Download or read book Problems Continue in Accounting for and Servicing Hud Held Multifamily Mortgages written by United States Accounting Office (GAO) and published by Createspace Independent Publishing Platform. This book was released on 2018-06-15 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: Problems Continue in Accounting for and Servicing HUD-Held Multifamily Mortgages

Download or read book Housing written by U S Government Accountability Office (G and published by BiblioGov. This book was released on 2013-06 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: GAO was asked to perform a followup review to a prior report on loan servicing and accounting problems in the Department of Housing and Urban Development (HUD) multifamily mortgage programs. The earlier report concluded that the failure of HUD to produce adequate delinquency data and aggressively collect amounts owed on defaulted multifamily mortgages contributed significantly to the over $500 million owed HUD in delinquent loan payments. In that report, HUD agreed with the GAO recommendations and promised to improve its accounting system and to better manage its debt collection efforts. GAO found that most corrective actions promised by HUD had not been completed. HUD reported that its nationwide inventory of multifamily mortgages consisted of 2,026 mortgages with an unpaid principal balance of approximately $4 billion. Over 55 percent of those mortgages were delinquent. The management of this inventory is a difficult task, since the projects securing the mortgages have a history of financial and/or management problems. HUD has taken some corrective actions, such as increasing financial training. The agency also recently made debt collection a top priority. However, GAO determined that in a 21-month period total delinquencies increased from $500 million to about $589 million.

Download or read book Problems Continue in Accounting for and Servicing HUD held Multifamily Mortgages written by United States. General Accounting Office and published by . This book was released on 1982 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book HUD Should Make Immediate Changes in Accounting for Secretary held Multifamily Mortgages written by United States. General Accounting Office and published by . This book was released on 1980 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Abuse and Mismanagement of HUD written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. HUD/MOD Rehab Investigation Subcommittee and published by . This book was released on 1990 with total page 784 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Assessing Recently Revealed Problems in FHA and Ginnie Mae written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Housing and Urban Affairs and published by . This book was released on 1990 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book HUD Multifamily Property Disposition Programs written by United States. Congress. House. Committee on Government Operations. Manpower and Housing Subcommittee and published by . This book was released on 1983 with total page 588 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Housing written by U S Government Accountability Office (G and published by BiblioGov. This book was released on 2013-06 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Department of Housing and Urban Development (HUD) holds over 2,000 multifamily mortgages valued at about $3.7 billion. These Secretary-held mortgages were either returned from commercial lenders after mortgagors defaulted on their insured mortgages or resulted from HUD selling property it had previously acquired. As of September 30, 1979, HUD reported that $500 million in payments on multifamily mortgages was delinquent. Numerous problems have contributed to the high amount of delinquency. These included several accounting system weaknesses that prevented adequate information from being available to properly service individual mortgages and to promptly and accurately pay property taxes. Also, incentives were lacking to encourage mortgagors to make payments under revised payment plans (workout agreements) to prevent foreclosure.

Download or read book Weaknesses in Servicing and Accounting for Home Mortgages Held by HUD written by United States. General Accounting Office and published by . This book was released on 1979 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book How to Avoid Problems with Your HUD held Home Mortgage written by and published by . This book was released on 1992 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Management of HUD held Multifamily Mortgages written by United States. Congress. House. Committee on Government Operations. Legal and Monetary Affairs Subcommittee and published by . This book was released on 1969 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book HUD Should Make Immediate Changes in Accounting for Secretary held Multifamily Mortgages written by United States. General Accounting Office and published by . This book was released on 1980 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book HUD Should Make Immediate Changes in Accounting for Secretary Held Multifamily Mortgages written by United States Accounting Office (GAO) and published by Createspace Independent Publishing Platform. This book was released on 2018-06-15 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: HUD Should Make Immediate Changes in Accounting for Secretary-Held Multifamily Mortgages

Download or read book Testimony written by United States. General Accounting Office and published by . This book was released on with total page 314 pages. Available in PDF, EPUB and Kindle. Book excerpt: Statements of GAO officials before Congressional committees.

Download or read book Compendium of GAO s Views on the Cost Saving Proposals of the Grace Commission Individual issue analyses written by United States. General Accounting Office and published by . This book was released on 1985 with total page 1320 pages. Available in PDF, EPUB and Kindle. Book excerpt: In response to a congressional request, GAO examined issues studied and recommendations made by the President's Private Sector Survey on Cost Control, better known as the Grace Commission, to determine whether: (1) the issues and recommendations made on program management and cost control had merit; (2) legislation would be necessary to implement the recommendations; (3) implementation efforts were completely underway; and (4) the savings estimates were realistic. GAO found that many of the issues studied and recommendations made by the Commission had overall merit and that, while many have already been implemented by legislative or administrative action, many more require additional legislative action to be fully implemented. However, GAO questioned the accuracy of many of the associated savings estimates, found flaws in the methodology used to develop some of the estimates, and found that the description of the methodology used in some estimates was insufficient to allow an assessment of its validity. In most of the instances where GAO questioned the methodology used, it believed that the savings were overstated. GAO supported management improvement issues more frequently than policy-oriented issues; however, policy-oriented issues constitute a large portion of the total estimated savings. GAO does not support restructuring federal subsidy programs and fixing federal health care costs to a percentage of the gross national product, and it disagreed with selected aspects of recommendations to reduce civilian and military retirement benefits. GAO support was most extensive in the areas aimed at strengthening federal management systems, federal automatic data processing operations, federal credit and cash management efforts, and civilian procurement and property management activities. GAO has made similar or related recommendations in nearly half of the areas in which it agreed with the Commission. Additional legislative action would be necessary to fully implement approximately half of the recommendations analyzed.

Download or read book Annual Report of the General Accounting Office written by United States. General Accounting Office and published by . This book was released on 1980 with total page 524 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Management of HUD held Multifamily Mortgages written by United States. Congress. House. Government Operations Committee and published by . This book was released on 1974 with total page 122 pages. Available in PDF, EPUB and Kindle. Book excerpt: