Single-Family Housing: Opportunities to Improve Federal Foreclosure and Property Sale Processes

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DIANE Publishing, 2002 - Law - 49 pages
Discusses opportunities to reduce the time necessary to sell foreclosed properties & minimize costs to the Fed. gov't. Fed. programs in HUD, the FHA, the VA, & the USDAs Rural Housing Service promote mortgage financing. Congress has also chartered Fannie Mae & Freddie Mac to facilitate mortgage lending & to promote homeownership opportunities. This report: provides an overview of the foreclosure process as estab. by state laws & org. procedures; compares & contrasts the org's' approaches to managing, selling & establishing title to foreclosed properties; & provides comparative data on the time that it takes the org. to acquire & sell foreclosed properties & describe potential reasons for any differences in these time frames. Illus.

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Page 2 - ... engaged in foreclosure proceedings under the direction of the organizations. Once foreclosure proceedings have been completed, it is generally in the best interests of the organizations and communities that foreclosed properties are adequately maintained and resold as quickly as feasible. If foreclosed properties are not properly secured and maintained in a timely fashion, their condition can deteriorate, thereby resulting in lower sales prices, 1 In this report, when we refer to FHA it should...
Page 48 - Comments From the Department of Housing and Urban Development The following are GAO'S comments on the Department of Housing and Urban Development's letter dated May 19, 1993.
Page 43 - April 1994 in accordance with generally accepted government auditing standards. We obtained written comments on a draft of this report from occ, FDIC, and Labor.
Page 44 - Note: GAO comments supplementing those in the report text appear at the end of this appendix. See comment 1. See comment 2. US Department of Homeland Security Washington, DC 20528 August 24, 2004 Jess T.
Page 44 - D'Agostino Director, Financial Markets and Community Investment United States General Accounting Office Washington, DC 20548 Dear Ms. D'Agostino: Thank you for the opportunity to provide comments on your office's draft report: Single Family Housing: Opportunities to Improve Federal Foreclosure and Property Sale Processes (GAO-02-305). The Department is continually seeking ways to improve the conveyance and resale processes for its real estate-owned inventory. The information contained in your report...
Page 36 - ... then becomes the owner of the property after successfully bidding at the foreclosure sale. In some instances, however, the servicer acts on the behalf of a mortgagee. 64 For this analysis, we used the average debenture interest rate that had been in effect during the prior 4- to 7- year period, as mortgage defaults and foreclosures typically occur at the highest rates 4 to 7 years after the mortgages are issued. For estimating the cost of funds for servicers, we used the interest rate on commercial...
Page 2 - Opportunities exist to reduce the time necessary to sell foreclosed properties and minimize costs to the federal government. Federal programs in the Department of Housing and Urban Development's Federal Housing Administration (FHA), the Department of Veterans Affairs (VA), and the Department of Agriculture's Rural Housing Service (RHS) promote mortgage financing for, among other groups, low-income, first-time, minority, veteran, and rural home buyers. Fannie Mae and Freddie Mac are private...
Page 39 - VA secretary should revise these policies if the costs of purchasing these title insurance policies are not clearly justified by their benefits and less expensive alternative means of establishing title are available. • Finally, to improve the quality of information available to FHA and RHS on the time necessary to sell foreclosed properties, we recommend that the HUD secretary and the secretary of the...
Page 41 - OFHEO, the Chief Executive Officer of Fannie Mae, and the Chief Executive Officer of Freddie Mac. We will also make copies available to others upon request. Please contact William Shear or me at (202) 612-8678 if you or your staff have any questions concerning this report.

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