HUD

Single Family Mortgage Insurance and Loss Mitigation Procedures Gao ID: OGC-96-33 August 8, 1996

Pursuant to a legislative requirement, GAO reviewed the Department of Housing and Urban Development's (HUD) new rule on single family mortgage insurance and loss mitigation procedures. GAO found that: (1) the interim rule would eliminate the Mortgage Assignment Program and provide alternative procedures to foreclosure for mortgagors in default and reward mortgagees for using the alternative procedures; (2) the rule would also provide for payment to the mortgagee of a partial claim to be applied to the arrearage and for HUD to accept an assignment of a modified mortgage to cure the default, where repooling of the loan is not possible; and (3) HUD complied with applicable requirements in promulgating the rule.



The Justia Government Accountability Office site republishes public reports retrieved from the U.S. GAO These reports should not be considered official, and do not necessarily reflect the views of Justia.