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CED-80-43 1 (1980-01-16)

handle is hein.gao/gaobabado0001 and id is 1 raw text is: c- mTROLLCR GENERAL OF THE UNITED STATES RELEASED WASHINGTON. D.C. 41 .RtSTRICTED - Not to be released eutlde the General Aoeounifng Office except an the basis of speciflc approval B-197141 by the Office of Congressional RelationIANUARY 16,1980 The Honorable William Proxmire, Chairman Subcommittee on HUD-Independent Agencies Committee on Appropriations -6 N06306 United States Senate Dear Mr. Chairman: Subject: LAnalysis of Multifamily Assigned Mortgagej (CED-80-43) During hearings on the Clifton Terrace Pr j.ectbefore your subcommittee on November 13, 1979, you asked the General Accounting Office to analyze the Department of Housing and .2N-rban Development's (HUD's) inventory of multifamily mort- gages to identify other mortgages which could be in severe financial difficulty. In response to this request, and based on subsequent discussions with your office, we have obtained information on --the amount of money involveo in delinquencies on mort- gages held by HUD and how long the mortgages had been delinquent; --mortgages which are currently under workout arrange- ments designed to bring the mortgages current; and --mortgages which are currently in the foreclosure pro- cess, the'difficulties in bringing a mortgage to fore- closure, and the length of time involved in foreclosing. The information presented in this report was gathered from several different offices within HUD. Some of the data in the records and.reports we examined was inconsistent. We had difficulty reconciling the various HUD statistics and categories of the multifamily-assigned inventory. Although we were unable to reconcile completely the number of mortgages in each category, we are confident that the discrepancies represent a small percentage of the total inventory and thus should not significantly alter our overall findings and conclusions. HUD's management and servicing of assigned multifamily mortgages is a difficult and formidable task because, when assigned, the projects already have a history of financial and/or management problems. While we recognize these diffi- culties, our analysis of the current inventory indicates that liii 311 II(990515) 111352 -?

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