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Ginnie Mae: Greater Staffing Flexibility Needed to Improve Management

  Premium   Download PDF Now (16 pages)
Report Type Reports and Testimonies
Report Date Oct. 29, 1993
Report No. T-RCED-94-67
Subject
Summary:

Despite its status as a government-owned corporation with potentially huge liabilities for the federal government--$416 billion at last count--the Government National Mortgage Association (GNMA) has limited authority to add personnel to manage its assets. Because GNMA's staffing needs continue to be tied to the Department of Housing and Urban Development's (HUD) personnel ceiling, the agency has been turning to contractors to handle management information systems, manage and dispose of acquired mortgage portfolios, and monitor issuers. A recent HUD staff study concluded that GNMA lacked enough staff to properly manage its current workload and would need more employees to undertake new initiatives. GNMA managers have been unable to effectively monitor their contractors' activities and have been unable to respond to changing market conditions by creating new products that could lower financing costs for Federal Housing Administration and Department of Veterans Affairs homebuyers.

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