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Government National Mortgage Association: Greater Staffing Flexibility Needed to Improve Management

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Report Type Reports and Testimonies
Report Date June 30, 1993
Report No. RCED-93-100
Subject
Summary:

In recent years, downturns in the real estate markets and allegations of mismanagement and fraud have prompted increased scrutiny of several federal loan guaranty programs. Some of these programs have run up huge losses, such as the $2.5 billion loss posted by the Federal Housing Administration (FHA) in fiscal year 1991. The federal government ended up having to pay the lenders for losses on the defaulted mortgages insured by FHA. This report focuses on the Government National Mortgage Association's (GNMA) ability to oversee its approved mortgage originators, or issuers, and the $426 billion worth of mortgage-backed securities outstanding as of September 1992. The federal government will have to pick up the tab should the GNMA issuers default. GAO (1) provides information on how GNMA has changed to accomplish its mission, (2) identifies recent management problems experienced by GNMA in overseeing its issuers, and (3) examines GNMA's efforts to solve its management problems.

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