and other private lenders from their own funds and are insured by the Department of Housing and Urban Development's (HUD) Federal Housing Administration (FHA). Reports of waste, fraud, and abuse in the 203 (k) program have raised serious concerns about HUD's management. GAO was asked to determine the risk posed by the 203(k) program to FHA's insurance fund relative to the 203 (b) program; (2) HUD's efforts to correct program deficiencies identified by HUD's Inspector General and others; and (3) weaknesses, if any, in HUD's oversight of the 203 (k) program and the extent to which lenders are complying with HUD's underwriting guidelines for making program loans. GAO found that the 203(k) loan program is more risky than HUD's largest single-family loan program�the 203(b) program�because it combines the risk of a traditional mortgage with the risk of a construction loan. https://www.govinfo.gov/content/pkg/GAOREPORTS-RCED-99-124/html/GAOREPORTS-RCED-99-124.htm https://www.govinfo.gov/content/pkg/GAOREPORTS-RCED-99-124/pdf/GAOREPORTS-RCED-99-124.pdf GAO/RCED-99-124 https://www.govinfo.gov/app/details/GAOREPORTS-RCED-99-124 Letter Report GAO/RCED-99-124; Homeownership: Problems Persist With HUD's 203(k) Home; Government guaranteed loans Mortgage protection insurance Internal controls Comparative analysis Property improvement loans Mortgage loans Risk management Program abuses Insurance claims HUD 203(k) Home Rehabilitation Mortgage Insurance Program Mutual Mortgage Insurance Fund General Insurance Fund FHA 203(b) Insurance Program